Good Morning Vietnam!! Dow Futures down 460!!!

Tuesday, January 22, 2008

S&P futures vs fair value: -67.8. Nasdaq futures vs fair value: -86.0. Dow Fut -460

Futures point to a sharply lower open in the wake of substantial losses in global stock markets. Hong Kong, the Shanghai Composite and India have plunged more than 10% in the last two sessions. The selling has been spurred by a fear of a United States economic slowdown. Meanwhile, the Treasury market is rallying in a flight-to-quality bid. In earnings news, Bank of America (BAC) missed expectations and reported a $5.3 billion CDO-related write-down.