Russell 2000 futures sag
The Russell 2000 (NYSE: IWM) futures are a hair below the close level on Thursday and the small-cap index will probably open lower.
There is little in the way of economic news today, so stocks will probably be looking for direction. Officials from the U.S. Federal Reserve are set to speak later today and investors will be looking for clues about future monetary policy.
The buyers emerged again on Thursday, lifting the Russell 2000 10.29 to 702.78, just above the 20-day moving average. Key support remains at 688 and 680, but if the latter is breached, the market could slide quickly toward 671. On the upside, resistance comes in today at 712 and 721.
The release of the wholesale inventories data at 10:00 a.m. ET shouldn’t generate much of a response from the stock market, leaving traders time to focus on fundamentals, technicals and election issues into the weekend.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
• Cumulus Media Inc. (CMLS), up 10%.
• FalconStor Software, Inc. (FALC), up 6% on news of a rise in fourth-quarter profit.
• Chindex International, Inc. (CHDX), up 4% on news of a rise in third-quarter profit.
• Aruba Networks, Inc. (ARUN), down 19% on news that its second-quarter loss disappointed analysts.
• Barrett Business Services, Inc. (BBSI), down 9% on news of a poor first-quarter guidance.
• Acme Packet, Inc. (APKT), down 10% on news it expects 2008 profit below Wall Street’s projections.
Kevin Pendley contributed to this report.
