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U.S. stocks were headed for an early sell-off Monday, as investors fret over weak domestic economic data and Europe's debt crisis, while bracing for second-quarter corporate results.
The three major indexes posted modest gains last week. Positive reports on initial claims and hiring initially boosted optimism about the labor market. But when the government's June jobs data came in far worse than expected, stocks ended Friday's session with a thud.
The U.S. economy created only 18,000 jobs last month -- a fraction of the 120,000 new jobs that a CNNMoney survey of 27 economists had forecast.
Investors will be keeping a close watch on the eurozone debt crisis, and especially Italy, the region's latest problem child.
In Washington, lawmakers will resume talks to raise the debt ceiling, and President Obama is scheduled to hold a news conference on the issue Monday
Companies: Dow component Alcoa (AA, Fortune 500) will be the first major company to release quarterly results, due out after the closing bell Monday. Analysts polled by Thomson Reuters expect the aluminum maker to post earnings per share of 32 cents on revenue of $6.31 billion.
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