| | The major U.S. index futures have climbed off their worst levels but are still pointing to a lower open on Monday following the rebound seen last Friday.
The downward momentum on Wall Street comes following the release of a report from the Commerce Department showing much weaker than expected U.S. retail sales growth in the month of September.
Lingering worries about global trade and higher U.S. interest rates may also weigh on the markets along with growing tension between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist.
Stocks fluctuated over the course of the trading session on Friday but managed to end the day significantly higher. With the higher close on the day, the major averages regained some ground following a two-day sell-off.
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq soared 167.83 points or 2.3 percent to 7,496.89, the Dow jumped 287.16 points or 1.2 percent to 25,339.99 and the S&P 500 surged up 38.76 points or 1.4 percent to 2,767.13.
Despite the rebound on the day, the major averages all moved sharply lower for the week. The Nasdaq tumbled by 3.7 percent, while the S&P 500 and the Dow plunged by 4.1 percent and 4.2 percent, respectively.
Bargain hunting contributed to the higher close on Wall Street, with the major averages bouncing off the multi-month closing lows set on Thursday.
The substantial rebound by stocks also came as strong Chinese trade data helped eased concerns over slowing global growth.
Figures from China's customs administration showed Chinese exports logged double-digit annual growth in September despite escalating trade tensions with the U.S.
Additionally, top White House economic adviser Larry Kudlow told reporters a meeting between President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is "under discussion."
On the U.S. economic front, the Labor Department released a report showing a much bigger than expected increase in U.S. import prices in the month of September.
The Labor Department said import prices climbed by 0.5 percent in September after falling by a revised 0.4 percent in August. Economists had expected import prices to rise by 0.2 percent.
Meanwhile, the report said export prices came in unchanged in September after slipping by a revised 0.2 percent in August. Export prices had also been expected to increase by 0.2 percent.
A separate report from the University of Michigan unexpected showed a modest decrease in consumer sentiment in the month of October.
The preliminary report showed the consumer sentiment index dipped to 99.0 in October from the final September reading of 100.1. The drop surprised economists, who had expected the index to inch up to 100.4.
Retail stocks showed a significant move to the upside on the day, driving the Dow Jones Retail Index up by 2.8 percent. The index rebounded after ending Thursday's trading at a three-month closing low.
Online retail giant Amazon (AMZN) posted a standout gain, surging up 4 percent from the three-month closing low set in the previous session.
Computer hardware, biotechnology, and semiconductor stocks also saw considerable strength, contributing to the jump by the tech-heavy Nasdaq.
Steel and healthcare stocks also moved notably higher on the day, while some weakness was visible among housing and banking stocks.
| | | | | The Biggest Day in the History of Cannabis Is Coming This historic day will unleash a multi-billion dollar industry, and a handful of stocks are primed to skyrocket! Free Report-Click here! | | | |
Retail sales in the U.S. crept up by much less than expected in the month of September, according to a report released by the Commerce Department.
The Commerce Department said retail sales inched up by 0.1 percent in September, matching the uptick seen in August. Economists had expected retail sales to climb by 0.5 percent.
Excluding a rebound in auto sales, retail sales edged down by 0.1 percent in September after rising by a downwardly revised 0.2 percent in August.
Ex-auto sales had been expected to rise by 0.3 percent, matching the increase originally reported for the previous month.
A separate report released by the Federal Reserve Bank of New York showed the pace of growth in New York manufacturing activity accelerated by more than anticipated in the month of October.
The New York Fed said its general business conditions index rose to 21.1 in October from 19.0 in September, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 20.0.
At 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of August. Business inventories are expected to climb by 0.5 percent.
| | | | | Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here | | | |
Shares of Sears Holdings (SHLD) are moving sharply lower in pre-market trading after the department store chain filed for Chapter 11 bankruptcy and announced plans to close 142 unprofitable stores near the end of the year.
Luxury accessories retailer Tapestry (TPR) may also see initial weakness after Loop Capital Markets downgraded its rating on the company?s stock to Hold from Buy.
On the other hand, shares of L3 Technologies (LLL) are moving notably higher in pre-market trading after the defense contractor announced an all-stock merger with Harris Corp. (HRS).
Financial giant Bank of America (BAC) may also move to the upside after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines.
Animal health company Zoetis (ZTS) could also see early strength after JPMorgan upgraded its rating on the company?s stock to Overweight from Neutral. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
Click Here | | | |
European stocks are seeing modest strength on Monday as investors watch Brexit developments and currency movements ahead of this week's European Union summit.
