A mixed tone is now indicated in premarket action following glum economic and earnings data (S&P futures -1.50, Nasdaq futures +6.00). Earnings estimates continue to be honed in amid ongoing economic and financial market strife.
Microsoft chief executive, Steve Ballmer, indicated that his company will not make a bid for Yahoo!, according to Financial Times.
WSJ reported that federal officials are considering ways to ease financial pressure on AIG, including changing the terms of its $85 billion government loan.
Nonfarm payrolls fell by 240,000 in October, marking the 10th consecutive monthly decline. The drop in payrolls was worse than the consensus, which called for 200,000 jobs to be lost. Nonfarm payrolls declined by 284,000 in September. The national unemployment rate now stands at 6.5%, which is up from the 6.1% unemployment rate reported last month. Economists were expecting an unemployment rate of 6.3%. Average hourly earnings were up 0.2% month-over-month and 3.5% year-over-year. Both were in-line with the consensus.
In addition to burning through nearly $8 billion in cash during the third quarter, Ford announced a loss of $1.31 per share. Qualcomm posted better-than-expected quarterly earnings results, but disappointed investors by issuing downside guidance. Walt Disney and Sprint both failed to hit analysts' prevailing third quarter earnings per share estimates.