NEW YORK -- Wall Street is preparing to start the second quarter with a decline.
Investors proceeded with caution today, sending stock futures lower ahead of tomorrow's Group of 20 meeting of finance ministers from around the world.
They were also awaiting several gauges of the U.S. economy: a manufacturing activity index, pending sales of existing homes, construction spending data, and auto sales figures.
The Dow Jones industrial average is up 16 percent from its nearly 12-year low hit in early March. But it is still coming off the worst start to the year since 1939 -- the Dow dropped 13.3 percent in the first quarter. If investors don't see signs of an economic turnaround, or a concerted effort from world leaders to fix the financial system, the market's gains could dissolve.
Dow futures fell 62, or 0.8 percent, to 7,500. Standard & Poor's 500 index futures fell 8.10, or 1 percent, to 786.70. Nasdaq 100 index futures fell 12.50, or 1 percent, to 1,225.
This week so far has been volatile. On Monday, the Dow plunged 254 points after President Barack Obama rejected the restructuring plans of General Motors and Chrysler. Yesterday, the blue-chip index gained nearly 87 points.
Worries that U.S. automakers will have to go through bankruptcy restructuring continue to weigh on the market.
Bond prices slipped in early trading today. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.69 percent from 2.67 percent late yesterday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.22 percent from 0.20 percent.
Crude oil fell $1.31 to $48.35 a barrel in electronic trading on the New York Mercantile Exchange.
The dollar was mixed against other major currencies.
Overseas, Japan's Nikkei stock average rose 2.99 percent. In midday trading, Britain's FTSE 100 fell 0.56 percent, Germany's DAX index fell 0.75 percent, and France's CAC-40 fell 1.10 percent.
