The Dow Jones has been flat so far this morning as investors await an announcement from President Barack Obama on the future of US banking regulation.
The index, currently down 14.14 points, or 0.17%, to 8,490.53, is under pressure from the resource sector which is seeing some profit taking. Alcoa has shed 3.75% to $10.49 while Caterpillar is down 3.07% to $34.47.
Obama is today set to outline fresh rules for the banking sector, requiring the big players to put more money aside to guard against future losses and ordering managers to curb excessive risk taking. In addition, the Federal Reserve will be given the authority to monitor major financial institutions.
The only banks featuring heavily so far are J.P. Morgan Chase, down 1.58% to $12.35, and Bank of America, down 2.99% to $32.97. Both stocks had risen yesterday on the back of a recent resurgence in commodity prices.
Pharmaceutical giant Pfizer leads the winner's table early on, advancing 2.33% to $14.49.
Meanwhile, in the UK the resource sector has continued to weigh heavily on the FTSE with Xstrata shedding 11.10% to reach 636p a share by 3:30pm.
The index is currently down more than 65 points, or 1.51 %, to 4,263.08.
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch