FX & CFD trading involves significant risk
U.S. stocks were set to open lower Tuesday, amid renewed fears of a eurozone debt crisis and concerns about the global economy.
European markets fell sharply in the previous session, but edged higher Tuesday after the Swiss National Bank intervened on the franc. In a move to protect the currency from Europe's dept woes, the bank set a minimum exchange rate at 1.20 Swiss francs per euro.
Investors flocked to the safety of Treasuries on Tuesday. The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to a record low level of 1.93% from 2% late Friday.
Economy: Investors will get the Institute for Supply Management's services report for August at 14:00 GMT. Economists expect a reading of 51, down from July's reading of 52.7. Any reading above 50 signifies expansion.
Companies: Shares of Bank of America (BAC, Fortune 500) fell 5% in premarket trading, after reports surfaced that the bank could cut 30,000 workers over several years.
On Friday, the federal agency overseeing Fannie Mae and Freddie Mac filed lawsuits against 17 financial institutions. The lawsuits cited Bank of America, Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500); and were filed in an attempt to recover billions of dollars in losses from risky mortgage investments.
Oil for October delivery slipped $2.10 to $84.68 a barrel.
Gold futures for December delivery rose $21.20 to $1,898.10 an ounce. The precious metal hit an intraday record earlier Tuesday of $1,923.70 an ounce.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.