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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 following the weakness seen last week.
Stocks showed a lack of direction over the course of the trading day on Friday, extending the lackluster performance seen in the previous session. While the Nasdaq and the S&P 500 remained confined to negative territory, the Dow spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session mixed. The Dow inched up 1.11 points or less than a tenth of a percent to 24,715.09, but the Nasdaq fell 28.13 points or 0.4 percent to 7,354.34 and the S&P 500 dipped 7.16 points or 0.3 percent to 2,712.97.
For the week, the major averages all moved to the downside. The Nasdaq slid by 0.7 percent, while the Dow and the S&P 500 both dropped by 0.5 percent.
The choppy trading on Wall Street came as traders seemed reluctant to make more significant moves amid a quiet day on the U.S. economic front.
Uncertainty about the outcome of the second round of trade talks between the U.S. and China also kept some traders on the sidelines.
Various news outlets said China had offered to reduce its trade surplus with the U.S. by $200 billion, although Chinese Foreign Ministry spokesperson Lu Kang quickly denied the reports.
"This rumor is not true. This, I can confirm," Lu told reporters. "I do not know about the offers made by either party."
He added, "As we know the consultations are still underway. I am not getting ahead of that. The consultations themselves are constructive."
On Thursday, President Donald Trump expressed some doubt about whether the high-level trade talks with China will be successful.
Trump told reporters he tends to doubt the talks will be successful in remarks during an Oval Office meeting with NATO Secretary General Jens Stoltenberg.
"The reason I doubt it is because China has become very spoiled," Trump said. "The European Union has become very spoiled. Other countries have become very spoiled, because they always got 100 percent of whatever they wanted from the United States."
However, Trump also claimed he would not allow the U.S. to be taken advantage of anymore and sounded more optimistic in later remarks.
"I can only tell you this; we're going to come out fine with China," Trump said. "Hopefully, China's going to be happy. I think we will be happy."
Most of the major sectors ended the day showing modest moves, contributing to the lackluster close by the broader markets.
Steel gas stocks saw significant weakness, however, with the NYSE Arca Steel Index slumping by 1.5 percent. The index pulled back further off the nearly three-month closing high set on Wednesday.
Considerable weakness was also visible among natural gas stocks, as reflected by the 1.5 percent loss posted by the NYSE Arca Natural Gas Index. The drop by the index came after it ended the previous session at its best closing level in almost two months.
The pullback by natural gas stocks came amid a decrease by the price of the commodity, as natural gas for June delivery dipped $0.012 to $2.847 per million BTUs.
Semiconductor, banking, and computer hardware stocks also saw notable weakness on the day, while housing stocks showed a strong move to the upside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 12:15 pm ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to speak on ?Welfare Economics: Trade & A Review of Principles? at the Atlanta Economics Club.
Philadelphia Fed President Patrick Harker is due to speak at the Chief Executives Organization's CEO Financial Seminar 2018 in New York at 2:15 pm ET.
At 5:30 pm ET, Minneapolis Fed President Neel Kashkari is scheduled to participate in a Town Hall Forum in Escanaba, Michigan. |
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| | Europe |
European stocks were broadly higher on Monday, with U.K. markets hitting a record high, as easing trade war worries boosted the dollar against major currencies and helped lift exporters.
After two days of high-level talks, the U.S. and China have agreed to put the trade war on hold and set up a framework for addressing trade imbalances in the future.
The pan-European Stoxx 600 index was up 0.4 percent at 396.40 in late opening deals after falling around 0.3 percent on Friday on concerns over geopolitics and trade.
France's CAC 40 index was rising 0.7 percent and the U.K.'s FTSE 100 was up 0.9 percent to reach a record high, while the German DAX was down about 0.3 percent.
French energy group EDF rallied 1.7 percent on reports that it is in talks to sell part of its U.K. wind farms.
British power company Drax climbed 2.5 percent. The company said its bioenergy carbon capture storage (Beccs) project of its type in Europe would eventually make it carbon negative.
Airline Ryanair Holdings jumped 3.7 percent after posting a record annual profit.
AstraZeneca advanced 2.3 percent. The company has submitted a supplemental new drug application to Japan's Pharmaceuticals and Medical Devices Agency for use as an oral adjunct treatment to insulin in adults with type-1 diabetes.
International Consolidated Airlines Group gained 1.2 percent on the buzz that the British Airways-parent plans to offer ?1.52 billion for Norwegian Air Shuttle.
Commodities trader Glencore edged lower following reports that it is facing a bribery probe over its Congolese operations.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended broadly higher on Monday after the U.S. and China agreed to put the trade war on hold and set up a framework for addressing trade imbalances in the future.
Chinese stocks rose after the U.S. and China made meaningful progress in two days of high-level talks. The benchmark Shanghai Composite index gained 20.54 points or 0.64 percent to finish at 3,213.84 while Hong Kong's Hang Seng index ended up 0.6 percent at 31,234.35.
A weaker yen and solid trade balance data helped lift Japanese shares, with the Nikkei average closing up 72.01 points or 0.31 percent at 23, 002.37, extending gains for the third consecutive session. The broader Topix index closed marginally lower at 1 813.75.
Japan posted a merchandise trade surplus of 625.977 billion yen in April, the Ministry of Finance said - up 30.9 percent on year. The headline figure exceeded expectations for a surplus of 440.0 billion yen following the downwardly revised 797.0 billion yen surplus in March (originally 797.3 billion yen).
Exporters closed modestly lower despite the yen falling to more than a 4-month low of 111.37 against the greenback. Advantest lost 4.1 percent, Sompo Holdings fell as much as 6.9 percent and MS&AD Insurance Group shed 4 percent.
Australian shares ended little changed with a negative bias, dragged down by financials and material stocks. The benchmark S&P/ASX 200 and the broader All Ordinaries index both closed marginally lower at 6,084.50 and 6,190.20, respectively.
Banks followed their U.S. peers lower, with Commonwealth, NAB and Westpac ending down between 0.6 percent and 0.7 percent.
Mining heavyweights BHP Billiton and Rio Tinto dropped 0.4 percent and 0.9 percent, respectively amid declining iron ore prices.
Energy stocks surged higher, with Santos climbing 1.8 percent after it received an improved $US10.84 billion ($14.4 billion) offer from Harbour Energy. AGL Energy rose 1.1 percent after it rejected Alinta Energy's A$250 million offer to buy Liddel Power Station.
Vocus Group slumped 4.2 percent after the company named former Optus boss Kevin Russell as managing director and chief executive, three months after Geoff Horth resigned.
Seoul stocks ended higher as an economic truce between the U.S. and China eased fears of a trade war. The benchmark Kospi inched up 4.92 points or 0.20 percent to 2,465.57.
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| | Commodities |
Crude oil futures are edging up $0.14 to $71.42 a barrel after dipping $0.21 to $71.28 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,284.10, down $7.20 from the previous session?s close of $1,291.30. On Friday, gold rose $1.90.
On the currency front, the U.S. dollar is trading at 111.29 yen compared to the 110.78 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1768 compared to last Friday?s $1.1772.
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