Friday May 9, 01:22 PM
US pre-open: Stocks seen lower
LONDON (ShareCast) - US stocks are set to be on the back foot on Friday as insurance firm American International Group (NYSE: AIG - news) posted
big losses raising credit fears.AIG posted first-quarter losses of $7.81bn late yesterday and said it will need to raise $12.5bn in the coming months. On the economic front, the Commerce Department will report on March's international trade deficit. Attention will also be given to the exorbitant oil prices, which are currently well past $125 a barrel, as the weaker dollar pushes investors to buy commodities. Across the markets, the Dow Jones (news) fell 81 points to 12,743 with the Nasdaq (NASDAQ: news) falling 8 points to 1956. The S&P 500 is due to fall 7 points. In other company news, General Motors (NYSE: GM - news) said in a regulatory filing that it would give financial support to end the strike at auto parts supplier American Axle and Manufacturing Holdings.
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