Stocks were poised to fall at the open, as futures traded lower. Reports that GMAC may need addition federal money and yesterday’s drop in consumer confidence from 53.4 to 47.7 set the early negative tone.
The first reading on third-quarter GDP is due tomorrow and will be closely watched. Economists are forecasting that gross domestic product grew at a 3.2% pace in the third quarter. The two economic reports of note today that have market moving potential are the Durable Goods Orders and new home sales. Orders for U.S. durable goods rose in September for the fourth time in the past six months, a sign factories are helping with recovery. At 10:00 am ET, new home sales figures will be released, with the consensus calling for a 2.6% rise in September following an increase of 0.7% in August.
It will also be a fairly busy morning for corporate earnings once again. Among the notables are Coca-Cola Enterprises, ConocoPhillips, General Dynamics, Goodyear Tire, International Paper, Southern Company, and Wellpoint Health.
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