US Stock Futures Sink As Goldman Weighed

US stock futures continued to drift today, as Goldman Sachs (NYSE: GS) faces a tough round of questioning from a US Senate committee on the extent of the profits it generated from the collapse of the housing market. While futures on the S&P 500 lost 3.5 points to 1204.70, those on the Nasdaq 100 fell 4.25 points to 2043.00. Meanwhile, the Dow Jones Industrial Average futures stepped down 9 points.

Investors today are awaiting the testimony of Fed Chairman Ben Bernanke in front of the National Commission on Fiscal Responsibility. The hearings in Washington D.C featuring Goldman CEO Lloyd Blankfein and a vice president, Fabrice Tourre,just a few days after the Securities and Exchange Commission (SEC) accused to the investment banking stalwart of securities fraud, may impact the reform plans.

According to Marc Pado, a strategist at Cantor Fitzgerald, "The financial industry is more interested in seeing the new set of rules and regulations. They can move forward once they know what the game plan is.”

The companies that are already on the move are 3M (NYSE: MMM) and E.I. DuPont de Nemours & Co (NYSE: DD) following the hike in their annual earnings forecasts. Meanwhile, Ford Motor Co (NYSE: F) and Boston Scientific Corp (NYSE: BSX) are trading lower in the pre-market session. While F has returned to profitability, BSX has slashed its earnings guidance for 2010, citing the halt in defibrillator sales in mid-March.

In overseas markets, the Shanghai Composite lost 2.1% as investors feared tightening measures by the government. Meanwhile, the Stoxx Europe 600 has so far lost 1.2% in late-morning trade, dragged down by metals and banking sector stocks.

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