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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 roughly flat opening on Monday, with stocks likely to continue to experience choppy trading following the mixed performance seen last week.
Traders may be reluctant to make significant moves amid lingering concerns about the Turkish economy and the recent sell-off by the country?s currency.
The Turkish lira hit a new record low against the U.S. dollar in Asian trading before regaining some ground after Turkey?s central bank took measures to boost liquidity in the foreign exchange market.
Over the weekend, Turkish Finance Minister Berat Albayrak announced the government plans to calm the highly volatile financial markets.
A report from Reuters noted Albayrak pledged to take ?necessary steps? but did not provide details on what those steps included.
Traders may also stick to the sidelines amid the lack of major U.S. economic data scheduled to be released on Monday.
Following the lackluster performance seen over the two previous sessions, stocks moved notably lower during trading on Friday. The major averages all moved to the downside after closing mixed for two straight days.
The major averages ended the day firmly in negative territory but off their lows of the session. The Dow slid 196.09 points or 0.8 percent to 25,313.14, the Nasdaq fell 52.67 points or 0.7 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.7 percent to 2,833.28.
For the week, the major averages turned in a mixed performance. While the Nasdaq inched up by 0.1 percent, the S&P 500 dipped by 0.2 percent and the Dow fell by 0.6 percent.
The weakness on Wall Street came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson.
The Turkish lira has shown a sharp decline to a record low, contributing to considerable weakness in the overseas markets.
In response, Turkish President Recep Erdogan has urged Turks to sell dollars and gold and buy the lira.
"There are various campaigns being carried out. Don't heed them," Erdogan said. "Don't forget, if they have their dollars, we have our people, our God."
President Donald Trump subsequently announced that he has authorized the doubling on steel and aluminum tariffs on Turkey.
"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!" Trump said in a post on Twitter.
The president added, "Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!"
In U.S. economic news, the Labor Department released a report showing a modest increase in consumer prices in the month of July.
The Labor Department said its consumer price index rose by 0.2 percent in July after inching up by 0.1 percent in June. The increase in prices matched economist estimates.
Excluding food and energy prices, the core consumer price index also edged up by 0.2 percent in July, matching the increases seen in the two previous months as well as expectations.
Semiconductor stocks turned in some of the market's worst performances on the day, resulting in a 2.5 percent slump by the Philadelphia Semiconductor Index.
Considerable weakness was also visible among steel stocks, as reflected by the 2.5 percent drop by the NYSE Arca Steel Index.
Chemical, banking, and housing stocks also saw notable weakness, moving lower along with most of the other major sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The economic calendar for the week starts off quiet but picks up in the coming days with the release of reports on import and export prices, retail sales, industrial production, homebuilder confidence, housing starts, and consumer sentiment.
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| | Stocks in Focus |
Shares of Harley-Davidson (HOG) may be in focus after President Donald Trump once again targeted the motorcycle in a post on Twitter on Sunday.
?Many @harleydavidson owners plan to boycott the company if manufacturing moves overseas. Great! Most other companies are coming in our direction, including Harley competitors. A really bad move! U.S. will soon have a level playing field, or better,? Trump tweeted.
Apparel and footwear company VF Corp. (VFC) is also likely to attract attention after announcing its intention to separate the company into two independent, publicly traded companies.
Meanwhile, timeshare company Hilton Grand Vacations (HGV) announced last Friday that its board terminated Chief Financial Officer James E. Mikolaichik for conduct and behavior not consistent with the company?s policies.
Shares of Dollar Tree (DLTR) may move to the upside in early trading after Atlantic Equities upgraded its rating on the discount retailer?s stock to Overweight from Neutral.
Food distributor Sysco (SYY) is moving notably higher in pre-market trading after reporting fiscal fourth quarter results that exceeded analyst estimates. |
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| | Europe |
European stocks have fallen on Monday to extend losses from the previous session as fears over the collapse of the Turkish lira continue to spook the markets.
The U.K.?s FTSE 100 Index is down by 0.3 percent and the German DAX Index is down by 0.4 percent, although the French CAC 40 Index has bucked the downtrend and inched up by 0.1 percent.
The lira recouped some losses after hitting a new record low earlier today on concerns about a deepening rift with the United States.
After the currency witnessed a free fall late last week, Turkey?s central bank took measures to boost liquidity in the foreign exchange market.
In addition, Turkish Finance Minister Berat Albayrak announced plans to calm the highly volatile financial markets.
Banks have continued to fall on contagion fears, with Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole and Societe Generale sliding 1-2 percent.
GAM Holding has also dropped after the Swiss money manager said it would liquidate some funds run by a suspended fund manager.
Air France KLM shares have fell more than 5 percent in Paris after Dutch pilots threatened further strikes if pay talks with management did not resume before Friday.
Shares of Bayer have also plunged in Frankfurt after a shocking U.S. ruling against its subsidiary Monsanto.
On the other hand, shipbroker Clarkson has soared after the company said trading conditions have improved in the second quarter.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks fell broadly on Monday as turmoil in Turkey and the lira's free-fall triggered fears of contagion. Tensions between the U.S. and Turkey have been on the rise due to the Turkish detention of U.S. pastor Andrew Brunson and Trump?s move to double metals tariffs on Turkey.
Chinese shares ended off their day's lows, helped by gains in the technology sector on hopes of a policy boost from Beijing.
The benchmark Shanghai Composite Index still closed down 9.44 points or 0.3 percent at 2,785.87, while Hong Kong's Hang Seng Index tumbled 430.05 points or 1.5 percent to 27,936.57.
Japanese shares hit a one-month low, tracking weak cues from the U.S. and Europe and a firmer yen on concerns that the financial crisis in Turkey will have a spillover effect on the world economy.
The Nikkei 225 Index plunged 440.65 points or 2 percent to 21,857.43, and the broader Topix Index shed 2.1 percent to close at 1,683.50.
Banks Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group lost 2-3 percent amid the deepening U.S.-Turkey trade rift.
Automakers Toyota, Mazda Motor, Honda Motors and Isuzu Motors also dropped 2-3 percent, while tech stocks such as Tokyo Electron and Screen Holdings fell 3.1 percent and 5.8 percent, respectively.
Australian shares closed lower, with banks and miners pacing the decliners. The benchmark S&P/ASX 200 Index dropped 26.20 points or 0.4 percent to 6,252.20, and the broader All Ordinaries Index ended down 25.50 points or 0.4 percent at 6,341.30.
A decrease in commodity prices on worries about geopolitical tensions pulled down mining stocks. BHP Billiton, Rio Tinto, Fortescue Metals Group and South32 lost 1-2 percent.
Banking stocks also closed lower ahead of quarterly updates later in the week. The big four banks fell around half a percent.
Meanwhile, energy stocks such as Oil Search, Origin Energy and Santos rose between 0.3 percent and 0.8 percent after oil prices rose over 1 percent on Friday on worries about tightening supplies.
Health insurer NIB Holdings soared 9.7 percent after upgrading guidance for the full year. Domain Holdings also rallied 3.8 percent after unveiling its full-year results.
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| | Commodities |
Crude oil futures are falling $0.27 to $67.36 a barrel after climbing $0.82 to $67.63 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,208.10, down $10.90 from the previous session?s close of $1,219. On Friday, gold slipped $0.90.
On the currency front, the U.S. dollar is trading at 110.78 yen compared to the 110.83 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1418 compared to last Friday?s $1.1413.
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