U.S. stock index futures were lower Monday amid lingering U.S.-China trade worries while protests in Hong Kong escalate.
7:30 a.m. ET, Dow Jones Industrial Average futures were down 118
points, indicating a loss of 136 points at the open. S&P 500 and
Nasdaq 100 were also lower.
decline would knock the major averages from record levels reached last
week. The Dow notched its eighth record close of the year on Friday
while the S&P 500 closed at an all-time high for the 19th time. The
Nasdaq, meanwhile, posted a record close for the 14th time in 2019.
President Donald Trump said Friday he had not agreed to roll back tariffs on China. Those comments came after the Chinese commerce ministry said that both sides had agreed to cancel existing tariffs in phases. A U.S. official also reportedly said both sides agreed to roll back the tariffs in tranches.
stock market’s recent move to record highs comes in part because of
improving sentiment around U.S.-China trade talks. With his comments on
Friday, Trump dampened trade expectations in the market.
– Stocks were set to open higher on Tuesday, following a
record close in the previous session, as investors grew more bullish on a
potential U.S.-China trade deal as both sides consider more rollbacks
Futures on the Dow Jones Industrial Average rose 70
points and indicated a positive open of more than 58 points, while
futures on the S&P 500 and Nasdaq Composite were also higher. Major
averages are on track for a third straight positive session.
is pushing President Donald Trump to remove more tariffs on about $125
billion worth of Chinese goods imposed in September as part of the
“phase one” trade deal, Reuters reported Monday evening. A U.S. official
told Reuters the fate of the Dec. 15 tariffs is being considered as
part of negotiations.
Strong earnings, more promising economic
data and optimism over a resolution on trade with China drove the Dow to
all-time highs on Monday, following the S&P 500 and Nasdaq’s new
records last week.
The Dow’s year-to-date gain now stands at
around 18%, while the S&P 500 is up more than 22% and the Nasdaq
more than 27% so far this year.
Traders will also have eyes on a raft of economic data Tuesday morning. September balance of trade, import and export figures are due for release at 9:30 a.m. ET before November Redbook data at 9:55 a.m. ET.
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FRIDAY – Stocks traded lower on Friday amid weak overseas data, but remained on track to post solid weekly gains after the release of better-than-expected earnings.
The Dow Jones Industrial Average traded 97 points lower, or 0.4%. The S&P 500 pulled back 0.3% while the Nasdaq Composite declined by 0.5%.
More than 70 S&P 500 companies have reported calendar third-quarter earnings this week. Of those companies, 81% have posted better-than-expected results, FactSet data shows.
Weak data from China weighed down the market on Friday.
Still, concerns over the state of the global economy lingered. Overnight, China posted its weakest growth in nearly three decades, as the U.S.-China trade war hit demand at home and abroad. The world’s second-largest economy grew 6% in the third quarter, less than expected, and its weakest pace of expansion in over 27 years.
Sentiment around U.S.-China trade talks improved slightly this week, however. Larry Kudlow, director of the National Economic Council, told CNBC’s “Squawk Box” on Thursday there is “a lot of momentum” to get a deal done.
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U.S. stocks rose on Tuesday as Wall Street kicked off the final quarter of 2019.
Wall Street ended higher on Monday on the back of renewed optimism in U.S.-China trade talks. A spokeswoman for the U.S. Treasury said the White House “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” This relieved some earlier fears raised by reports last week that the U.S. has been looking at restricting U.S. investments in China.
Trade delegations from China and the U.S. are set to resume trade talks next week.
Furthermore, traders are looking to hear from the World Trade Organization. The institution is set to decide on an aircraft subsidies dispute that could allow the U.S. to impose tariffs on Europe.
On the data front, manufacturing Purchasing Managers’ Index numbers will be released at 9:45 a.m. ET; construction spending figures will be out at 10 a.m. ET, as well as the Dallas Federal Reserve service-sector numbers.
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U.S. stock index futures were higher on Monday, the last day of September, as investors watched trade developments between the U.S. and China.
Around 7:15 a.m. ET, Dow
Jones Industrial Average futures indicated a gain of 54.75 points at
the open. S&P 500 and Nasdaq 100 futures also traded higher.
Wall Street ended lower last week on reports that the White House is considering limiting U.S. investment into China, including a possible de-listing of Chinese companies from U.S. exchanges, in a further escalation of the ongoing trade dispute between the world’s two largest economies. However, spokespeople had denied that the U.S. was considering such a move.
