Plus   Neg

Wall Street Sees Red

wallstreet july08 lt

Consumer Credit report and TD Ameritrade IMX are the important economic announcement on Monday. Federal Chairman Jerome Powell will deliver opening remarks at the conference on stress testing. He will be testify before the House Financial Services Committee on Wednesday and will deliver semiannual monetary policy testimony in Washington on Thursday.

Geopolitical tension and a positive sign on U.S. -China trade discussion are closely watched by investors.

Early cues from the U.S. Futures Index suggest that Wall Street might open in a negative territory.

Asian shares finished lower, while European shares are trading in the red.

As of 7.50 am ET, the Dow futures were slipping 64.00 points, the S&P 500 futures were shedding 5.75 points and the Nasdaq 100 futures were down 29.25 points.

U.S. stocks closed lower on Friday. The Dow fell 43.88 points or 0.2 percent at 26,922.12. The Nasdaq edged down 8.44 points or 0.1 percent to 8,161.79 and the S&P 500 dipped 5.41 points or 0.2 percent to 2,990.41.

On the economic front, TD Ameritrade IMX for June will be issued at 12.30 pm ET. In the prior month, the level was at 4.93.

Fed's Consumer Credit report for May will be issued at 3.00 pm ET. The consensus is for $17 billion, slightly down from $17.5 billion in the prior month.

Asian stocks retreated on Monday. China's Shanghai Composite index plummeted as much as 77.70 points or 2.58 percent to 2,933.36.

China's foreign exchange reserves rose by $18.2 billion to $3.119 trillion at the end of June from $3.101 trillion at the end of May.

Hong Kong's Hang Seng index fell 443.14 points or 1.54 percent to 28,331.69.

Japanese shares fell. The Nikkei average ended down 212.03 points or 0.98 percent at 21,534.35 while the broader Topix index closed 0.89 percent lower at 1,578.40.

Australian markets pulled back sharply to suffer their biggest intra day fall in five weeks. The benchmark S&P/ASX 200 index dropped 79.10 points or 1.17 percent to 6.672.20 while the broader All Ordinaries index ended down 74.40 points or 1.09 percent at 6,757.40.

European shares are trading in the red. CAC 40 of France is declining 24.86 points to 0.20 percent. DAX of Germany is down 27.05 points or 0.21 percent. FTSE 100 of England is slipping 1.67 points or 0.02 percent. Swiss Market Index is dropping 6.60 points or 0.07 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.14 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT