The S&P 500 extends its decline to nearly 3% as selling pressure
picks up. The financial (-6.6%), material (-3.5%) sectors have both hit
fresh 52-week lows. Retailers (-4.1%) have also fallen to a new
52-week low.
General Mills (GIS 65.12, -0.21) reaffirmed its fiscal year 2009
guidance of earnings between $3.81 and $3.85 per share, which is short
of the $3.90 consensus estimate.
Automakers (-16.1%) continue to decline as the House Financial Services
Committee testimony continues. Reports that Toyota Motor (TM 61.00,
-2.25) is cutting North American production is also weighing on U.S.
automakers.