| Powell Transfer In the next 72 hours more than $31 billion will change hands... payments from $559 to $265,710... READ MORE...  | | | | The major U.S. index futures are pointing to a modestly higher opening on Tuesday, with stocks likely to attempt another rebound after turning lower over the course of the previous session.
The upward momentum on Wall Street comes after the downturn seen on Monday dragged the Nasdaq and the S&P 500 down to six-month closing lows and the Dow fell to its lowest closing level in well over three months.
Traders may once again look to pick up stocks at reduced levels after bargain hunting efforts in the previous session were thwarted by renewed concerns about the trade war between the U.S. and China.
President Donald Trump?s prediction the U.S. will reach a ?great deal? with China on trade may offset some of the concerns, although the president warned of more tariffs if a deal is not possible.
?I think that we will make a great deal with China and it has to be great, because they?ve drained our country,? Trump told Laura Ingraham of Fox News on Monday.
After failing to sustain an early move to the upside, stocks came under pressure over the course of the trading session on Monday. The major averages pulled back well off their best levels of the day and into negative territory.
While the major averages regained some ground going into the close, they remained firmly in the red. The Dow slumped 245.39 points or 1 percent to 24,442.92, the Nasdaq tumbled 116.92 points or 1.6 percent to 7,050.29 and the S&P 500 fell 17.44 points or 0.7 percent to 2,641.25.
The sharp pullback by stocks came after report from Bloomberg said the U.S. is preparing to announce tariffs on all remaining Chinese imports if next month's talks between Presidents Donald Trump and Xi Jinping fail to ease the trade war.
Citing three people familiar with the matter, Bloomberg said the announcement of the new round of tariffs could come by early December
Two of the people told Bloomberg the new tariffs would apply to Chinese imports that aren't already covered by previous rounds of tariffs, or approximately $257 billion worth of goods.
The report from Bloomberg comes as Trump and Xi are expected to meet on the sidelines of a Group of 20 summit in Buenos Aires, Argentina, beginning November 30th.
Shortly before imposing tariffs on $200 billion worth of Chinese goods in September, Trump threatened to levy duties on nearly everything China exports to the U.S.
The early strength on Wall Street came as some traders picked up stocks at reduced levels following the steep drop seen last week, extending the see-saw performance seen over the past few sessions.
Auto stocks helped to lead the way higher after a report from Bloomberg said China is considering cutting a tax on car purchases in half.
The proposal to lower the purchase tax to 5 percent from 10 percent comes as Chinese car sales are on track for their first annual drop in two decades amid the U.S.-China trade war.
News on the merger-and-acquisition front also generated some buying interest, with IBM Corp. (IBM) agreeing to acquire Linux software distributor Red Hat (RHT) for $33 billion in cash.
Buying interest waned over the course of the morning, however, with political uncertainty in Europe limiting the upside for the markets.
Meanwhile, traders largely shrugged off a report from the Commerce Department showing personal income rose by slightly less than expected in the month of September.
Oil service stocks bucked the early uptrend by the markets and saw further downside as the day progressed. The Philadelphia Oil Service Index plummeted by 4.3 percent to its lowest closing level in well over nine years.
Weatherford (WFT) led the oil service sector lower after reporting a narrower than expected third quarter loss but revenues that came in below estimates.
The sell-off by oil service stocks reflected weakness throughout the energy sector, as the price of crude oil fell sharply in electronic trading.
Significant weakness also emerged among retail stocks, as reflected by the 1.9 percent slump by the Dow Jones Retail Index. With the drop, the index fell to a nearly five-month closing low.
Computer hardware, biotechnology, and networking stocks also came under pressure over the course of the session, while interest rate-sensitive utilities, banking, and commercial real estate stocks ended the day on the upside.
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At 10 am ET, the Conference Board is scheduled to release its report on consumer confidence in the month of October.
The consumer confidence index is expected to drop to 136.3 in October after jumping to an eighteen-year high of 138.4 in September.
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Shares of Akamai Technologies (AKAM) are moving sharply higher in pre-market trading after the cloud services provider reported better than expected third quarter results and announced a new $1.1 billion share repurchase program.
Athletic apparel market Under Armour (UAA) is also likely to see early strength after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of KLA-Tencor (KLAC) are also showing a strong move to the upside in pre-market trading after the semiconductor equipment maker reported fiscal first quarter results that beat expectations.
On the other hand, shares of Masco (MAS) are likely to come under pressure after the building products maker reported third quarter results that came in below analyst estimates.
Drug giant Pfizer (PFE) may also move to the downside after reporting third quarter earnings that exceeded expectations but weaker than expected revenues. Pfizer also narrowed its full-year guidance.
Shares of General Electric (GE) have also moved lower in pre-market trading after the industrial conglomerate reported third quarter results that missed estimates and slashed its quarterly dividend to $0.01 per share from $0.12 per share. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks are turning in a lackluster performance on Tuesday as investors fret about escalating trade tensions between the U.S. and China. Impressive earnings results from the likes of BP and Volkswagen have helped to limit the downside in the region.
While the U.K.?s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index are both down by 0.2 percent.
