RTTNews - After seeing notable strength last week, stocks are poised to open moderately lower on Monday as traders may do some profit taking ahead of an expected lull in economic data. The major index futures are all in negative territory, with the Dow futures down by 84 points.
In the news, the International Air Transport Association (IATA) said Sunday that the global airline industry will see wider than expected losses this year, as demand for travel and cargo traffic has dipped despite a decrease in air fares.
Packaged food supplier General Mills is likely to be in focus after the company said it is on track to exceed its prior earnings targets for the fiscal year ending May 31, 2009 due to good operating performance and a lower fourth-quarter tax rate.
The forecast, however, assumes no mark-to-market valuation as well as gains from asset sales. The company also provided its initial segmental sales outlook for 2010.
Additionally, a group of Indiana pension funds have reportedly filed an emergency appeal with the U.S. Supreme Court to delay the sale of bankrupt automaker Chrysler LLC to a group led by Italian automaker Fiat.
Meanwhile, the annual Apple Worldwide Developers Conference is set to begin today, with the eyes of the tech world hoping for a Steve Jobs sighting following reports last week indicating he will return to work later this month.
In other news, fast food giant McDonald's Corp. (MCD) announced that global comparable sales rose 5.1 percent in May 2009. In the U.S., comparable sales grew 2.8 percent in May.
In Europe, McDonald's said strong performances in the U.K., France, Germany and Russia drove comparable sales up 7.6 percent. Comparable sales rose 6.4 percent in the Asia/Pacific, Middle East and Africa.
After posting strong gains in the previous session, stocks finished Friday's trading mostly lower after a lackluster performance. While the Dow finished up by 13 points at 8,763, the Nasdaq slipped by 1 point 1,849 and the S&P 500 edged down by 2 points to 940.
For the week, the major averages all enjoyed notable gains despite being slowed by lackluster sessions on Wednesday and Friday. The Dow moved up by 3.1 percent for the week, while the Nasdaq rose by 4.2 percent and the S&P 500 climbed by 2.3 percent.
In early commodities trading, crude oil futures are falling, slipping by $0.92 to $67.52 a barrel, while gold futures are also retreating, dropping by $11.80 to $950.80 an ounce.
On the currency front, the U.S. dollar has moved slightly lower against the major European currencies. The buck has fallen to $1.3871 against the euro and slid to $1.5916 against the pound. Meanwhile, the dollar has inched up versus the yen, moving to 98.425 yen.
In overseas trading, stock markets across the Asia-Pacific region finished Monday's session on a mixed note. Japan's benchmark Nikkei 225 Index rose by 1.0 percent, while Hong Kong's Hang Seng closed down by 2.3 percent.
The major European markets are showing notable moves to the downside. The U.K.'s FTSE 100 Index is down by 1.3 percent, while the French CAC 40 Index and the German DAX Index are down by 1.5 percent and 1.6 percent, respectively.
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