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U.S. Futures To Extend Losses, Wall Street To Open In Red

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Early signs from U.S. Futures Index suggest that Wall Street might open in the red. Asian stocks closed mostly lower and European shares are trading down. Investors are still concerned about the Jobs report and inflation possibilities.

Janet Yellen will be replaced by Jerome Powell as the Chair of the U.S. Federal Reserve.

US PMI Index and ISM non-manufacturing Index are the major economic announcement for the day

As of 6.30 am ET, the Dow futures were slipping 163 points, the S&P 500 futures were shedding 10.75 points and the Nasdaq 100 futures were loosing 18.75 points.

U.S. stocks closed on friday just off their lows of the session. The Dow tumbled 665.75 points or 2.5 percent to 25,520.96, the Nasdaq slumped 144.92 points or 2 percent to 7,240.95 and the S&P 500 dove 59.85 points or 2.1 percent to 2,762.13.

On the economic front, US Services Purchasing Managers' Index or PMI for January will be published at 9.45 am ET. The economic analysts consensus is for 53.3, slightly down from 53.7 a month ago.

The ISM non-manufacturing index for January will be issued at 10.00 am ET. The consensus is for 56.2 , up from 55.9 in December.

TD Ameritrade's Investor Movement Index or IMX for January will be revealed at 12.30 pm ET. In the prior month, the level was 8.59.

Most Asian stocks fell on Monday. Chinese shares bucked the weak regional trend to end notably higher. The benchmark Shanghai Composite index rose 25.42 points or 0.73 percent to 3,487.50 while Hong Kong's Hang Seng index finished down 356.56 points or 1.09 percent at 32,245.22.

Japanese shares finished lower. The Nikkei average slumped 592.45 points or 2.55 percent to finish at 22,682.08, logging its biggest decline in 15 months. The broader Topix index closed 2.17 percent lower at 1,823.74.

Australian shares tumbled, with all sectors closing deep in the red. The benchmark S&P/ASX 200 dropped 95.20 points or 1.56 percent to 6,026.20 while the broader All Ordinaries index ended down 101.40 points or 1.63 percent at 6,128.40.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is down 56.62 points or 1.06 percent, the German DAX is loosing 109.02 points or 0.85 percent, the U.K. FTSE 100 Index is down 93.89 points or 1.25 percent and the Swiss Market Index is declining 114.66 points or 1.24 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is sliding 0.97 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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