U.S. stock index futures point to a lower start this week on disappointing earnings news from American International Group. AIG reported a $61.7 billion loss for the fourth quarter. The government has stepped in to assist AIG for the third time, giving it a new $30 billion lifeline.
Before the opening bell, the government released the personal income and spending data for January. The report showed personal income increased 0.4%, while personal expenditures increased 0.6%. After the open, the Institute of Supply Management issues the February report on manufacturing, which is expected to have declined. Also being released today is a government report on construction spending.
Tomorrow brings information on pending home sales and February auto sales, while Wednesday brings the ISM’s non-manufacturing report on the service sector. Major retailers will provide same-store sales data on Thursday, and we will also get the weekly jobless claims. More information on the labor markets will be provided Friday with the government’s employment situation report.
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