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U.S. stock market futures closed at 9:15 AM EST, and they closed off of their lows.Dow futures closed down 61 points.
S&P 500 futures closed down 5.2 points.
Nasdaq futures closed down 15.5 points.
Dow futures were down around 90 points ahead of the BEA’s personal income and spending report at 8:30 AM.
Personal spending jumped 0.8% in September, which was higher than the 0.6% increased expected by economists. Income climbed 0.4%, which was right in line with expectations.
Gas prices were up as the Hurricane Sandy forced the idling of east coast refineries. However, some analysts expect gas prices to eventually fall as the weather takes drivers off the road.
Uncertainty remains escalated in Europe. Here’s Nomura on today’s trading action:
It is difficult to pinpoint this to any particular development. Over the weekend former Italian PM Berlusconi gave a press conference, questioning the austerity delivered so far by the government and pledging to reverse some of the policies in the next legislature. This matters as it could jeopardise approval of the 2013 Budget, which is currently being heavily debated in parliament. There has also been negative headlines from Greece, where little progress has been made on the labour laws contested by a junior coalition partner, prolonging an impasse on a crucial austerity package.
U.S. stock and options markets are closed as Hurricane Sandy approaches the Northeast.