U.S. and China trade delegations are due to meet on
Oct. 10 as both sides try to move closer to a deal. Both countries have
slapped tariffs on billion of dollars worth of their goods, dampening
expectations for economic and corporate profit growth.
indexes were headed for a mixed monthly performance. The Nasdaq
Composite was down slightly for September entering Monday’s session
while the S&P 500 and Dow were up more than 1%.
On the data front, Chicago PMI figures for September are due at 8:45 a.m. ET and Dallas Fed manufacturing index data will be published at 9:30 a.m. ET.
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– A sharp sell-off will start the week on Wall Street
after President Donald Trump said on Sunday that the U.S. will hike
tariffs on goods imported from China, casting doubt on recent optimism
that the world’s two largest economies were close to a resolution to
their trade battle.
Dow Jones Industrial Average futures dropped
457 points as of 8:32 a.m. ET which implied an opening decline of about
440 points. S&P 500 futures lost 1.5% and Nasdaq-100 Index futures
China’s stock markets, meanwhile, fell sharply. The
Shanghai Composite dropped 5.6% while the Shenzhen A Shares index
plunged more than 7%.
Trump said in a tweet Sunday afternoon that
the current 10% levies on $200 billion worth of Chinese goods will rise
to 25% on Friday. He also threatened to impose 25% tariffs on an
additional $325 billion of Chinese goods “shortly.”
The S&P 500, up 17.5% in 2019 alone, notched a record close on Tuesday. The tech-heavy Nasdaq Composite, which has soared more than 20% this year, clinched a record close on Friday. The S&P 500 is set to drop 1.5% on Monday, which would be its biggest one-day decline since March 22, when it dropped 1.9%.
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FRIDAY – Stocks fell on Friday after the U.S. government released employment data that badly missed expectations, adding to growing concerns that the global economy may be slowing down.
The Dow Jones Industrial Average pulled back 215 points as Caterpillar and Chevron lagged. The S&P 500 fell 0.8 percent as the energy and tech sectors both dropped more than 1 percent. The Nasdaq Composite slid 1.1 percent.
The U.S. economy added just 20,000 jobs in last month, marking the weakest month of jobs creation since September 2017. Economists polled by Dow Jones expected a gain of 180,000.
Treasury yields fell along with futures. The benchmark 10-year rate dipped to 2.619 percent while the 2-year yield traded at 2.45 percent.
Equities were on track to post rare weekly losses. The major indexes were all down more than 1.9 percent entering Friday’s session. The Nasdaq was on pace to snap a 10-week winning streak, while the Dow was set to notch its second weekly decline of the year.
The weekly decline comes amid growing fears that most of the positive news on the U.S.-China trade front may be baked in. At this point, most investors expect the two countries to strike a trade deal later this month. There are also worries that a deal may not be sure thing.
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MONDAY – U.S. stock index futures rose on Monday on a report that U.S. and China are getting close to a trade deal.
This morning, the Dow Jones Industrial Average futures were up 65 points, indicating a gain of more than 70 points at the open. Futures on the S&P 500 and Nasdaq 100 were also slightly higher.
The Wall Street Journal reported that China had proposed to bring down duties on certain American goods in an attempt to strike a deal with the U.S. The same report suggested both countries are at the final stage of their negotiations, which could see the country’s leaders meeting at a special summit to sign a trade deal soon.
The Trump administration touted last week significant progress being made in U.S. negotiations with China. Treasury Secretary Steven Mnuchin told CNBC on Thursday the two sides were getting closer.
The back-and-forth on trade between the two countries has sent ripples through financial markets since last year, with investors fretting how tighter trade conditions could impact corporate profits.
On the economic front, there will be construction spending figures out at 10 a.m. ET.
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U.S. stock index futures pointed to a strong open on Friday, as Wall Street looked to build on its best start to a year in nearly 30 years.
At around 8:10 a.m. ET, Dow Jones Industrial Average futures indicated a gain of more than 170 points at the open. Futures on the S&P 500 and Nasdaq 100 were also up.
The major indexes posted solid monthly gains in February, pushing the S&P 500 to its best start to a year since 1991. The S&P 500 is up more than 11 percent for 2019, along with the Dow. The Nasdaq, meanwhile, is up 13.5 percent.
Decreasing trade tensions between China and the U.S., along with a declining fears of tighter monetary policy from the Federal Reserve, helped propel stocks higher.
Market participants are likely to closely monitor a fresh batch of economic data on Friday. Personal income, consumer spending and core PCE figures for December and January will be released at around 8:30 a.m. ET.
Manufacturing PMI, ISM manufacturing, and consumer sentiment data are all expected to follow later in the session.
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