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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 regain ground following the pullback seen last week.
The upward momentum on Wall Street comes as optimism about the economic outlook has overshadowed concerns about global trade tensions.
Trading activity may be somewhat subdued, however, as traders look ahead to the release of key economic data in the coming days.
Stocks fluctuated over the course of the trading session on Friday before ending the day modestly lower. With the drop on the day, the Nasdaq and the S&P 500 extended the pullback seen over the past few sessions.
The major averages all ended the day in negative territory. The Dow fell 79.33 points or 0.3 percent to 25,916.54, the Nasdaq dipped 20.18 points or 0.3 percent to 7,902.54 and the S&P 500 slipped 6.37 points or 0.2 percent to 2,871.68.
For the holiday-shortened week, the Nasdaq plunged by 2.6 percent, the S&P 500 slumped by 1 percent and the Dow edged down by 0.2 percent.
The lower close on Wall Street came amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods.
Trump's remarks to reporters aboard Air Force One came as the administration is already considering imposing tariffs on $200 billion worth of Chinese goods following the expiration of a public comment period at midnight on Thursday.
"The $200 billion we are talking about could take place very soon depending on what happens," Trump said. "To a certain extent it's going to be up to China."
"And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want," he added. "That changes the equation."
China's Commerce Ministry has warned it will be forced to roll out necessary retaliatory measures if the U.S. imposes any new tariffs.
Trading earlier in the day was impacted by reaction to a closely watched Labor Department report showing stronger than expected job growth in the month of August.
The Labor Department said non-farm payroll employment surged up by 201,000 jobs in August after climbing by a downwardly revised 147,000 jobs in July.
Economists had expected employment to increase by about 191,000 jobs compared to the addition of 157,000 jobs originally reported for the previous month.
The report also said the annual rate of average hourly employee earnings growth accelerated to 2.9 percent in August from 2.7 percent in July.
The data paints a positive picture of the economy but also reinforced expectations the Federal Reserve will raise interest rates later this month.
Housing stocks moved significantly lower over the course of the trading session, dragging the Philadelphia Housing Sector Index down by 1.2 percent. The index fell to its lowest closing level in nearly a month.
Interest-rate sensitive utilities and commercial real estate stocks also came under pressure, with the Dow Jones Utility Average and the Dow Jones Real Estate Index both sliding by 1.1 percent.
Telecom and biotechnology stocks also saw some weakness on the day, although most of the major sectors ended the session showing only modest moves.
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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 relatively quiet, but reports on producer and consumer prices, retail sales and industrial production are likely to attract attention in the coming days.
At 11:30 am ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to participate in a fireside chat with the Albany Chamber of Commerce in Albany, Georgia.
The Fed is due to release its report on consumer credit in the month of July at 3 pm ET. Consumer credit is expected to climb by $13 billion. |
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| | Europe |
European stocks have moved mostly higher on Monday despite U.S. President Donald Trump's elevated trade-war rhetoric with China and Japan.
While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the German DAX Index is up by 0.5 percent and the French CAC 40 Index is up by 0.7 percent.
Apple supplier Dialog Semiconductor fell nearly 3 percent after Trump called for Apple to move production from China to the U.S.
Hannover Re shares gained 1 percent. The German re-insurer said that it is well on track to achieve its 2018 year-end targets, based on the business development so far and the company's positioning in the market.
Luxury goods group Richemont advanced 1.4 percent after appointing group veteran Jerome Lambert as its chief executive.
GlaxoSmithKline was slightly lower. The U.S. FDA has asked for more clinical data about its Nucala drug for use in combatingchronic obstructive pulmonary disease.
BP Plc rose half a percent and Tullow Oil advanced 1.4 percent as oil prices inched up after three straight days of losses.
Associated British Foods dropped 1.5 percent after retaining its full-year outlook.
RPC Group shares soared 21 percent. The plastic packaging maker said it was in early talks about a possible sale of the company.
