LONDON (ShareCast) - Wall Street is still lower as a lack of economic news triggers investors to pocket profits.
Across the markets, the Dow Jones (news) is down 115 points to 8648 with
the Nasdaq (NASDAQ:
news) slipping 28 points to 1820. The S&P 500 drops 12 points.
The market also awaits details of fundraising plans from the 10 banks that failed the US government's recent "stress test" Monday. Big names such as Bank of America (NYSE: IKJ - news) (BoA) and Morgan Stanley (NYSE: MS - news) have already done enough.
JP Morgan is joined in positive territory by peer BoA, but Du Pont leads the blue chip Dow lower, falling 4%, while aluminium giant Alcoa (NYSE: AA - news) is also down.
Largest fast-food retailer McDonald's fell after it saw sales come in lower than expectations in May. Sales at US restaurants, open for at least 13 months, rose 2.8% against expectations of a 3.8% increase. It was also significantly slower than the 6.1% growth in April.
The group also warned that second quarter profits may drop 8 cents to just 9 cents a share if foreign exchange rates stay where they are.
Automaker Chrysler (Xetra: 710000 - news) is expected to exit bankruptcy Monday afternoon unless the courts intervene and delay the sale of its assets to Fiat (Milan: F.MI - news) . Government officials have asked the courts to allow the sale despite protestation from three Indiana state pension and construction funds to halt the deal.
No economic news today. Investors are waiting for wholesale inventories for April tomorrow, followed by the Federal Reserve's 'beige book', set for publication a day later.
Reports on the trade deficit and oil supplies are also due midweek, with retail sales up on Thursday and news on import and export prices for May out Friday.
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