JP Pritchard

Thanksgiving Turkey? Wall Street Headed for Disappointing Start

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Hemera/Thinkstock(NEW YORK) — Signs point to a slow start for Wall Street ahead of the Thanksgiving Day holiday — stock futures are down hours before trading kicks off on Wednesday.

Investors are worried about the direction of global growth.  On Tuesday, the United States’ third quarter GDP — the country’s measure for economic growth — was revised down to 2 percent from a previously estimated 2.5 percent.  As a result, the Dow Jones Industrial Average closed 54 points lower, while the Nasdaq lost two and the S&P 500 dropped five.

Overseas, a weak manufacturing report from China sent Asian stocks tumbling on Wednesday.  South Korea’s Kospi fell 2.36 percent, Hong Kong’s Hang Seng lost 2.12 percent, Australia’s S&P/ASX 200 shed 1.98 percent, and China’s Shanghai Composite dipped 0.73 percent.

The news also left a dent in Europe, sending some stocks there lower on Wednesday.

Copyright 2011 ABC News Radio

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