On the data front, a government report showed the U.K. economy expanded at a faster pace in July. GDP grew 0.3 percent month-on-month in July, faster than the 0.1 percent rise in June.
In three months to July, economic growth improved to 0.6 percent from 0.4 percent in three months to June.
However, the Bank of England is still expected to keep interest rates unchanged at its upcoming policy meeting this week.
A monthly Bank of France survey revealed that France's economy is forecast to grow as previously estimated in the third quarter.
According to the monthly index of business activity, gross domestic product is set to expand 0.4 percent in the third quarter, unchanged from the previous estimate.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks turned in a mixed performance on Monday amid trade worries after U.S. President Donald Trump threatened to slap tariffs on all of the Chinese goods imported into the United States and expressed displeasure about his country's large trade deficit with Japan.
A report showed China's trade surplus with the U.S. widened to a record in August, adding to the trade tensions.
While a strong U.S. jobs report supported the dollar, oil prices rose after data showed U.S. energy companies cut two oil rigs last week.
Chinese and Hong Kong shares fell sharply on fears of more U.S. tariffs after Trump threatened to impose tariffs on additional $267 billion worth of Chinese imports.
The benchmark Shanghai Composite Index tumbled 32.82 points or 1.2 percent to 2,669.48, while Hong Kong's Hang Seng Index plunged 1.3 percent to end at 26,613.42.
On the data front, consumer prices in China were up 2.3 percent year-on- year in August, the National Bureau of Statistics said. That exceeded expectations for 2.1 percent, which would have been unchanged from the July reading.
The bureau also said that producer prices jumped an annual 4.1 percent. That also topped forecasts for 4.0 percent and was down from 4.6 percent in the previous month.
Meanwhile, Japanese shares snapped a six-day losing streak as upbeat revised GDP data and a slightly weaker yen helped investors shrug off trade worries.
Japan's gross domestic product climbed an annual 3.0 percent in the second quarter of 2018, the Cabinet Office said. That beat forecasts for 2.6 percent and was up from the previous reading of 1.9 percent. On an annualized seasonally adjusted basis, GDP added 0.7 percent - unchanged and in line with expectations.
Another report revealed that Japan had a current account surplus of 2,009.7 billion yen in July, exceeding expectations for a surplus of 1,893.2 billion yen and up from 1,175.6 billion yen in June. The trade balance showed a deficit of 1.0 billion yen.
The Nikkei 225 Index rose 66.03 points or 0.3 percent to 22,373.09, while the broader Topix Index closed 0.2 percent higher at 1,687.61.
Lender Mitsubishi UFJ Financial rose 0.6 percent, insurer Dai-ichi Life rallied 2.4 percent and JapanPost Insurance advanced 2.3 percent as U.S. bond yields edged up on expectations for a September rate hike by the Federal Reserve.
Tech shares suffered heavy losses, with Advantest losing 2.4 percent and Screen Holdings declining 2.8 percent.
Australian markets fell for the eighth straight session, though stocks ended off their day's lows in the wake of positive economic data from China. Both the S&P/ASX200 Index and the broader All Ordinaries Index finished marginally lower at 6,141.70 and 6,249.70, respectively.
Mining heavyweights BHP Billiton and Rio Tinto cut earlier losses after the release of Chinese consumer inflation and produce inflation data.
National Australia Bank shed 0.7 percent after announcing it won't hike mortgage rates. ANZ and Westpac also closed modestly lower while Commonwealth Bank edged up 0.3 percent.
Explaurum jumped 42 percent after Ramelius Resources launched a hostile bid for the gold and base metals explorer. Primary Health Care advanced 1.8 percent after announcing the acquisition of seven clinics.
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| | Commodities |
Crude oil futures are rising $0.31 to $68.06 a barrel after edging down $0.02 to $67.75 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,198.60, down $1.80 from the previous session?s close of $1,200.40. On Friday, gold fell $3.90.
On the currency front, the U.S. dollar is trading at 111.07 yen compared to the 110.99 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1582 compared to last Friday?s $1.1553.
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