NEW YORK (CBS.MW) -- A weak dollar and nagging worries about companies' accounting tactics continued to put a damper on sentiment, with stocks poised to open lower on Thursday.
The major averages have fallen for three consecutive trading days and the Dow and Nasdaq are both hovering at three-week lows.
June S&P 500 futures dropped 4.30 points, or 0.4 percent, and were trading around 4.40 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, traded down 10.00 points, or 0.8 percent, and were trading 11.90 points under fair value.
Among shares changing hands before the official opening bell, Dow stock Philip Morris (NYSE: MO - news) put on 25 cents to $56.25. The tobacco kingpin announced the sale of its Miller Brewing unit to South African Breweries PLC in a $5.6 billion deal that'll create the world's second largest brewer.
More gains for Treasurys; dollar trips
Government bonds logged more gains in the aftermath of a highly successful 2-year note auction Wednesday. The $27 billion in notes sold was a record amount.
The 10-year Treasury note added 2/32 to yield (CBOE: ^TNX - news) 5.055 percent while the 30-year government bond gained 2/32 to yield (CBOE: ^TYX - news) 5.625 percent.
On the data side, only weekly initial claims will be released.
Friday will see a batch of economic reports: the Chicago Purchasing Mangers index for May, the revision to first-quarter productivity, April factory orders, and the final reading of the University of Michigan's consumer sentiment index.
Cornering foreign exchange action, the dollar continued to languish at lower levels, falling to a six-month nadir of 123.64 against the yen, down 0.5 percent. The euro, meanwhile, advanced to a 15-month high of 93.65 cents, up 0.2 percent from Wednesday's levels.
AI
