| 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 higher open on Monday, with stocks likely to move back to the upside after moving sharply lower in the previous week.
Traders may look to pick 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 may help 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 may also generate some buying interest, with IBM Corp. (IBM) agreeing to acquire Linux software distributor Red Hat (RHT) for $33 billion in cash.
Following the substantial rebound seen on Thursday, stocks extended their recent see-saw performance with a sharp pullback during trading on Friday. The major averages regained some ground after an early sell-off but still ended the day significantly lower.
The Dow slumped 296.24 points or 1.2 percent to 24,688.31, the Nasdaq plummeted 151.12 points or 2.1 percent to 7,167.21 and the S&P 500 tumbled 46.88 points or 1.7 percent to 2,658.69.
The major averages also mover sharply lower for the week. The Dow plunged by 3 percent, while the Nasdaq and the S&P 500 nosedived by 3.8 percent and 3.9 percent, respectively.
The pullback on Wall Street came amid a negative reaction to corporate results from some big-name companies after upbeat results from companies like Microsoft (MSFT) and Twitter (TWTR) contributed to the jump on Thursday.
Shares of Amazon (AMZN) fell sharply after the online retail giant reported third quarter earnings that beat estimates but weaker than expected revenues and provided disappointing fourth quarter guidance.
Google parent Alphabet (GOOGL) also closed notably lower after also reporting better than expected third earnings but revenues that came in below expectations.
Meanwhile, shares of Intel (INTC) showed a strong move to the upside after the semiconductor giant reported third quarter results that exceeded analyst estimates and raised its full-year guidance.
Traders largely shrugged off a report from the Commerce Department showing stronger than expected U.S. economic growth in the third quarter.
The Commerce Department said real gross domestic product advanced by 3.5 percent in the third quarter after surging up by 4.2 percent in the second quarter. Economists had expected GDP growth to slow to 3.3 percent.
The slowdown in the pace of growth in the third quarter came after the jump in the second quarter represented the fastest growth since a 4.9 percent spike in the third quarter of 2014.
On the inflation front, the Commerce Department said its reading on core consumer prices, which exclude food and energy prices, showed price growth slowed to 1.6 percent in the third quarter from 2.1 percent in the second quarter.
"Another decent growth number will be welcome news for President Trump, but for markets, the bigger question is where the economy goes next," said ING economists James Smith and Jonas Goltermann.
Smith and Goltermann added, "We see no reason to expect an imminent correction, although growth may begin to ease in 2019 as higher rates bite and fiscal tailwinds fade."
A separate report from the University of Michigan showed consumer sentiment deteriorated by slightly more than initially estimated in the month of October.
The report said the consumer sentiment index for October was downwardly revised to 98.6 from the preliminary reading of 99.0.
Economists had expected the consumer sentiment index to be unrevised at 99.0, which was still down from 100.1 in September.
Most of the major sectors climbed off their worst levels of the day, although substantial weakness remained visible among computer hardware stocks. The NYSE Arca Computer Hardware Index plunged by 5.4 percent to its lowest closing level in well over a year.
Hard drive maker Western Digital (WDC) led the hardware sector lower after reporting weaker than expected fiscal first quarter results.
Retail stocks also ended the day sharply lower on the heels of Amazon's disappointing results, with the Dow Jones Retail Index plummeting by 4 percent. The index ended the session at a more than four-month closing low.
Telecom, commercial real estate, software, and utilities stocks also saw considerable weakness, while gold stocks were among the few groups to buck the downtrend amid an increase by the price of the precious metal.
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A report released by the Commerce Department showed personal income in the U.S. rose by slightly less than expected in the month of September, although the report also showed personal spending increased in line with estimates.
The report said personal income edged up by 0.2 percent in September after climbing by an upwardly revised 0.4 percent in August.
Economists had expected income to rise by 0.3 percent, matching the increase originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending rose by 0.4 percent in September after increasing by an upwardly revised 0.5 percent in August.
Spending had been expected to advance by 0.4 percent following the 0.3 percent growth originally reported for the previous month.
The report also said a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth held at 2.0 percent for the fifth straight month.
At 9:45 am ET, Chicago Federal Reserve President Charles Evans is scheduled to make opening remarks at the Sixth Annual Summit on Regional Competitiveness in Chicago, Illinois.
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Shares of Red Hat (RHT) are spiking in pre-market trading after IBM Corp. (IBM) agreed to acquire the Linux software distributor for $33 billion or $190 per share in cash.
