| | The major U.S. index futures are pointing to a sharply higher open on Monday, with stocks likely to regain ground following the sell-off seen last week.
The markets are likely to benefit from bargain hunting, as some traders will look 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 may be 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.
With trading resuming for an abbreviated session following the Thanksgiving Day holiday on Thursday, stocks moved mostly lower on Friday. The Dow dropped to its lowest closing level in well over four months, while the S&P 500 slid to a six-month closing low.
The major averages all ended the day firmly in negative territory. The Dow slumped 178.74 points or 0.7 percent to 24,285.95, the Nasdaq fell 33.28 points or 0.5 percent to 6,938.98 and the S&P 500 tumbled 17.37 points or 0.7 percent to 2,632.56.
For the holiday-interrupted week, the Dow and the S&P 500 plunged by 4.4 percent and 4.3 percent, respectively, while the Nasdaq plummeted by 3.8 percent.
The weakness on Wall Street partly reflected recent downward momentum amid lingering concerns about the global economic outlook.
A continued decline by shares of Apple (AAPL) also weighed on the markets, with the tech giant slumping by 2.5 percent to its lowest closing level in well over six months.
Apple extended a recent downtrend after a report from the Wall Street Journal said the company is moving to offer subsidies to mobile-network operators in Japan, effectively cutting the price of its recently released iPhone XR.
Energy stocks led the way lower on the day amid a sharp pullback by the price of crude oil. After jumping $1.20 to $54.63 a barrel on Wednesday, crude for January delivery plunged $4.21 to $50.42 a barrel.
Reflecting the weakness in the energy sector, the NYSE Arca Oil Index nosedived by 3.7 percent, the Philadelphia Oil Service Index plummeted by 3.6 percent and the NYSE Arca Natural Gas Index tumbled by 2.5 percent.
Substantial weakness was also visible among steel stocks, as reflected by the 3.7 percent slump by the NYSE Arca Steel Index. The index fell to its lowest closing level in well over a year.
Gold stocks also moved notably lower amid a drop by the price of the precious metal, while most of the other major sectors showed more modest moves on the day.
Overall trading activity was somewhat subdued, however, as many traders remained away from their desks following the holiday on Thursday.
A lack of major U.S. economic data also kept some traders on the sidelines along with the early close for the markets.
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The economic calendar for the week starts off relatively quiet, 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.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $39 billion worth of two-year notes.
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Shares of JinkoSolar (JKS) are moving sharply higher in pre-market trading after the solar module manufacturer reported ?solid? third quarter results, with module shipments hitting record high of 2,953 megawatts.
Troubled utility SCANA Corp. (SCG) may also see initial strength after reaching a more than $2 billion settlement with South Carolina customers related to the failed V.C. Summer nuclear project costs.
Shares of Diana Shipping (DSX) are also likely to move to the upside after the shipping company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Meanwhile, shares of Medtronic (MDT) may come under pressure after the medical device maker figured prominently in a study by a consortium of journalists that found lax oversight of medical implants by global health authorities. | | | | | 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 higher on Monday after the European Union and Britain finally sealed an agreement governing the latter's departure from the bloc on March 29th.
In a direct letter to the nation, Prime Minister Theresa May said leaving the EU next year would be ?a moment of renewal and reconciliation for the whole country.? However, she might face an uphill task to get the deal passed in parliament next month.
Easing Italian budgetary concerns and hopes that U.S. President Donald Trump and Chinese President Xi Jinping will advance a trade deal at the G20 summit in Argentina have also buoyed investor sentiment.
The euro has strengthened against major currencies after media reports suggested that Italy could consider "fine tuning" its deficit goal to avoid market turbulence.
While the German DAX Index has jumped by 1.1 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are up by 0.7 percent and 0.6 percent, respectively.
Swiss computer accessories maker Logitech International has jumped after the company clarified it has ended talks with Plantronics Inc. regarding a potential transaction.
