Futures continue to suggest a lower start as analysts cut estimates (S&P futures -12.90, Nasdaq futures -15.00).
TJX Cos reported third quarter earnings that missed expectations and issued downside earnings guidance. Google had its earnings estimates cut at Goldman Sachs due to poor macro and consumer data. Credit Suisse cut its price target on AIG to $1.50 from $3.00, saying book value per share will decline by at least $1 per share in the fourth quarter.
Crude oil futures are also under selling pressure. The front month contract is down 3.5% to $60.24 per barrel.
American Express received approval to convert into a bank holding company, which will give it greater access to the bailout package and other measures of the Federal Reserve. The Fed waived the normal 30 day supervisor period due to emergency conditions.
Citigroup announced plans to help prevent foreclosures, including modify the mortgage terms for a group of 500,000 homeowners. On a related note, Reuters.com reports that Fannie Mae and Freddie Mac will announce today new steps to mitigate foreclosures.
The bond market is closed in observance of Veterans Day