Semiconductor components maker ON Semiconductor (ON) 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 Bloomin? Brands (BLMN) may also move to the upside after the parent of Outback Steakhouse and other restaurant chains reported better than expected third quarter earnings and raised its full-year guidance.
On the other hand, shares of First Data (FDC) are likely to come under pressure after the payment processing company reported third quarter earnings that missed analyst estimates and lowered its full-year forecast.
Oil and gas producer Denbury Resources (DNR) is also seeing significant pre-market weakness after announcing an agreement to acquire Penn Virginia (PVAC) in a transaction valued at approximately $1.7 billion, including the assumption of debt. | | | | | 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 markets have moved sharply higher on Monday despite rising political risks in Germany, Italy and the United Kingdom.
With U.S. stock futures pointing to a higher open, investors also shrugged off another steep sell-off in Chinese markets on concerns over economic and earnings growth.
While the French CAC 50 Index has jumped by 1.2 percent, the U.K.?s FTSE 100 Index and the German DAX Index are soaring by 2 percent and 2.1 percent, respectively.
The pound held flat against both the dollar and the euro ahead of Chancellor Philip Hammond's latest Budget, due to be unveiled later in the day.
Rio Tinto has risen after the mining giant said a non-binding agreement for Aluminum Corp. of China to acquire its entire interest in the Simandou iron ore project in Guinea has lapsed.
Asia-focused lender HSBC Holdings has also jumped, as it reported a 28 percent increase in third quarter pre-tax profit, helped by lower costs and the bank's push into Asia.
Shire Plc shares have also advanced. Japan's Takeda has proposed the sale of a treatment currently under development by Shire.
Swiss pharmaceutical firm Novartis has rallied after announcing additional brolucizumab Phase III results from year two that reaffirmed its positive year one findings.
Meanwhile, Kuka shares have fallen sharply in Frankfurt. The manufacturer of robotics and automation solutions has cut its full-year sales and margin view after reporting a rise in third quarter earnings.
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Asian stocks ended mixed on Monday, mirroring weak cues from Wall Street and Europe as investors fretted about slowing economic and earnings growth.
There were mixed catalysts, with Brazil's right-wing candidate Jair Bolsonaro sweeping to victory, while German Chancellor Angela Merkel and her coalition partners suffered another setback after losing in a regional election.
Mainland Chinese stocks plunged as weak profits for industrial and consumer firms added to investors concerns over cooling economic growth.
The benchmark Shanghai Composite Index plunged 56.74 points or 2.2 percent to close at 2,542.10, while Hong Kong's Hang Seng Index rose 94.41 points or 0.4 percent to 24,812.04.
Japanese shares closed lower amid recent sharp declines by both the U.S. and Chinese stock markets. The Nikkei 225 Index dipped 34.80 points or 0.2 percent to 21,149.80, while the broader Topix Index closed 0.4 percent lower at 1,589.56.
Hitachi Chemical slumped 7.6 percent after data falsification reports. Sony Corp. slid 0.6 percent despite a Nikkei report suggesting that the company will report a record operating profit for the six months ended September 30th.
Kourakuen Holdings soared 11.2 percent and Shin-Etsu Chemical jumped 8 percent after raising their net profit forecasts for the year through March 2019. Mitsubishi Electric rose half a percent despite the company cutting its 2019 earnings view.
In economic news, Japanese retail sales dropped for the first time in four months in September, a government report showed. Retail sales fell 0.2 percent in September after climbing by 0.9 percent in August, in line with expectations.
Australian markets rallied as bargain hunters picked up beaten-down stocks across the board after a recent sell-off.
The benchmark S&P/ASX 200 Index jumped 63.00 points or 1.1 percent to 5,728.20, marking its biggest single-day gain in nearly two weeks after losing as much as 4.6 percent last week. The broader All Ordinaries Index advanced 0.9 percent to 5,813.80.
The big four banks all rose over 1 percent ahead of key earnings reports this week. Mining heavyweights BHP Billiton and Rio Tinto rose 1.4 percent and 0.7 percent, respectively, after a surge in Chinese iron ore futures.
Biotherapeutics major CSL soared 3.7 percent, while energy major Woodside Petroleum advanced 2 percent. Beach Energy added 3.6 percent after reporting a surge in quarterly sales.
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Crude oil futures are slipping $0.14 to $67.45 a barrel after rising $0.26 to $67.59 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,233.40, down $2.40 from the previous session?s close of $1,235.80. On Friday, gold rose $3.40.
On the currency front, the U.S. dollar is trading at 112.33 yen compared to the 111.91 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1384 compared to last Friday?s $1.1403.
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