Swiss plumbing supplies provider Geberit has fallen sharply after lowering its full year sales outlook.
French lender BNP Paribas has also tumbled after its third quarter revenues came in below market expectations.
Lufthansa shares have also plunged. The airline saw its underlying earnings dip nearly 8 percent in the first nine months of 2018 on the back of rising fuel costs and the integration costs of Eurowings.
Meanwhile, Netherlands-based diagnostic solutions provider Qiagen has soared after its third quarter adjusted earnings topped forecasts.
Utility Suez Environnement has also rallied after reporting a rise in 9-month EBIT and confirming its full-year outlook.
Volkswagen has also jumped. The German automaker confirmed its full-year outlook after reporting a rise in nine-month pre-tax profit.
AIXTRON shares are soaring after the technology firm raised its full-year earnings guidance after posting turnaround results for the nine-month period ending September.
BP Plc shares have surged higher in London as the oil giant?s third quarter profit before taxation surged to $5.44 billion from $2.96 billion in the same period last year, driven by a strong performance in the upstream business and Rosneft.
In economic news, Germany's seasonally adjusted jobless numbers fell by 11,000 to 2.292 million in October, while the jobless rate remained unchanged at 5.1 percent, the lowest since German reunification in 1990, the Federal Labor Office said.
France's economy expanded at a faster pace in the third quarter largely driven by domestic demand and exports, the first estimate from the statistical office Insee showed. GDP advanced 0.4 percent sequentially following the second quarter's 0.2 percent expansion, in line with expectations.
Another report showed French household consumption declined more than expected in September due to the sharp decrease in manufactured goods and energy spending. Household spending dropped 1.7 percent on a monthly basis, in contrast to a 1.1 percent rise in August.
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Asian stocks recovered from a weak start to close broadly higher on Tuesday as hopes for Chinese stimulus helped offset fresh worries over the trade war between the U.S. and China.
U.S. President Donald Trump said he thinks there will be ?a great deal? with China on trade but warned of more tariffs if talks next month fail to ease the trade war.
China?s Shanghai Composite Index jumped 25.94 points or 1 percent to 2,568.05 after the securities regulator said it would enhance market liquidity and encourage share buybacks and mergers and acquisitions by listed firms. However, Hong Kong's Hang Seng Index dropped 226.51 points or 0.9 percent to 24,585.53.
Japanese shares rose by the most in 2-1/2 months as the yen extended its drop against the dollar and Chinese equities rebounded on fresh attempts by Beijing to stabilize the markets.
The Nikkei 225 Index spiked 307.49 points or 1.5 percent to 21,457.29, marking its biggest single-day gain since mid-August. The broader Topix Index closed 1.4 percent higher at 1,611.46.
Auto companies and banks led the surge, with Honda Motor and Mitsubishi UFJ Financial rising around 2 percent. Machinery maker Yaskawa Electric soared 6.1 percent as Beijing pledged more support for the economy.
Komatsu rallied 6.2 percent after raising its full-year operating profit forecast. Fanuc Corp also advanced 3.4 percent after announcing a special dividend. In the tech sector, Tokyo Electron jumped 6.5 percent and Advantest added 2.2 percent.
In economic news, Japan?s jobless rate fell to 2.3 percent in September from 2.4 percent in August, a government report showed. This was the lowest rate since the early 1990s.
Australian shares rallied to extend gains from the previous session. The benchmark S&P/ASX 200 Index surged up 76.90 points or 1.3 percent to 5,805.10 after jumped 1.1 percent the previous day. The broader All Ordinaries Index advanced 74.10 points or 1.3 percent to 5,887.90.
Firmer copper prices helped lift mining stocks, with heavyweights BHP Billiton and Rio Tinto gaining around 2 percent.
Energy stocks also closed mostly higher even as oil prices dipped for a second day amid signs that Russian oil output will remain high. Beach Energy shares jumped 10.4 percent. In the healthcare sector, infant formula maker Bellamy's Australia climbed 2.5 percent.
Lender Australia and New Zealand Banking Corp rallied 1.8 percent ahead of its full-year results due Wednesday. Commonwealth and Westpac surged up over 2 percent.
On the other hand, gold miner Evolution Mining lost 2.9 percent and Newcrest dropped 1.5 percent as the precious metal edged lower on dollar strength.
Wealth manager AMP fell 2.1 percent on news that its banking arm will reduce or remove 20 fees to simplify its product offering to customers.
On the data front, Australia's building approvals rose by seasonally adjusted 3.3 percent in September, slower than the 3.8 percent rise economists had expected, figures from the Australian Bureau of Statistics showed. The increase largely reflects a 9.2 percent rise in private dwellings excluding houses.
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Crude oil futures are slumping $0.71 to $66.33 barrel after falling $0.55 to $67.04 a barrel on Monday. Meanwhile, after sliding $8.20 to $1,227.60 ounce in the previous session, gold futures are slipping $3.40 to $1,224.20 an ounce.
On the currency front, the U.S. dollar is trading at 112.98 yen compared to the 112.37 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1373 compared to yesterday?s $1.1352.
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