The week appears set to get off to a slower start as the market is indicated to start nearly 2.0% lower. Some of the negative tone can be attributed to news out of Washington over the weekend. More specifically, comments that some banks may need more assistance and the continued drama in the auto sector with GM CEO Rick Wagnor being forced out.
There is no major economic data being released today, but we have a busy week ahead. We start tomorrow with a consumer confidence report, followed Wednesday by the ADP Employment report, the ISM manufacturing index, motor vehicle sales report, and the pending home sales report. Thursday brings the weekly jobless claims data, the ECB announcement and factory order, while Friday brings the Employment Situation report and the ISM non-manufacturing index report.
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