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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 move to the upside following the mixed performance seen last week.
The upward momentum on Wall Street comes as traders seem to be expressing optimism about upcoming trade talks between the U.S. and China.
Trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Stocks moved mostly higher over the course of the trading session on Friday after recovering from an early move to the downside. The Dow added to the substantial gain posted in the previous session to reach its best closing level in nearly six months.
The major averages gave back some ground going into the close but remained in positive territory. The Dow climbed 110.59 points or 0.4 percent to 25,669.32, the Nasdaq inched up 9.81 points or 0.1 percent to 7,816.33 and the S&P 500 rose 9.44 points or 0.3 percent to 2,850.13.
For the week, the major averages turned in a mixed performance. While the Nasdaq dipped by 0.3 percent, the S&P 500 climbed by 0.6 percent and the Dow jumped by 1.4 percent.
Late-day buying interest was seen after a report from the Wall Street Journal said Chinese and U.S. negotiators are drawing up a road map for talks to try to end their trade impasse.
Citing officials in both nations, the Journal indicated the plan would culminate in planned meetings between President Donald Trump and Chinese leader Xi Jinping at multilateral summits in November.
The report comes following yesterday's news that China accepted an invitation from the U.S. for a new round of trade talks to be held later this month.
China's Ministry of Commerce said that a Chinese delegation led by Vice Commerce Minister Wang Shouwen will travel to the U.S. for trade talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.
The Journal said the U.S.-China trade talks in Washington would take place on August 21st and 22nd, just before the next round of tariffs targeting $16 billion worth of goods on both sides kick in on August 23rd.
In U.S. economic news, a report from the University of Michigan unexpectedly showed a notable deterioration in U.S. consumer sentiment in the month of August.
The preliminary report said the consumer sentiment index dropped to 95.3 in August after edging down to 97.9 in July. Economists had expected the index to inch up to 98.0.
Surveys of Consumers chief economist Richard Curtin said the decrease in consumer sentiment was concentrated among households in the bottom third of the income distribution amid less favorable perceptions of market prices.
"Overall, the data indicate that consumers have little tolerance for overshooting inflation targets, and to the benefit of the Fed, interest rates now play a more decisive role in purchase decisions," Curtin said.
Meanwhile, a separate report from the Conference Board showed a bigger than expected increase by its index of leading U.S. economic indicators in the month of July.
The Conference Board said its leading economic index climbed by 0.6 percent in July following a 0.5 percent increase in June. Economists had expected the index to rise by 0.4 percent.
"The U.S. LEI increased in July, suggesting the US economy will continue expanding at a solid pace for the remainder of this year," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.
After falling sharply in recent sessions, gold stocks showed a substantial rebound on the day. The NYSE Arca Gold Bugs Index surged up by 2.5 percent, bouncing off its lowest closing level since early 2016.
The rebound by gold stocks came as the price of the precious saw further upside in electronic trading after ending the regular session only slightly higher.
Steel stocks also saw significant strength amid optimism about the trade talks between the U.S. and China, with the NYSE Arca Steel Index advancing by 1.3 percent. The index climbed further off the eight-month closing low set on Wednesday.
Tobacco, computer hardware, and retail stocks also saw notable strength, while most of the other major sectors showed more modest moves 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 | |
Following the slew of U.S. economic data released last week, the economic calendar for the current week is relatively quiet.
Reports on new and existing home sales and durable goods orders are still due to be released in the coming days along with the minutes of the latest Federal Reserve meeting.
The Kansas City Fed?s annual economic symposium in Jackson Hole, Wyoming, is also likely to attract attention later in the week.
At 11 am ET, Atlanta Fed President Raphael Bostic is due to participate in a fireside chat at the Johnson City, Kingsport, and Bristol Chamber of Commerce in Kingsport, Tennessee. |
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| | Europe |
European stocks are broadly higher on Monday despite heightened tensions between the United States and Turkey after gunshots were fired early Monday at the U.S embassy in Ankara.
China and the United States will hold lower-level trade talks this week, just before new U.S. tariffs on $16 billion of Chinese goods take effect.
Traders are also looking ahead to the release of the FOMC meeting minutes this week and a meeting of central bankers at the Kansas City Fed's Jackson Hole symposium for clues on next month's U.S. interest rate decision.
While the German DAX Index has spiked by 1.1 percent, the French CAC 40 Index is up by 0.7 percent and the U.K.?s FTSE 100 Index is up by 0.4 percent.
Anglo American, Antofagasta and Glencore have climbed on hopes that the U.S.-China trade talks this week might help resolve an escalating trade war.
Swiss drug major Roche Group has edged higher after its Alecensa (alectinib) received Chinese marketing approval to treat ALK-positive lung cancer.
On the other hand, Mulberry shares have slumped in London after the company warned its half-year profits ?will be materially reduced? because of flagging U.K. sales, particularly in House of Fraser.
Shares of Integrated security group G4S has also moved lower following reports that the U..K Ministry of Justice has taken immediate control of Birmingham Prison from its contractor G4S.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks recovered from early losses to finish mostly higher on Monday as news of U.S.-China trade talks raised hopes for a de-escalation in trade tensions.
China and the United States will hold lower-level trade talks this week, just before new U.S. tariffs on $16 billion of Chinese goods take effect.
Chinese shares hit 2-1/2-year lows in early trading before reversing direction to end sharply higher following reports that China's securities regulator is in discussion with brokerage economists and strategists to contain market volatility.
The benchmark Shanghai Composite Index jumped 29.50 points or 1.1 percent to 2,698.47, while Hong Kong's Hang Seng Index surged up 384.61 points or 1.4 percent at 27,598.02.
Meanwhile, Japanese shares fell modestly in thin trading as investors awaited the latest developments in U.S.-China trade negotiations.
The Nikkei 225 Index dropped 71.38 points or 0.3 percent to 22,199.00, while the broader Topix Index closed 0.3 percent lower at 1,692.15, marking the lowest level since early April.
Tech stocks followed their U.S. peers lower after the Philadelphia SE Semiconductor index dropped 0.7 percent on Friday. Sumco Corp fell over 3 percent, while Advantest and Tokyo Electron dropped more than 1 percent each.
FamilyMart UNY Holdings shares fell as much as 11.3 percent after climbing 5.4 percent in the previous session.
Australian shares ended little changed as gains in material stocks were offset by disappointing outlooks from the likes of Woolworths Group and Ansell. The benchmark S&P/ASX 200 Index ended roughly flat at 6,345, while the broader All Ordinaries Index inched up 0.1 percent to 6,435.10.
Fortescue Metals Group rose 1.2 percent despite the company reporting a 58 percent fall in full-year statutory net profit.
Mining heavyweight BHP Billiton gained 1.3 percent and Rio Tinto edged up 0.3 percent. Gold miners Evolution and Newcrest jumped around 2.5 percent.
Woolworths Group shares shed 0.6 percent after the supermarket giant said that sales growth dropped off early in the new financial year. Rubber products maker Ansell plunged 7.2 percent after a profit warning over rising costs.
The big four banks ended down between 0.3 percent and 0.9 percent while energy companies Santos, Oil Search and Woodside Petroleum climbed 1-2 percent.
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| | Commodities |
Crude oil futures are slipping $0.27 to $65.64 a barrel after climbing $0.45 to $65.91 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,192.50, up $8.40 from the previous session?s close of $1,184.20. On Friday, gold crept up $0.20.
On the currency front, the U.S. dollar is trading at 110.47 yen compared to the 110.50 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1430 compared to last Friday?s $1.1438.
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