| | The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to come under pressure after turning in a mixed performance last week.
The downward momentum on Wall Street comes amid news China has cancelled trade talks with the U.S. as tariffs on billions of dollars worth of goods take effect.
Following the rally seen on Thursday, stocks turned in a relatively lackluster performance during trading on Friday. Despite the choppy trading on the day, the Dow climbed to another new record closing high.
The major averages eventually ended the session mixed. While the Dow rose 86.52 points or 0.3 percent to 26,743.50, the Nasdaq fell 41.28 points or 0.5 percent to 7,986.96 and the S&P 500 edged down 1.08 points or less than a tenth of a percent to 2,929.67.
For the week, the major averages also turned in a mixed performance. The Dow jumped by 2.2 percent and the S&P 500 climbed by 0.8 percent, but the Nasdaq dipped by 0.3 percent.
The mixed performance on Wall Street came as traders digested recent strength in the markets, which lifted the Dow and the S&P 500 to record highs.
Next week's Federal Reserve meeting also kept some traders on the sidelines amid a quiet day on the U.S. economic front.
The Fed is scheduled to announce it latest monetary policy decision next Wednesday and is widely expected to raise interest rates by another quarter point.
The accompanying statement is likely to attract considerable attention along with Fed Chairman Jerome Powell's press conference as traders attempt to gauge the outlook for further rate hikes.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Oil service stocks saw significant strength, however, with the Philadelphia Oil Service Index climbing by 1.7 percent to its best closing level in over a month.
The strength among oil service stocks came amid an increase by the price of crude oil, as crude for November rose $0.46 to $70.78 a barrel ahead of a weekend meeting of OPEC and other large crude exporters.
On the other hand, brokerage stocks showed a notable move to the downside over the course of the session, dragging the NYSE Arca Broker/Dealer Index down by 1 percent.
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The economic calendar starts the week relatively quiet, although the Fed meeting is likely to attract attention in the coming days along with reports on consumer confidence, new home sales, durable goods orders and personal income and spending.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $37 billion worth of two-year notes. | | | | | Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here | | | |
European stocks fell on Monday as Beijing cancelled planned talks with the Washington and a new round of U.S. tariffs on Chinese goods kicked in, triggering fears of a protracted trade dispute between the world's two largest economies.
Downbeat business confidence data from Germany also weighed on markets. The corresponding index fell to 103.7 from 103.9 in August, survey data from Mannheim-based Ifo institute showed.
The pan-European Stoxx Europe 600 index was down 0.37 percent at 382.87 in late opening deals after six consecutive sessions of gains.
The German DAX was losing 0.4 percent, while France's CAC 40 index and the U.K.'s FTSE 100 were moving down around 0.3 percent.
The British pound bounced back against the dollar after falling as much as 1.4 percent on Friday, its biggest single-day percentage loss since June 2017, as EU leaders turned down Theresa May's Chequers blueprint at a summit in Salzburg, giving a major blow to her chances of reaching a deal post-Brexit.
Novartis slid half a percent. The Swiss pharmaceutical company announced that it plans to file ex-US for a new indication in ROP to bring transformative treatment to premature infants facing severe vision loss.
Roche Group shed 0.8 percent. The drug major announced the global availability of blood-based genomic profiling test, FoundationOne Liquid.
Shares of Sky Plc jumped nearly 9 percent in London after the media giant urged its shareholders to immediately accept a superior cash offer of 17.28 pounds by Comcast Corp.
Randgold Resources jumped 6 percent after it agreed merger terms with Canada's Barrick Gold.
Travel operator Thomas Cook Group tumbled 3.2 percent. The company slashed its profit outlook "following unprecedented months of hot weather". German peer TUI fell over 2 percent.
French grocery retailer Carrefour Group rose slightly after it denied having ever solicited Casino for merger talks. Casino shares declined half percent.
Volkswagen dropped 1 percent. Porsche will no longer offer diesel versions of its cars, becoming the first German auto maker to drop the engines in the wake of the emissions-cheating scandal.
BMW and Daimler also fell around 1 percent after carmakers and the German government representatives failed to reach a compromise on Sunday over how to tackle the problem of older diesel cars.
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Asian stocks ended mostly lower on Monday as Beijing cancelled upcoming talks with the U.S. and a new round of tariffs between China and the United States came into effect, ending hopes of a resolution to the trade dispute.
Trading activity was subdued as markets in Japan, South Korea, China and Taiwan were closed for public holidays.
Australian shares fell slightly, led down by banks and financials. The benchmark S&P/ASX 200 Index dipped 7.70 points or 0.1 percent to 6,186.90, while the broader All Ordinaries Index closed marginally lower at 6,299.50.
Lower commodity prices pulled down material stocks, with Rio Tinto, South32 and Fortescue Metals Group losing 1-3 percent. Gold miner Evolution Mining lost 5.3 percent and Newcrest Mining dropped 1.6 percent.
Banks and insurers ended on a mixed note after damaging testimony of a powerful inquiry into the financial sector.
AGL Energy, Victoria's largest energy supplier, shed 0.9 percent after it has been fined almost A$3 million for failing to provide efficiency data to the Essential Services Commission. Drugmaker CSL declined 1.4 percent.
New Zealand's benchmark S&P/NZX 50 index fell 38.46 points or 0.41 percent to
9,337.51, dragged down by consumer staple stocks.
Dairy giant A2 Milk fell more than 6 percent to post its biggest intraday loss in nearly four months before ending 5.4 percent lower at $11.84 after chief executive Jayne Hrdlicka sold her entire stake in the company.
Indonesia's Jakarta Composite index was losing 1.3 percent and Malaysia's KLSE Composite index was declining 0.7 percent.
Hong Kong's Hang Seng Index tumbled 1.6 percent as U.S. tariffs on $200 billion in Chinese goods officially kicked in and Beijing also retaliated with levies on $60 billion in U.S. goods.
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Crude oil futures are jumping $1.05 to $71.83 a barrel after rising $0.46 to $70.78 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,202.80, up $1.50 from the previous session?s close of $1,201.30. On Friday, gold slid $10.
On the currency front, the U.S. dollar is trading at 112.60 yen compared to the 112.59 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1755 compared to last Friday?s $1.1749.
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