U.S. markets were closed Monday in observance of President's Day and investors have returned from the long weekend with a bearish disposition. As of this writing, the futures market indicates a roughly 2% lower start and most major foreign markets traded lower.
The President is expected to sign the stimulus bill into law today and will also unveil a foreclosure prevention plan tomorrow. In corporate news, Wal-Mart topped expectations but still posted a decline in profit from a year-ago. Separately, today is the deadline for GM and Chrysler to present an update on the steps being taken to ensure their survival and ability to repay government bridge loans. The only major economic report is the New York Fed Empire State Manufacturing index, which came in lower than expected.
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