Bakery business Aryzta has also moved notably after backing its fiscal 2019 organic EBITDA view. Saint-Gobain has also advanced in Paris after announcing a transformation plan.
Eurofins Scientific has also rallied. The French laboratory-testing firm said it would repay its 3.125 percent 300 million euros Eurobond issued in November 2013 from available liquidity as planned.
Faroe Petroleum soared as much as 25 percent in London after Norway's DNO offered to buy the company for 152 pence per share in cash.
Meanwhile, Melrose Industries has slumped after reportedly receiving some disappointing bids for its Powder Metallurgy unit.
In economic news, German business confidence has dropped more than expected in November, a closely watched survey showed.
The Ifo business confidence indicator fell to 102 from 102.9 in October, which was revised from 102.8. Economists had expected a reading of 102.3.
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Asian stocks turned in a mixed performance on Monday as investors kept close watch on developments on the U.S.-China trade front ahead of the upcoming G20 summit in Buenos Aires, Argentina, at the end of the week.
Traders also looked ahead to remarks by Federal Reserve Chairman Jerome Powell and the minutes of the Feds latest meeting later this week for clues on U.S. monetary policy.
Chinese stocks fell slightly as investors braced for crucial talks between the U.S. and China at the G20 summit in Argentina this week. The benchmark Shanghai Composite Index edged down 3.67 points or 0.1 percent to 2,575.81, although Hong Kong's Hang Seng Index rallied 448.50 points or 1.7 percent to close at 26,376.18.
Japanese stocks rose as traders returned to their desks after a long holiday weekend. The Nikkei 225 Index climbed 165.45 points or 0.8 percent to 21,812 as investors turned their focus to the G20 meeting and latest news related to the World Expo 2025. The broader Topix Index closed 0.20 percent higher at 1,632.20.
Exporters such as Canon, Sony and Panasonic eked out modest gains as the yen weakened slightly. In the tech sector, Advantest climbed 2.2 percent, while Screen Holdings lost over 1 percent.
Banks ended broadly lower, with Mitsubishi UFJ Financial and Mizuho Financial ending down over 1 percent. In the oil space, Inpex declined 2.4 percent and Japan Petroleum gave up 2.7 percent.
Air conditioning company Daikin Industries jumped 3.2 percent on a Nikkei report that it has agreed to acquire Austria-based refrigerator manufacturer AHT Cooling Systems for a little more than 100 billion yen or $885 million.
On the economic front, the latest survey from Nikkei showed that the manufacturing sector in Japan continued to expand in November, albeit at a slower pace, with a preliminary manufacturing PMI score of 51.8. That is down from the six-month high of 52.9 in October.
Australian markets fell notably as weaker commodity prices pulled down resource stocks. The benchmark S&P/ASX 200 Index dropped 44.60 points or 0.8 percent to 5,671.60, while the broader All Ordinaries Index ended down 43.80 points or 0.8 percent at 5,749.60.
Energy majors Oil Search, Origin Energy, Santos and Woodside Petroleum lost 2-5 percent after oil prices fell last week to their lowest levels in more than a year on fears of a supply glut amid a perceived slowdown in corporate and economic growth.
Weaker iron ore and copper prices pulled down miners, with heavyweights BHP Billiton and Rio Tinto falling around 4 percent. Smaller rival Fortescue Metals Group slumped 4 percent and South32 dropped 1.9 percent on worries about slowing demand from China.
Financials bucked the weak trend, with banks ANZ, Commonwealth and NAB rising between 0.1 percent and half a percent.
Property developer Dexus rallied 2.5 percent. The company said it would set up a A$2 billion trust with Singapore's sovereign wealth fund GIC to invest in Australian logistics properties.
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Crude oil futures are climbing $0.85 to $51.27 a barrel after plunging $4.21 to $50.42 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,226.70, up $3.50 from the previous session?s close of $1,223.20. On Friday, gold fell $4.80.
On the currency front, the U.S. dollar is trading at 113.24 yen compared to the 112.96 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1373 compared to last Friday?s $1.1337.
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