Market Commentary -- 12 pm

May 28, 2002 -- Stocks are solidly lower as investors are uncertain about the health of the economy after a slight dip in Consumer Expectations was reported. Traders are also worried about a potential confrontation between India & Pakistan. Gold futures are climbing as investors flee paper for more solid assets.

Coca-Cola (KO), American Express (AXP), Home Depot (HD), IBM (IBM), Intel (INTC), Microsoft (MSFT), Merck (MRK) and Procter & Gamble (PG) are all losers today. NYSE breadth is 19-11 negative, NASDAQ breadth is 20-11 negative in slow trading. S&P futures are off at 1073, NASDAQ-100 futures are off at 1233. Short-term technicals are bearish. Treasuries are higher; oil futures are off.

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