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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to add to the strong gains posted last week.
Early buying interest may be generated amid easing trade tensions ahead of a second round of trade talks between the U.S. and China this week.
Ahead of the meeting, President Donald Trump indicated in a post on Twitter that he is working with Chinese President Xi Jinping to get Chinese telecom equipment maker ZTE Corp. ?back into business, fast.?
ZTE has been crippled by a ban on U.S. supplies to its business, and sources briefed on the matter told Reuters that China has demanded the issue be resolved as a prerequisite for broader trade negotiations.
In a subsequent tweet, Trump expressed optimism about trade talks with China despite claiming past negotiations have been one-sided in favor of Beijing.
?China and the United States are working well together on trade, but past negotiations have been so one sided in favor of China, for so many years, that it is hard for them to make a deal that benefits both countries,? Trump tweeted. ?But be cool, it will all work out!?
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
After moving notably higher over the course of trading last Wednesday and Thursday, stocks turned in a lackluster performance during trading on Friday. The major averages spent the day bouncing back and forth across the unchanged line.
The Dow and the S&P 500 reached their best closing levels in nearly two months, but the Nasdaq closed marginally lower. While the Nasdaq edged down 2.09 points or less than a tenth of a percent to 7,402.88, the Dow climbed 91.64 points or 0.4 percent to 24,831.17 and the S&P 500 rose 4.65 points or 0.2 percent to 2,727.72.
Despite the mixed performance on the day, the major averages all moved sharply higher for the week. The Nasdaq surged up by 2.7 percent, and the Dow and the S&P 500 jumped by 2.3 percent and 2.4 percent, respectively.
The markets initially benefited from the upward momentum seen in the two previous sessions, but buying interest waned as traders seemed wary of continuing to pick up stocks.
Traders were also digesting President Donald Trump's outline of his plan to reduce high drug prices, which he has previously described as a top priority for his administration.
In remarks from the White House rose garden, Trump suggested the government was partly to blame for high drug prices but also criticized drug lobbyists and so-called "middle men."
Trump announced several steps his administration will take to reduce drug prices, including giving Medicare Part D plans better tools to negotiate discounts.
Reports earlier in the day indicated Trump's reforms of Medicare would stop short of allowing the government to negotiate directly with drug makers.
The president also indicated he would seek to increase competition in drug markets, develop new incentives for drug makers to lower list prices and develop options to lower patients' out-of-pocket spending.
On the U.S. economic front, the Labor Department released a report showing import prices increased by less than expected in the month of April.
The Labor Department said import prices rose by 0.3 percent in April after edging down by a revised 0.2 percent in March. Economists had expected import prices to climb by 0.5 percent.
Meanwhile, the report said export prices increased by 0.6 percent in April after rising by 0.3 percent in March. Export prices had been expected to rise by another 0.3 percent.
A separate report released by the University of Michigan showed consumer sentiment unexpectedly held steady in early May.
The report said the preliminary reading on the consumer sentiment index for May came in at 98.8, unchanged from the final April reading. Economists had expected the index to edge down to 98.5.
Many of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Biotechnology stocks showed a significant move to the upside, however, with the NYSE Arca Biotechnology Index jumping by 1.8 percent.
Healthcare and pharmaceutical stocks also saw considerable strength as traders reacted to Trump's plan to reduce drug prices.
On the other hand, tobacco stocks moved notably lower on the day, dragging the NYSE Arca Tobacco Index down by 1 percent.
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At 9:40 am ET, St. Louis Federal Reserve Bank President James Bullard is due to deliver a presentation at CoinDesk's Consensus 2018 in New York City. |
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| | Europe |
European stocks have moved modestly lower on Monday as a weaker dollar offset investor optimism over easing trade tensions between the U.S. and China as well as signs of political stability in Italy.
While the German DAX Index has fallen by 0.4 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.2 percent.
The euro has edged higher for a third consecutive session after European Central Bank policy maker Francois Villeroy de Galhau said the end of net asset purchases by ECB is approaching and that whether it will be in September or December is not a deep existential question.
Dutch bank ABN Amro has tumbled after reporting a 3 percent drop in first quarter profits due to loan impairments.
Airbus shares have also dropped. The aerospace and defense major said that its Chief Financial Officer, Harald Wilhelm has decided to leave the company in 2019.
Meanwhile, EDP shares have jumped after China's state-owned utility China Three Gorges launched an all-cash tender offer to take control of the Portuguese power firm. Platinum miner Lonmin has also after narrowing its first-half loss.
IWG shares have rallied as much as 21 percent. The world's biggest serviced office provider said that it is mulling takeover offers from three rival suitors.
Troubled Italian lender Monte dei Paschi has climbed after posting solid earnings for the first quarter, helped by lower-than-expected NPA provisions.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks rose on Monday as the U.S. and China prepared to continue trade talks in Washington. Investors held hopes for a thaw in U.S.-China trade tensions after President Donald Trump said on Sunday that he would help Chinese technology company ZTE Corp. "get back into business, fast," as it was hurt by a U.S. ban.
Chinese shares rose as trade tensions eased and investors awaited MSCI's final A-share inclusion list. The benchmark Shanghai Composite index rose 10.87 points or 0.3 percent to 3,174.14.
Hong Kong's Hang Seng Index jumped 419.02 points or 1.4 percent to 31,541.08 after data showed Hong Kong's economy grew at the fastest pace in almost seven years.
Japanese shares hit a 3-month high as the yen slipped against its major counterparts on improved risk appetite and cosmetics maker Shiseido posted better than expected earnings.
The Nikkei 225 Index climbed 107.38 points or 0.5 percent to 22,865.86, the highest closing level since February 2nd. The broader Topix Index closed 0.6 percent higher at 1,805.92.
Shiseido shares soared 15.6 percent after the company more than doubled its fiscal first-quarter net income. On the flip side, Olympus Corp plummeted 3 percent after its operating profit forecast for the year ending March 2019 came in below analyst estimates.
Australian shares rose, led by miners and financials. The benchmark S&P/ASX 200 Index gained 19.10 points or 0.3 percent to finish at 6,135.30, while the broader All Ordinaries Index ended 0.3 percent higher at 6,235.
BHP Billiton rallied 1.9 percent and Rio Tinto added 0.7 percent as iron ore prices continued to climb higher. While ANZ shed 1.9 percent on going ex-dividend, Wespac Banking Corp climbed 1.5 percent, Commonwealth rose 0.4 percent and NAB inched up 0.3 percent. Wealth manager AMP jumped 3.2 percent after hitting a near 7-year low on Friday.
Downer EDI advanced 2.2 percent on winning an EPC order worth about A$150 million from First Solar for a 87 MW Solar Farm in NSW. Hospital operator Healthscope gained 4.5 percent after receiving a takeover bid from Brookfield Asset Management.
Telecom giant Telstra Corp slumped 5 percent after the company warned its 2018 earnings would be at the low end of its guidance range.
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| | Commodities |
Crude oil futures are inching up $0.12 to $70.82 a barrel after sliding $0.66 to $70.70 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,318.70, down $2 from the previous session?s close of $1,320.70. On Friday, gold dipped $1.60.
On the currency front, the U.S. dollar is trading at 109.49 yen compared to the 109.39 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1987 compared to last Friday?s $1.1943.
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