Volatility is the watchword on Wall Street as stock traders prepare for a time when central banks around the world aren't pumping as much money into the financial system. It was a turbulent day yesterday.as the Dow rose early then fell nearly 127 points, or 0.8 percent, to 14,995. The S&P 500 dropped 13 1/2 points, or 0.8 percent. The Nasdaq sank 36 ½ points, or 1 percent. Futures fell ahead of this morning's opening.
- There were sharp losses today on international stock markets as gyrations on the Tokyo market, the Asian region's biggest, continued - fueled by worries about a surging yen and monetary policies in the U.S. The dollar fell against the yen and the euro. Benchmark crude oil fell but remained above $95 per barrel.
- Traders will be looking closely at the government's weekly jobless numbers today. Another report of interest is the Commerce Department's retail sales data for May. Two other economic reports scheduled for release today are weekly mortgage rates from Freddie Mac and April business inventories from the Commerce Department.
- Banks are seizing more homes from borrowers who've gone into default. Foreclosure listing firm RealtyTrac says from April to May, completed foreclosures went up 11 percent nationally.
- Old tensions are surfacing in the quest for a sweeping U.S.-European Union free trade pact. The start of formal negotiations is one of the big goals of President Barack Obama's upcoming trip to Europe, but the French are already demanding an exclusion for European film, radio and TV industries. France worries about the influence of Hollywood.