NEW YORK (CNNfn) - The gloom that has pervaded Wall Street this week showed no signs of lifting Friday morning as stock futures tumbled despite President Bush's attempt to rally the nation in response to the worst terrorist attack in the nation's history.
Just after 8:40 a.m. ET, the Nasdaq-100 futures lost more than 3 percent, while Standard & Poor's futures were 3 percent lower.
The president, in his Thursday night speech to Congress, sought to define the U.S. military mission in response to the attack that destroyed New York's World Trade Center and damaged the Pentagon near Washington. Bush said the nation is determined to join the rest of the world in rooting out terrorism.
Bush also expressed confidence in the economy, a source of concern during this week's Wall Street slide. "America is successful because of the hard work, and creativity, and enterprise of our people," the president said. "These were the true strengths of our economy before Sept. 11, and they are our strengths today."
Nevertheless, that confidence hasn't extended to Wall Street this week. The major indexes begin the session at their lowest points since 1998, as investors ponder the impact of the attack on the economy and worry about the military response.
The Dow Jones industrial average starts the day at 8,376.21, having lost 383 points, or 4 percent, Thursday and 1,229 points, or 13 percent, so far this week. The Nasdaq composite index, which starts at 1,470.93, fell 57 points, or nearly 4 percent, Thursday; it's down 224 points, or 13 percent, this week. The S&P 500 is at 984.54 after tumbling nearly 10 percent this week.
Overseas stock markets also are still feeling the impact. Major Asian markets finished lower Friday, and European stocks tumbled at midday; London's FTSE-100 was 6 percent lower.
Treasury prices were flat to higher in early trading, with the 10-year note yield dipping to 4.70 percent from 4.74 percent late Thursday. The dollar regained some lost ground against both the yen and euro. Brent oil futures rose in London.
Airline stocks may get some help Friday after Congressional leaders and the Bush administration reached agreement on a $15 billion aid package. The package includes a victims compensation fund to limit the liability of UAL's (UAL: Research, Estimates) United Airlines and AMR's (AMR: Research, Estimates) American Airlines, whose planes were used by hijackers in the attacks. Congress could take up the measure as early as Friday.
UAL shares lost $1.53 Thursday to $17.23, while AMR declined $1.55 to $18.45.
Dow Chemical (DOW: Research, Estimates) joined the list of companies issuing warnings about its third quarter, saying it will fall short of its 25 cents to 35 cents a share earnings target. Shares fell 96 cents to $29.58 Thursday.
General Motors (GM: Research, Estimates) Friday inked a deal to acquire Daewoo Motors of Korea for $400 million cash. GM shares fell $2.68 Thursday to $40.70.
General Electric (GE: Research, Estimates) holds an analysts meeting Friday. The conglomerate already has indicated that its insurance units will be hurt as a result of the destruction of the World Trade Center, but the meeting may help clarify the impact on the company's aircraft units. GE shares fell $2.13 Thursday to $30.37. 
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