| | The major U.S. index futures are pointing to a lower opening on Tuesday, with stocks likely to move back to the downside following the rebound seen in the previous session.
Renewed skepticism about a trade deal between the U.S. and China may weigh on the markets following President Donald Trump?s comments in an interview with the Wall Street Journal.
In the interview published Monday, Trump told the Journal it was "highly unlikely" he would delay an increase in tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent.
Trump also suggested the U.S. could slap 10 percent tariffs on iPhones and laptops imported from China, likely contributing to a pullback by shares of Apple (AAPL).
The comments from Trump come just days before he is due to meet with Chinese President Xi Jinping at a G20 summit in Argentina later this week.
Trump has previously argued his tough talk on trade has actually helped the U.S. to make deals, including the new trade agreement between the U.S., Mexico, and Canada.
Stocks showed a strong move to the upside during trading on Monday, regaining ground following the sell-off seen last week. The major averages fluctuated over the course of the session but remained firmly in positive territory.
Going into the close of the trading, the Nasdaq and the S&P 500 reached new highs for the session. The Dow surged up 354.29 points or 1.5 percent to 24,640.24, the Nasdaq soared 142.87 points or 2.1 percent to 7,081.85 and the S&P 500 jumped 40.89 points or 1.6 percent to 2,673.45.
The rebound on Wall Street came as some traders looked to pick up stocks at reduced levels on the heels of the recent weakness.
The drop seen during last Friday's holiday-shortened session dragged the Dow and the S&P 500 to their lowest closing levels in four and six months, respectively.
A sharp drop in crude oil prices has weighed on the markets recently along with concerns about the global economic outlook.
Trading activity was somewhat subdued, however, with traders looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week.
Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday, with traders likely to keep a close on eye out for signs of progress on a potential trade deal.
A lack of economic data also kept some traders on the sidelines, although reports on consumer confidence, new home sales, and personal income and spending are likely to attract attention in the coming days.
Traders are also likely to keep an eye on remarks by Federal Reserve Chairman Jerome Powell as well as the minutes of the Fed's latest monetary policy meeting.
Software stocks showed a significant move to the upside on the day, driving the Dow Jones Software Index up by 2.7 percent. The index continued to recover after hitting a nearly five-month closing low last Tuesday.
Considerable strength was also visible among banking stocks, as reflected by the 2.3 percent jump by the KBW Bank Index.
Retail stocks also turned in a strong performance amid positive reports about Black Friday sales, with the Dow Jones Retail Index surging up by 2.3 percent.
Computer hardware, biotechnology, and semiconductor stocks also saw considerable strength, while notable weakness emerged among tobacco and steel stocks.
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Standard & Poor?s is scheduled to release its report on home prices in major metropolitan areas in the month of September at 9 am ET. The S&P Corelogic Case-Shiller 20-City Home Price Index is expected to show a 5.3 percent year-over-year increase.
At 10 am ET, the Conference Board is due to release its report on consumer confidence in the month of November. The consumer confidence index is expected to drop to 136.5 in November after rising to an eighteen-year high of 137.9 in October.
The Treasury Department is scheduled to release the result of its auction of $40 billion worth of five-year notes at 1 pm ET.
At 2:30 pm ET, Atlanta Federal Reserve President Raphael Bostic, Chicago Fed President Charles Evans and Kansas City Fed President Esther George are due to participate in a panel discussion at the Clearing House Annual Conference in New York.
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Shares of Hibbett Sports (HIBB) are moving sharply lower in pre-market trading after the sporting goods retailer reported weaker than expected fiscal third quarter results and lowered its full-year earnings guidance.
Apparel retailer Buckle (BKE) may also come under pressure after reporting fiscal third quarter results that came in below analyst estimates.
Shares of Tesla (TSLA) are also seeing pre-market weakness after a report from Reuters said the electric car maker?s sales in China fell 70 percent in October compared to the same month a year ago.
