Futures point to a slightly lower open this morning. Making headlines is news that GM could announce the closing of up to 1,100 dealers, which follows Chrysler’s announcement yesterday to close 789 dealers. In a separate development, there is a report that the Treasury Department is making $22 billion of TARP funds available for capital infusions in U.S. life insurers. The insurance companies are Hartford Financial, Prudential Financial, Lincoln National, Principal Financial Group, Allstate, and Ameriprise.
On the economic front, the Empire Manufacturing index still indicates a contraction but improved from the previous month. The Consumer Price Index was mixed, but probably will not gather much attention. The overall trends in the data do not suggest significant underlying inflation pressures, and also do not substantiate concerns about deflation. Still to come are the industrial production report and the University of Michigan Consumer Confidence report.
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