Russell 2000 futures edging higher
The Russell 2000 (NYSE:IWM) futures are slightly higher but have been narrowing as investors make sense of a new plan to regulate financial markets.
The Bush administration is proposing sweeping changes to the system of financial regulation that will give additional powers to the U.S. Federal Reserve. The plan will be formally outlined by Treasury Secretary Henry Paulson at 10 a.m. ET.
Bears took control of the Russell 2000 late Friday, with small caps losing 9.20, or 1.33%, to 683.18. The market struggled all week to attract buyers along the 705 zone, and that remains the critical upside point to watch early this week. Even before there, look for resistance on our old swingline at 700 Monday. Meanwhile, support comes into play at 680, 674 and 667.
The Chicago Purchasing Managers Survey comes out this morning at 10:00 a.m. ET, and could set the early tone for stocks. Potential volatility from economic releases will be a recurring theme this week, highlighted by Friday’s employment data.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Ansoft Corp. (ANST), up 30%.
• Ascent Solar Technologies, Inc. (ASTI), up 7%.
• Gilat Satellite Networks Ltd. (GILT), up 5% on news the company could be sold for $480 million.
Biggest percentage losers:
• LSI Industries Inc. (LYTS), down 5%.
• Secure Computing Corp. (SCUR), down 5% on news of legal motions against the company.
• Alvarion Ltd. (ALVR), down 2%.
Kevin Pendley contributed to this report.
