New York - Wall Street appears ready to return some of last week's big gains as part of the euphoria over the Government's bill provides stimulus was lost amid more gloomy corporate news.The Senate is expected to pass a $ 827 billion stimulus bill on Tuesday. The government, however, still faces the challenge of reconciling the Senate bill with the House approving $ 819 million the previous version. Republicans and Democrats have been at odds over the plan, which is designed to help pull the economy from the worst recession in decades. President Barack Obama continues to press for the stimulus measure on his desk for signing by the middle of this month.
Investors are also anxiously awaiting a speech by Treasury Secretary Timothy Geithner, on Tuesday, Obama outlined a plan for managing the review of the government of $ 700 billion financial rescue package passed by Congress last fall. Geithner was scheduled to announce the plan on Monday, but the speech was pushed back to Washington could focus on the stimulus bill.
"The delay in the announcement of the media markets Geithner will have to wait another 24 hours, and markets do not expect very good," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "The delay only increases the anxiety."
Amid the anticipation of the government's plans were simple reminders that an economic recovery is still far away.
Nissan Motor Co. said that slashing 20,000 jobs, or 8.5 percent of its global work force, over the next year to address what the Japanese automaker expects its first annual loss in nine years.
Home appliance maker Whirlpool Corp. said fourth quarter profit fell 77 percent, hit by restructuring charges, expenses and a stronger dollar souvenir.
Meanwhile, Barclays PLC warned that more writedowns active - at the top of the massive $ 11.9 billion reserve for 2008 - and said the executive probably is not getting any bonus. However, the UK's third largest bank by assets said its net profit for 2008 fell to only 1 percent, boosted by last September the acquisition of the failed investment bank Lehman Brothers Holdings Inc.
Before market opening, the Dow Jones industrial average futures fell 39, or 0.47 percent, to 8215. Standard & Poor's 500 index futures fell 6.60, or 0.76 percent, to 861.10, while the Nasdaq 100 index futures fell 6.00, or 0.47 percent, to 1269.75.
On Friday, the market largely ignored a horrible job and rallied in anticipation of the law of stimulation. The Labor Department said U.S. Employers cut 598,000 jobs in January, sending the unemployment rate to 7.6 percent, the highest since late 1992. The day of gains on Wall Street helped push up the week sharply higher.
The Dow Jones industrial ended the week up 3.5 percent, the Standard & Poor's 500 rose 5.2 percent and the Nasdaq composite index posted a huge gain of 7.8 percent.
"Because we had a good reunion of two days duration and a strong performance last week, it is not surprising that we would see some softness (today)," said Gayle. "There are a tug of war between the problems that we know are ahead of us and the promise that is expected to enter the banking rescue package and incentive plan."
Other company news on Monday, a person familiar with the matter told The Associated Press that General Motors Corp. is in talks to recoup some of its former parts supplier Delphi Corp. GM is trying to qualify for more government help . The automaker also expects to close additional facilities beyond those already announced nine stops, according to The Wall Street Journal report citing unnamed people.
Housing Beazer Homes USA Inc. said its loss narrowed during its fiscal first quarter, but revenue plunged in the home and closing of new orders fell.
Early bond prices fell on Monday. The yield on the benchmark 10-year Treasury, which moves opposite its price, rose to 3.01 percent from 2.99 percent late Friday. The performance of the three-month T-bill, considered one of the safest investments, increased slightly to 0.28 percent from 0.27 percent late Friday.
The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude added 42 cents to $ 40.59 in premarket electronic trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei stock average fell 1.33 percent, while Hong Kong the Hang Seng index rose 0.84 percent. In afternoon trading, Britain's FTSE 100 rose 1.49 percent, the DAX index in Germany fell 0.17 percent, and France, the CAC-40 fell 0.18 percent.