Best Small Cos. NEW YORK - Traders were holding their breath this morning in advance of employment numbers due out before the bell. Relief set in when the Employment Cost Index, released by the U.S. Labor Department, came in a bit better than expected. But lately, many opening-bell rallies have petered out quickly. Cardillo agreed that the market will open higher but might not stay there, noting that futures were trading relatively strong in pre-bell activity.
Traders are most concerned about macroeconomic conditions.
Meehan sees the market heading for a deeper bottom by the end of the year. But it's not here yet, he says, because some investors are still lining up to buy on the dips. Nortel's disappointing quarterly results dragged down the fiber optics group yesterday, which in turn toppled networking and telecommunications stocks and then the broader market. The fiber optics company will report its quarterly results today, and Wall Street will be watching the numbers closely for signs that yesterday's selloff was overdone. Fill in this form for your free trial issue.