September 28, 2012-Stocks Tempered by Euro Zone Concerns

Optimism on Wall Street seems to have tempered, with the confidence engendered by austerity measures proposed by Greece and Spain yesterday waning. Now the focus shifts to when Spain will seek a bailout that could help it avert a fiscal crisis. Markets also keenly await the results of a stress results being conducted on the Spanish banking system to see how vulnerable these institutions are. Some first tier economic data on consumer confidence, consumer spending and the manufacturing sector may also set the tempo for today's movement. The Dow futures are receding 32 points, the S&P 500 futures are moving down 2.90 points and the Nasdaq 100 futures are declining 4.50 points. U.S. stocks advanced strongly on Thursday, as confidence in Spain passing through austerity measures required to seek a full fledged bailout increased. The gains came despite the release of a mixed batch of economic data. On the economic front, the Bureau of Economic Analysis is due to release its personal income & outlays report for September. Economists expect the report, which is due out at 8:30 am ET, to show that personal income rose 0.2 percent, while personal spending is expected to have increased by 0.5 percent. In July, personal spending rose 0.4 percent.