Small caps stay flatThe Russell 2000 (NYSE: IWM) futures are slightly higher and the small-cap index is likely to open little changed. Wall Street is awaiting a quiet day, with no major economic news being released and Americans distracted by Columbus Day celebrations. In financial news, the Financial Times is reporting that Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings later in October. JPMorgan will report about $2.1 billion in losses to due leveraged loans and mortgage-backed securities, while Bank of America’s losses come to $1 billion. Financial institutions that have made bets on mortgage-backed securities have taken a hit in the wake of the stagnation in the U.S. housing sector and the meltdown in the subprime mortgage sector. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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