Russell 2000 futures down
The Russell 2000 (NYSE:IWM) futures are lower but have been moving up following mixed economic and financial news.
The bears and the bulls are doing battle in pre-market trading. The bears are reacting to news this morning that Wachovia Corp. (NYSE:WB) swung to a first-quarter loss. The Charlotte, N.C.-based bank will sell common and preferred stock to raise money.
Futures fell but started improving on news before the opening that U.S. retail sales unexpectedly rose 0.2% in March, according to the U.S. Census Bureau. Economists were expecting sales to stay flat.
The Russell 2000 came under heavy selling pressure Friday, sinking 19.26, or 2.72%, to 688.16. Look for key support Monday at 681, then down at 672. On the upside, resistance is at 696, then at 705 and 712.
This week is full of big economic releases and the Retail Sales data could set the tone for the week ahead. The 10:00 a.m. ET Business Inventories report doesn’t carry the kind of volatility of the Retail Sales release, but could spark a mild bobble in equities.
Biggest percentage gainers:
• Cumulus Media Inc. (Nasdaq:CMLS), up 9%.
• CV Therapeutics, Inc. (Nasdaq:CVTX), up 9%.
• Hansen Medical, Inc. (Nasdaq:HNSN), up 8%.
Biggest percentage losers:
• Palomar Medical Technologies, Inc. (Nasdaq:PMTI), down 9%.
• Sangamo BioSciences, Inc. (Nasdaq:SGMO), down 9%.
• Axcelis Technologies, Inc. (Nasdaq:ACLS), down 6%.
Kevin Pendley contributed to this report.
