Buyers are not showing much interest in the early-going as the major indices post modest losses. Eight of the ten economic sectors are in negative territory, led by weakness in telecom (-2.3%) and healthcare (-1.0%). Financials (+0.2%) and energy (+0.5%) are the best-performing sectors.
Although financials are outperforming, insurance giant AIG (AIG 34.02, -0.16) is posting a loss of 0.5%. The Dow component ousted its CEO in response to the company's poor performance and handling of the credit market turmoil. AIG said the management change is not in response to its second quarter results, which the company is expected to report sometime in August.
Crude oil futures are posting a substantial gain of 2.2% at $137.89 per barrel, although they did slip from their all-time high of $139.89 per barrel. Meanwhile, the dollar hits session lows, falling 0.9% against a basket of world currencies. The weakness in the dollar is giving a boost to gold (+2.0% to $887.80).
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