| | The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to give back ground after moving notably higher last week.
Lingering trade concerns may weigh on the markets amid reports President Donald Trump intends to proceed with plans to impose tariffs on $200 billion worth of Chinese goods as early as today.
A report from the Wall Street Journal said the new tariffs would bet set at 10 percent, lower than the 25 percent previously floated by the administration.
The threat of new tariffs could still lead China to decline an offer to hold high-level trade talks, as the country is not prepared to negotiate with a ?gun pointed to its head,? the Journal noted.
In a post on Twitter this morning, Trump claimed tariffs have put the U.S. in a very strong bargaining position and called subsequent cost increases ?almost unnoticeable.?
China has pledged to retaliate to any new tariffs imposed by the U.S., with reports suggesting the communist country could go beyond raising tariffs on U.S. imports and restrict exports of goods critical to U.S. manufacturing.
Stocks fluctuated over the course of the trading session on Friday before ending the day little changed. The major averages finished the session on opposite sides of the unchanged line following the gains posted on Thursday.
While the Nasdaq edged down 3.67 points or 0.1 percent to 8,010.04, the Dow inched up 8.68 points or less than a tenth of a percent to a seven-month closing high of 26,154.67 and the S&P 500 crept up 0.80 points or less than a tenth of a percent to 2,904.98.
Despite the lackluster close on the day, the major averages all moved higher for the week. The Dow climbed by 0.9 percent, the Nasdaq surged up by 1.4 percent and the S&P 500 jumped by 1.2 percent.
The roughly flat close on Wall Street came after a report from Bloomberg said Trump has instructed aides to proceed with plans to impose tariffs on an additional $200 billion worth of Chinese goods.
Citing people familiar with the matter, Bloomberg said Trump held a meeting on Thursday to discuss the tariffs with top trade advisers, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
The latest news came on the heels of reports earlier this week indicting the U.S. has proposed holding a new round of trade talks with China in the near future.
Traders were also digesting a slew of U.S. economic data, including a report showing retail sales increased by much less than expected in August.
The Commerce Department said retail sales inched up by 0.1 percent in August after climbing by an upwardly revised 0.7 percent in July.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.
Excluding the decrease in auto sales, retail sales rose by 0.3 percent in August after jumping by an upwardly revised 0.9 percent in July.
Ex-auto sales had been expected to climb by 0.5 percent compared to the 0.6 percent growth originally reported for the previous month.
Meanwhile, a separate report from the University of Michigan showed a much bigger than expected improvement in consumer sentiment in September.
The report said the consumer sentiment index jumped to 100.8 in September from 96.2 in August. Economists had expected the index to inch up to 96.6.
The Federal Reserve also released a report showing industrial production rose by slightly more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August, matching the upwardly revised increase in July.
Economists had expected production to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among steel stocks. Reflecting the strength in the steel sector, the NYSE Arca Steel Index advanced by 1.5 percent.
Brokerage stocks also turned in a strong performance on the day, resulting in a 1.3 percent gain by the NYSE Arca Broker/Dealer Index. The index climbed further off the seven-month closing low set on Wednesday.
Semiconductor and transportation stocks also showed notable moves to the upside, while tobacco stocks extended the pullback seen in the previous session.
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Pointing to a slower pace of growth, the Federal Reserve Bank of New York released a report showing a much bigger than expected decrease by its index of regional manufacturing activity in the month of September.
The New York Fed said its general business conditions index fell to 19.0 in September from 25.6 in August, although a positive reading continues to indicate growth in regional manufacturing activity. The index had been expected to dip to 23.0.
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Shares of Tyson Foods (TSN) are seeing pre-market weakness after the meat processor said Noel White, formerly group president of Beef, Pork and International, will succeed president and CEO Tom Hayes, who is stepping down for personal reasons.
Social media giant Twitter (TWTR) may also move to the downside after MoffettNathanson reiterated its Sell rating on the company?s stock and lowered its price target to $21 from $23.
Meanwhile, shares of Teva Pharmaceutical (TEVA) are moving sharply higher in pre-market trading after the FDA approved the drug maker?s Ajovy injection for the preventive treatment of migraine headaches in adults.
