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Wall Street Likely To Open Lower

wallstreet nov01 11nov19 lt

Lower futures amid rising tensions in Hong Kong and growing uncertainty about U.S.-China trade negotiations point to a weak opening for stocks on Wall Street Monday.

After some positive news about U.S.-China trade deal during the earlier part of the previous week, U.S. President Donald Trump's remarks on Friday that he had not agreed to end tariffs on Chinese goods as part of a trade deal hurt sentiment and dragged down stocks from higher levels.

With no economic data due today and the earnings season coming to a close, the market is likely to stay range-bound for much of the trading session.

Asian markets ended mostly lower on Monday, as traders largely stayed cautious, digesting a mixed bag of regional economic data and amid concerns over the political unrest in Hong Kong and continued uncertainty around a proposed Sino-U.S. trade deal.

European stocks were mostly subdued with political uncertainty in Spain, the ongoing unrest in Hong Kong, Moody's warning on Britain's sovereign debt and the uncertainty about U.S.-China trade negotiations weighing on sentiment.

In commodities, crude oil futures for December were declining $0.70, or 1.22%, at $56.54 a barrel.

On Friday, stocks ended mostly higher despite turning in a lackluster performance as traders digested conflicting information regarding negotiations of a U.S.-China trade deal.

The major averages all finished the session at new record closing highs. The Dow inched up 6.44 points or less than a tenth of a percent to 27,681.24, the Nasdaq climbed 40.80 points or 0.5 percent to 8,475.31 and the S&P 500 rose 7.90 points or 0.3 percent to 3,093.08.

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