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CNN LIVE EVENT/SPECIAL

America Recovers: Stock Index Futures Pointing to Lower Opening Today

Aired October 3, 2001 - 05:49   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: All right, let's see what David Haffenreffer can cough up on Wall Street today.

Hi, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: We'll see if we can see any follow through, Carol and Leon.

LIN: Yes.

HAFFENREFFER: Good morning to you.

Investors may have some trouble, though, building on yesterday's strong gains. The Federal Reserve's half percentage point cut in interest rates did spark a triple-digit rally on the Dow, but stock index futures are now pointing to a solidly lower open this morning.

Now one reason is some bad news that we got from Nortel Networks. The Canadian telecom equipment maker said it expects a $3.6 billion quarterly loss. Nortel also said it will cut another 20,000 jobs and that would come on top of the 30,000 job cuts already announced this year.

One positive sign to report, most automakers posted better-than- expected U.S. sales in the month of September. A wave of discounts rolled out late in the month helped to offset some pessimism in a real world test of consumer sentiment following the terrorist attacks. Still, U.S. car and light truck sales fell nearly 9 percent from a year ago, and Ford warned its third quarter loss will be even wider than expected.

And that is a quick look at business news.

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