Flu, banks to hurt stocks, Stock poised to tumble Tuesday
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NEW YORK (CNNMoney.com) -- U.S. stocks were poised to tumble at Tuesday's open as investors worried about the results of the government's stress tests of banks and the number of swine flu cases continued to rise.At 7:10 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq-100 futures were sharply lower.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Banks: Early results of the U.S. government's bank stress tests suggest that Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500) may have to boost their capital, the Wall Street Journal reported.
Results of the stress tests are due to be released next week.
Bank of America shares fell 11% in premarket trading, while Citi dropped 7%.
Swine flu: Concerns about the economic fallout of the swine flu outbreak also are likely to keep weighing on investors.
The World Health Organization moved a step closer to declaring a pandemic. Economists say the outbreak could derail a global economic recovery if it isn't contained.
"The flu is going to continue to be a market story," said Art Hogan, chief market strategist at Jefferies & Co. "In 2003, SARS cost us tremendous amounts in terms of market capitalization because of the travel restrictions. We haven't heard about any of those yet, but investors worry that we might."
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World markets: Worries about U.S. banks and the economic fallout of the swine flu outbreak hit global markets. Stocks in Asia finished lower, with Japan's Nikkei shedding 2.7%. In morning trading, European markets were all lower.
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