Newspaper publisher Tronc (TRNC) is also likely to see early strength after a report from the Chicago Tribune said the company is in early stage talks to be acquired by rival McClatchy. | | | | | Strategic Intelligence What?s the one money move that?s almost predestined to soar under Trump? It?s not a stock, a mutual fund or even real estate.
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European stocks have moved modestly lower on Monday, with mining stocks under pressure on concerns that an escalating trade war between the U.S. and China could hurt global growth.
The Trump administration is set to impose tariffs on another $200 billion in goods imported from China this week as hopes fade for a thaw in trade relations between the world?s two largest economies.
While the German DAX Index has fallen by 0.4 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both down by 0.2 percent.
AstraZeneca has dropped after announcing the results of a phase 3 trial of a three-drug combination for treating chronic obstructive pulmonary disease.
Deutsche Bank shares have edged down slightly on a report that the German bank is planning to transfer a major portion of its assets from London to Frankfurt post-Brexit.
On the other hand, Swedish retailer Hennes & Mauritz AB has jumped after reporting encouraging third quarter results.
Belgian biotech firm Argenx has also soared after reporting positive topline results from a trial of its Efgartigimod drug.
In economic news, Eurozone inflation slowed as estimated in August, final data from Eurostat revealed. Harmonized inflation came in at 2 percent in August versus 2.1 percent in July, which was the highest since December of 2012.
U.K. house prices recovered in September, property website Rightmove said. House prices gained 0.7 percent month-on-month in September after a 2.3 percent decrease in August.
Separately, the British Chambers of Commerce downgraded its growth expectations for the U.K. economy, citing a weaker outlook for trade and investment amid Brexit uncertainties.
The growth forecast lowered to 1.1 percent from 1.3 percent in 2018 and 1.3 percent from 1.4 percent for next year.
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Asian stocks fell on Monday after trade talks between chief U.S. and Canadian negotiators ended inconclusively last week and the Wall Street Journal reported that Beijing is considering declining the offer of talks with the U.S. aimed at diffusing trade tensions, as it isn?t prepared to negotiate with a ?gun pointed to its head.?
Sentiment was also dented after reports that President Donald Trump has instructed aides to proceed with plans to impose tariffs on $200 billion worth of Chinese imports as early as this week.
The markets in Japan and Malaysia closed were closed for Respect for the Aged Day and Malaysia Day holidays, respectively.
Chinese shares fell sharply as trade concerns resurfaced before the U.S. announcement of new U.S. tariffs on Chinese products.
The benchmark Shanghai Composite Index tumbled 29.85 points or 1.1 percent to 2,651.79, a fresh three-year low. Hong Kong's Hang Seng Index plunged 353.56 points or 1.3 percent to 26,932.85 as gambling operators suffered heavy declines with the arrival of Typhoon Mangkhut.
Seoul stocks ended notably lower as investors fretted about trade frictions between the U.S. and China. The benchmark Kospi fell 15.24 points or 0.7 percent to 2,303.01.
Technology companies and beauty product makers paced the decliners, with Samsung Electronics losing 1.5 percent and AmorePacific declining 1.9 percent.
Meanwhile, Australian markets closed higher despite heavy losses in the healthcare sector. The benchmark S&P/ASX 200 Index rose 19.70 points or 0.3 percent to 6,185.00, while the broader All Ordinaries Index ended up 17.60 points or 0.3 percent at 6,293.90.
National Australia Bank gained 0.8 percent after the bank announced the departure of a top consumer banking executive over misconduct. The other three major banks ANZ, Commonwealth and Westpac rose between half a percent and 0.9 percent.
Mining heavyweight BHP Billiton dropped 0.7 percent and smaller rival Fortescue Metals Group declined 1.4 percent. Energy stocks closed mostly higher, with Oil Search, Beach Energy and Santos rising between half a percent and 1.5 percent.
Healthcare stocks suffered heavy losses on news of a public inquiry into residential and in-home care. Regis Healthcare slumped 17 percent, Estia Health tumbled 18.6 percent and Japara Healthcare lost 17 percent.
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Crude oil futures are climbing $0.46 to $69.45 a barrel after rising $0.40 to $68.99 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,203, up $1.90 from the previous session?s close of $1,201.10. On Friday, gold slid $7.10.
On the currency front, the U.S. dollar is trading at 112.01 yen compared to the 112.06 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1678 compared to last Friday?s $1.1625.
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