A slew of other factors such as rising U.S. interest rates, concerns over slowing Chinese growth and a growing feud between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist have also kept investors on edge.
While the French CAC 40 Index is just above the unchanged line, the U.K.?s FTSE 100 Index is up by 0.2 percent and the German DAX Index is up by 0.5 percent.
Bioscience company Chr Hansen has moved notably higher after announcing the acquisition of Austria-based dairy ingredient supplier Österreichische Laberzeugung Hundsbichler.
Precious metal miner Randgold Resources has also jumped as gold prices hover near a 12-week high amid falling equities.
Meanwhile, Swedish home appliance manufacturer Electrolux has fallen after it issued a statement on the possible impact from Sears' restructuring under Chapter 11.
British food company Greencore Group has also tumbled after entering into an agreement to sell its entire U.S. business.
ConvaTec shares has fallen sharply after the medical equipment manufacturer slashed its growth forecast for the year and announced the departure of its chief executive.
On a light day on the economic front, preliminary figures from the Federal Statistical Office showed that German manufacturers added more employees during August compared to a year ago.
The number of employees in the manufacturing units with 50 or more persons grew by about 149,000 persons or 2.7 percent from the same period last year to 5.7 million.
| | | | | Get your free PlusOne Coin. Plus One Coin (PLUS1) is a social media cryptocurrency where users can up-vote content and other social media. Claim it free from sponsored faucets here.. | | | |
Asian stocks fell on Monday to extend last week's slide, as worries about global trade and higher U.S. interest rates lingered. A growing feud between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist also weighed on investors' risk appetite.
Chinese shares tumbled as traders remained on edge ahead of a European Union summit, the Federal Reserve?s September meeting minutes and a slew of domestic data due this week.
The benchmark Shanghai Composite Index plunged 38.81 points or 1.5 percent to 2,568.10, while Hong Kong's Hang Seng Index slumped 356.43 points or 1.4 percent to 25,445.06.
China central bank governor Yi Gang said Sunday he still sees plenty of room for adjustment in interest rates and the reserve requirement ratio, as downside risks from trade tensions remain significant.
Japanese shares hit eight-week lows, with automakers coming under heavy selling pressure after reports that the U.S. is seeking to include a provision about currency manipulation in new trade deals with Japan.
Investors also digested news that Prime Minister Shinzo Abe will go ahead with an increase in the consumption tax to 10 percent from the current 8 percent in October of 2019.
The Nikkei 225 Index plummeted 423.36 points or 1.9 percent to 2,271.30, the lowest level since August 21st. The broader Topix Index closed 1.6 percent lower at 1,675.44, marking the lowest level in nearly seven months.
Honda Motor slumped 2.6 percent and Toyota Motor lost 2.4 percent as the yen built on recent gains. Canon, Panasonic and Sony ended down between 0.6 percent and 1.7 percent.
Heavyweight SoftBank plunged 7.3 percent amid increased political tensions between the U.S. and Saudi Arabia, which is the biggest outside investor in SoftBank's $100 billion Vision Fund.
Ono Pharmaceutical lost 2 percent after its potential blockbuster cancer drug Opdivo failed a trial study.
Australian stocks fell sharply as shares were sold off across the board on worries about the impact of the U.S.-China trade war on global economic growth.
The benchmark S&P/ASX 200 Index dropped 58.60 points or 1 percent to 5,837.10, while the broader All Ordinaries Index ended down 1 percent at 5,948.
Big miners BHP Billiton, Fortescue Metals Group, Rio Tinto and South32 fell between 0.7 percent and 1.6 percent despite a rise in base metal and iron ore prices over the weekend.
Gold miner Evolution Mining shed 1.3 percent and Northern Star shed 0.6 percent after gold prices fell half a percent on Friday.
Commonwealth Bank of Australia lost over 2 percent after the lender named Alan Docherty as chief financial officer. The other three banks also fell around 2 percent on concerns over rising compensation costs.
Oil & gas firm Santos rallied 2.9 percent as oil prices climbed amid growing tensions between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist.
| | | |
Crude oil futures are climbing $0.43 to $71.77 a barrel after rising $0.37 to $71.34 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,234.30, up $12.30 from the previous session?s close of $1,222. On Friday, gold fell $5.60.
On the currency front, the U.S. dollar is trading at 111.83 yen compared to the 112.21 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1598 compared to last Friday?s $1.1560.
| |
| | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
ADVFN Le point sur les Marchés ...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
| | | | |
No comments:
Post a Comment