Wall Street yet again is seeing the truth of Marilyn Monroe's warning that sooner or later, gravity catches up with all of us.
Stock futures are sagging after the S&P 500 hit a 6 1/2-year high yesterday. The imminent release of the consumer price index is triggering inflation concerns, and we're all too aware that housing start data could reopen some subprime-induced wounds.
Also on tap are industrial production figures and still more speeches from Fed officials. All this plus a sharp drop in the dollar against sterling to a 15-year low after data showed British inflation topped 3 percent.
U.S. Treasuries are down.
Oil is up just past $64 a barrel. A leak in a Canadian pipeline to the U.S. and falling gasoline supplies are helping prices regain ground lost to news that Nigeria plans to restart fields shut down for a year by militant attacks.
The rains over Wall Street are abating, but not the flood of earnings releases. Coca-Cola shares are up after results beat analysts' expectations. Mellon Financial reported a higher quarterly profit, but SunTrust Banks' earnings fell as it faced a tough interest-rate environment and rising loan losses.
In the latest on the subprime saga, mortgage financiers Fannie Mae and Freddie Mac will tell Congress about some new programs to help these borrowers avoid foreclosure.
Lisa Von Ahn News - Editor