Colossal misstep at JP Morgan rattles US futures
Thursday, May 10, 2012
NEW YORK (AP) -- U.S. stock futures are heading lower led by the financial sector in the wake of huge losses at J.P. Morgan on trading bets gone wrong.
The Dow Jones industrial average is down 56 points to 12,778. The Standard & Poor's 500 is down 6.8 points to 1,350.00. The Nasdaq composite index is sliding 6.25 points to 2,612.5.
Ripples from at least $2 billion in derivatives losses revealed late Thursday by JPMorgan Chase & Co., hit both European and Asian markets on Friday.
Germany's DAX fell 0.3 percent to 6,498. The CAC-40 in France is slipping 0.7 percent lower to 3,107 and Japan's Nikkei 225 index fell 0.6 percent to 8,953.31.
U.S. banks shares are falling in premarket dealings, with J.P. Morgan off almost 8 percent.