Stocks were lower Monday in very light Columbus Day trading, weighed down by worries over slowing economic growth in Europe and Asia, and concerns about corporate profits here in the U.S. ahead of Alcoa's (NYSE:AA) third-quarter report after the closing bell today.
Yum Brands (NYSE:YUM), Wells Fargo (NYSE:WFC), and JP Morgan Chase (NYSE:JPM) are some other notable names scheduled to report this week.
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Futures Tuesday morning are pointing to a slightly lower open.
In its semi-annual check-up on the health of the global economy, the International Monetary Fund is warning of slowing global growth, and says if the U.S. drives over the fiscal cliff of tax increases and spending cuts by the end of the year, it will likely tip back into recession next year. The IMF calculated the full impact would cut more than 4% from U.S. growth in 2013.
Meanwhile, in a new survey, social recruiter Jobvite finds that 75% of Americans are looking for new jobs -- whether they currently have a job or not. The survey also finds that Americans are not optimistic they'll find a new job, either: 61% say finding a job has become more difficult in the past year, and 41% of employed job seekers say they are overqualified for their current position.
Facebook (NYSE:FB) is working with seven retailers, including Pottery Barn, Smith Optics, Michael Kors, and Fab.com, to test its "want" button -- a feature that will allow certain users to flag images they like and want to buy. Facebook is calling the feature "Collections." Eventually, Facebook would be able to collect a transaction fee for referring users to a retailer's site. Retailers could also pay Facebook to promote their products.
Vending machines are testing a new feature, too: posting calories. Coca-Cola (NYSE:KO), Pepsi (NYSE:PEP), and Dr. Pepper (NYSE:DPS) are rolling out new vending machines in Chicago and San Antonio in January, then eventually nationwide, that will show calorie counts as well as a message that suggests a lower-calorie option.