Stock futures point to a lower Wall Street open

[August 19, 2009]  SAN FRANCISCO (AP) -- Pessimism about the economy is reasserting itself in financial markets, with U.S. stocks looking to fall at the opening. Treasury prices are rising as investors look for a safe place for their money.

Stock futures are sharply lower in the U.S., once again following the lead of overseas markets that are uneasy about a global recovery. The Shanghai stock market has fallen 5 percent on concerns about the Chinese economy, and the major indexes in Europe are all down more than 1 percent.

In the U.S., the concern is about consumer spending. Investors were also disappointed by Hewlett-Packard Co.'s report that its profit dropped 19 percent in the latest quarter, dragged by ongoing weakness in sales of personal computers and printer ink.

Dow Jones industrial average futures are down 82, or 0.9 percent, at 9,125. Standard & Poor's 500 index futures are down 9.60, or 1 percent, at 980.00, while Nasdaq 100 index futures are down 18.75, or 1.2 percent, at 1,568.25.

[Associated Press; By IEVA M. AUGSTUMS]

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