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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 sharply lower opening on Tuesday, as traders seem concerned about political turmoil in Italy.
After ending Thursday?s trading modestly lower, stocks turned in a lackluster performance during trading on Friday. The major averages spent the day bouncing back and forth across the unchanged line before closing mixed.
While the tech-heavy Nasdaq inched up 9.42 points or 0.1 percent to 7,433.85, the Dow dipped 58.67 points or 0.2 percent to 24,753.09 and the S&P 500 slipped 6.43 points or 0.2 percent to 2,721.33.
Despite the mixed performance on the day, the major averages all moved higher for the week. The Nasdaq jumped by 1.1 percent, while the Dow and the S&P 500 rose by 0.2 percent and 0.3 percent, respectively.
The choppy trading on Wall Street came as some traders were away from their desks, looking to get a head start on the long Memorial Day weekend.
Geopolitical uncertainty also kept some traders on the sidelines following President Donald Trump's decision to call off the historic summit with North Korean leader Kim Jong Un.
In a post on Twitter this morning, Trump seemed pleased with the North Korean response to the cancellation of the planned meeting.
"Very good news to receive the warm and productive statement from North Korea," Trump said. "We will soon see where it will lead, hopefully to long and enduring prosperity and peace. Only time (and talent) will tell!"
The tweet from Trump came after the North's state-run Korean Central News Agency carried a statement by Vice Foreign Minister Kim Kye-gwan.
In the statement, Kim indicated North Korea remains willing to hold talks with the U.S. and expressed a willingness to give Trump the "time and opportunity" to reconsider his decision.
"We remain unchanged in our goal and will to do everything we can for the peace and stability of the Korean peninsula and humankind," Kim said.
Meanwhile, traders largely shrugged off the latest batch of U.S. economic data, including a report from the Commerce Department showing a bigger than expected decrease in durable goods orders in the month of April.
The Commerce Department said durable goods orders slumped by 1.7 percent in April after spiking by an upwardly revised 2.7 percent in March. Economists had expected orders to drop by 1.4 percent.
Excluding a pullback in orders for transportation equipment, however, durable goods orders climbed by 0.9 percent in April after rising by 0.4 percent in March. Ex-transportation orders had been expected to increase by 0.5 percent.
A separate report from the University of Michigan unexpectedly showed a modest deterioration in consumer sentiment in the month of May.
Most of the major sectors ended the day show showing only modest moves, although energy stocks saw substantial weakness amid a steep drop by the price of crude oil.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 4.3 percent, the NYSE Arca Oil Index slumped by 2.6 percent and the NYSE Arca Natural Gas Index tumbled by 1.8 percent.
Considerable weakness was also visible among steel stocks, as reflected by the 1.7 percent loss posted by the NYSE Arca Steel Index. The index closed lower for the sixth time in seven sessions.
Gold stocks also saw notable weakness a modest decrease by the price of the precious metal, while housing and semiconductor stocks moved 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 10 am ET, the Conference Board is scheduled to release its report on consumer confidence in the month of May. The consumer confidence index is expected to dip to 128.1 in May after unexpectedly rising to 128.7 in April. |
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| | Europe |
European stocks tumbled on Tuesday as investors weighed political uncertainty in Spain and the prospect of fresh elections in Italy, which could serve as a referendum on its euro membership.
The pan-European Stoxx Europe 600 index was down 1.4 percent at 384.44 in late opening deals after dropping 0.3 percent the previous day.
Italy's FTSE MIB index lost more than 3 percent while Spain's IBEX-35 was down 2.7 percent.
Elsewhere, the German DAX, France's CAC 40 index and the U.K.'s FTSE 100 were down between 1.3 percent and 1.5 percent.
The euro struggled near a six and a half month low and the pound hit a six-month low against a rallying dollar amid signs of panic in European bond markets.
Volkswagen slumped 3.5 percent. The German automaker has stopped production of some of its diesel engine vehicles due to problems with the engine control lamp.
Chemical firm SGL Carbon lost 3.3 percent after presenting its new brand concept to the public.
British electrical and telecommunications retailer Dixons Carphone plummeted more than 20 percent after a profit warning.
Vedanta Resources declined 3.6 percent as India's Tamil Nadu state ordered a permanent closure of a big copper smelter run by the company.
Engineering business Smiths Group rallied 2.7 percent after confirming that it is in very early stage discussions about a potential combination of its medical division with ICU Medical, Inc.
On a light day on the economic front, data from the European Central Bank showed that growth in Eurozone money supply and credit to private sector improved in April.
The broad monetary aggregate M3 increased 3.9 percent year-on-year in April, faster than the 3.7 percent rise in March.
The annual growth rate of credit to the private sector increased to 3 percent in April from 2.6 percent in March.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stock markets ended mostly lower on Tuesday as investors monitored oil prices and kept an eye on political developments in Italy. The prospects of fresh elections in the country offset optimism over a possible revival in diplomatic talks between the U.S. and North Korea.
Chinese stocks fell for a fifth straight session on concerns about rising credit risks in the country. The benchmark Shanghai Composite index slid 14.62 points or 0.47 percent to 3,120.46 while Hong Kong's Hang Seng index fell around 1 percent to close at 30,484.58.
Japanese shares hit a one-month low as concerns over European politics and uncertainty over the prospects for a US-North Korea summit sapped investors' appetite for risk. The Nikkei average dropped 122.66 points or 0.55 percent to
22,358.43, while the broader Topix index ended down 0.48 percent at 1,761.85.
Hitachi dropped 1.4 percent after its board agreed to continue negotiations with the British government over a major nuclear power project. Japan Display plummeted as much as 8 percent after reports that Apple would use organic light-emitting diode screens in all three new iPhone models planned for next year.
Nissan Motor ended on a flat note on a Nikkei report that the automaker plans to cut its North American production by up to 20 percent. Lender Mitsubishi UFJ Financial declined 1.3 percent and Sumitomo Mitsui Financial shed 0.7 percent.
In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in April, the Ministry of Communications and Internal Affairs said. That was in line with expectations and unchanged from the March reading.
Australian shares finished modestly higher as banks rebounded from recent string of losses. The benchmark S&P/ASX 200 index inched up 9.60 points or 0.16 percent to 6,013.60 while the broader All Ordinaries index ended up 8.10 points or 0.13 percent at 6,121.70.
Banks Westpac, NAB and Commonwealth rose between half a percent and 1.1 percent as investors hunted for bargains after recent heavy losses. Galaxy Resources soared 14.4 percent after the lithium miner announced a $US280 million ($A371 million) asset sale deal with Korean steelmaker POSCO.
Woodside Petroleum and Origin Energy eked out modest gains as oil prices traded mixed in Asian trading after recent heavy losses. Telecommunications giant Telstra fell over 1 percent as S&P Global downgraded its credit rating from A to A-.
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| | Commodities |
Crude oil futures are sliding $0.72 to $67.16 a barrel after plummeting $2.83 to $67.88 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,298.70, down $5 from the previous session?s close of $1,303.70. On Friday, gold edged down $0.70.
On the currency front, the U.S. dollar is trading at 108.95 yen compared to the 109.42 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1568 compared to last Friday?s $.1625.
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