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MW; U.S. stock futures point lower after Friday's rally
 
Traders took gains off the table on Monday, with U.S. stock futures pointing lower as stimulus and bank aid plans were pushed back a day.
S&P 500 futures fell 9.3 points to 858.40 and Nasdaq 100 futures fell 8.25 points to 1,267.50. Dow industrial futures fell 54 points.
Stocks climbed on Friday, as investors looked past a report showing nearly 600,000 jobs lost to the stimulus plan and the bank debt rescue plan being hatched in Washington. The Dow Jones Industrial Average rose 217 points, the S&P 500 added 22 points and the Nasdaq Composite rose 45 points.
Developments over the weekend pointed toward Tuesday being the decisive day for both the stimulus and bank debt plan. The Senate is looking to cut off debate Monday, which would lead to a vote on the stimulus bill on Tuesday.
Meanwhile, a key Obama aide said on Sunday the government wanted to create incentives for the private sector to invest in banks.
"It can't all be private capital, but with the right kinds of government guarantees and the right kinds of financing, strategic approaches, [Treasury Secretary Timothy] Geithner believes we can bring in substantial private capital," said Obama's chief economic advisor Lawrence Summers on Fox News Sunday.
The Treasury Department also is expected to use between $50 billion and $100 billion of the bank bailout program to fund a mortgage-mitigation proposal to help troubled homeowners avoid foreclosure.
Ried Thunberg ICAP says a survey it's conducted of money managers shows that confidence in Obama's economic team has dropped to 36% from 78% over the last two weeks.
"Not an auspicious start but perhaps opinions can be restored with the bank rescue package," they said.
The dollar was weaker against major rivals, while oil futures crept back $40 a barrel. Gold futures dropped over $8 an ounce.
Of companies in the spotlight, General Motors is in talks to take back large portions of Delphi to get more U.S. bailout funds, according to a report in The Wall Street Journal.
Nissan Motors said it was cutting 20,000 jobs after reporting a $904 million quarterly loss.
NYSE Euronext fell in Paris as the exchange operator swung to a $1.3 billion loss after writing down the value of Euronext.
Barclays climbed in London as the U.K. bank said its 2008 profit dipped 1%, with gains on its acquisition of Lehman Brothers' U.S. business compensating for write-downs elsewhere.
Amazon.com may be active as it readies a new Kindle reading device.
Results are due out of Hasbro , Whirlpool and Loews , among others.
The Nikkei 225 ended 1.3% lower in a mixed session from Asia. Europe stocks traded flat to weaker, with the FTSE 100 down 0.7% in London.
Source