Meanwhile, shares of Spirit Airlines (SAVE) may move to the upside after the discount airline raised its forecast for total revenue per available seat mile growth in the fourth quarter. | | | | | 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 have moved mostly lower on Tuesday as oil prices have resumed their slide and investors digest a fresh profit warning from Thomas Cook Group.
Analysts remain skeptical about the prospects of a U.S-China trade deal after President Donald Trump said he would likely raise the punitive tariffs on $200 billion of Chinese goods.
Trump also threatened to impose tariffs on all remaining Chinese imports if upcoming trade talks fail to produce a deal.
Elsewhere, the Italian government stuck with its high-spending budget plans but left open the possibility of cutting its deficit target for 2019.
While the German DAX Index has fallen by 0.5 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.6 percent.
Thomas Cook shares have plunged in London after the holiday group suspended its annual dividend and issued another profit warning.
Standard Chartered is marginally lower on a Bloomberg report that it is considering simplifying its structure to control costs.
Peers Barclays and Royal Bank of Scotland have also fallen on uncertainty about the future of the Brexit process.
Swiss drug major Novartis has also dropped. The company announced that its eye care division Alcon would highlight its vision, strategy and benefits as a standalone company following the planned spinoff.
On the other hand, Accor Hotels has rallied in Paris after the hotel company reaffirmed its financial targets for future earnings growth.
Vallourec, a world leader in tubular solutions, has also soared after providing additional information regarding its liquidity position.
In economic news, French consumer confidence dropped in November to its lowest level since early 2015, survey data from the statistical office INSEE showed. The corresponding index fell to 92 from 95 in October. Economists had forecast a score of 94.
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Asian stocks recovered from a weak start to close mostly higher on Tuesday as oil prices stabilized and political risks receded in Europe.
Investors took trade tensions in stride after U.S. President Donald Trump said in an interview with the Wall Street Journal that it was "highly unlikely" he would delay an increase in tariffs on Chinese goods to 25 percent from 10 percent.
Trump also suggested that the U.S. could slap 10 percent tariffs on Apple's iPhones and laptops imported from China.
Chinese stocks fluctuated before finishing marginally lower. The benchmark Shanghai Composite Index edged down 1.13 points or less than a tenth of a percent to 2,574.68, while Hong Kong's Hang Seng Index slipped 44.22 points or 0.2 percent to 26,331.96.
Meanwhile, Japanese shares rose notably as a strong start to the holiday season spurred optimism about the U.S. economy.
The Nikkei 225 Index climbed 140.40 points or 0.6 percent to 21,952.40 after reaching as high as 22,000 for the first time since November 12th in early trading. The broader Topix Index closed 0.7 percent higher at 1,644.16.
A weaker yen supported exporters, with Honda Motor, Toyota Motor, Sony and Panasonic rising 1-3 percent. Mitsubishi Motors rose 1.4 percent after ousting its chairman Carlos Ghosn.
Line Corp. surged up 13 percent on reports that the mobile chat app operator will tie up with Mizuho Financial Group to establish a bank.
Australian markets recovered from a weak start to close near the day's highs. The benchmark S&P/ASX 200 Index rallied 56.70 points or 1 percent to close at 5,728.30, while the broader All Ordinaries Index ended up 53.20 points or 0.9 percent at 5,802.80.
Mining heavyweight BHP climbed 1.5 percent after announcing it has found new mineral deposits near an existing mine in Australia.
An overnight rally in oil prices helped lift energy stocks, with Oil Search, Beach Energy and Santos rising 1-2 percent. The big four banks rose 1-2 percent after recent heavy losses.
Harvey Norman Holdings jumped 3 percent. The housewares and electricals retailer said that comparable sales at its wholly or majority-owned stores rose 3 percent during the period from July 1st to November 23rd.
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Crude oil futures are sliding $0.42 to $51.21 barrel after jumping $1.21 to $51.63 a barrel on Monday. Meanwhile, after edging down $0.80 to $1,222.40 ounce in the previous session, gold futures are inching up $0.20 to $1,222.60 an ounce.
On the currency front, the U.S. dollar is trading at 113.60 yen compared to the 113.58 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1326 compared to yesterday?s $1.1328.
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