| | The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to regain ground following the sell-off seen in the previous session.
Upbeat quarterly results and guidance from home improvement retail giant Home Depot (HD) may contribute to an early rebound on Wall Street.
Buying interest may also be generated in reaction to reports of high-level U.S.-China trade talks ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this month.
Trading activity may remain somewhat subdued, however, with traders looking ahead to the release of reports on consumer price inflation, retail sales and industrial production in the coming days.
Stocks moved sharply lower over the course of the trading day on Monday, adding to the notable losses posted last Friday. With the sell-off on the day, the Dow continued to give back ground after reaching its best closing level in a month last Thursday.
The major averaged ended the day just off their lows of the session. The Dow plunged 602.12 points or 2.3 percent to 25,387.18, the Nasdaq plummeted 206.03 points or 2.8 percent to 7,200.87 and the S&P 500 slumped 54.79 points or 2 percent to 2,726.22.
A sharp decline by shares of Apple (AAPL) weighed on Wall Street, with the tech giant tumbling by 5 percent to its lowest closing level in over three months.
The steep drop by Apple came after iPhone parts supplier Lumentum (LITE) cut its fiscal second quarter guidance, adding to recent concerns about iPhone demand.
Industrial conglomerate General Electric (GE) also moved significantly lower after Chairman and CEO Larry Culp told CNBC he feels the "urgency" to reduce the company's leverage and will do so through asset sales.
Concerns about the outlook for global economic growth and a continued increase in interest rates also contributed to the sell-off on Wall Street.
Meanwhile, in a post on Twitter, President Donald Trump claimed, "The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!"
Light trading activity may have exaggerated the downward move, however, as government offices, the bond markets, and most banks were closed in observance of Veterans Day.
A lack of major U.S. economic data also kept some traders on the sidelines ahead of the release of reports on consumer price inflation, retail sales, and industrial production in the coming days.
A speech by Federal Reserve Chairman Jerome Powell on Wednesday is also likely to attract attention, as traders look for additional clues about the outlook for interest rates.
Last week, the Fed left interest rates unchanged as widely expected but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.
Semiconductor stocks showed a substantial move to the downside on the day, resulting in a 4.4 percent nosedive by the Philadelphia Semiconductor Index.
Within the semiconductor sector, Skyworks Solutions (SWKS) posted a steep loss after Citi downgraded its rating on the Apple chip supplier's stock to Neutral from Buy.
Significant weakness was also visible among oil service stocks, as reflected by the 3.9 percent slump by the Philadelphia Oil Service Index. The index ended the session at a more than nine-year closing low.
The sell-off by oil service stocks came as the price of crude oil turned lower after seeing initial strength, closing below $60 a barrel for the first time since February.
Computer hardware, biotechnology, networking and software stocks also saw considerable weakness, contributing to the steep drop by the tech-heavy Nasdaq.
Most of the other major sectors also moved to the downside on the day, with notable weakness visible among tobacco, retail, brokerage and gold stocks.
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At 10 am ET, Minneapolis Federal Reserve President Neel Kashkari is due to give welcoming remarks at a Regional Economics Conference in Minneapolis, Minnesota.
San Francisco Fed President Mary Daly is scheduled to give a lecture at Boise State University in Boise, Idaho, at 5 pm ET.
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Shares of Home Depot (HD) are moving notably higher in pre-market trading after the home improvement retail giant reported better than expected third quarter results and raised its full-year guidance.
Auto parts retailer Advance Auto Parts (AAP) is also seeing significant pre-market strength after reporting third quarter results that exceeded analyst estimates and boosting its full-year revenue forecast.
On the other hand, shares of Eventbrite (EB) may come under pressure after the online ticketing service reported a wider than expected third quarter loss. | | | | | 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 higher on Tuesday as the U.S. and China resumed trade talks and investors waited to see if the Italian government would submit a revised 2019 budget to the European Union by midnight.
U.S. Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, signaling a willingness on both sides to reach an agreement, the Wall Street Journal reported.
Today is the deadline for Italy to submit a revised 2019 budget to the European Commission in line with EU rules.
While the German DAX Index has jumped by 1 percent, the French CAC 40 Index is up by 0.6 percent and the U.K.?s FTSE 100 Index is up by 0.2 percent.
Vodafone shares have soared after the British telecommunications firm reassured on dividend and updated its fiscal 2019 outlook after organic earnings rose in the first half.
Melrose Industries has also moved notably higher after the industrial engineering firm said it is trading in line with the board's expectations for 2018.
Meanwhile, energy stocks have come under pressure as oil prices fell more than 1 percent after Trump tweets against production cuts.
Telecom Italia Spa is also posting a significant loss after ousting its CEO in a boardroom tussle.
Uniper has also moved to the downside. The energy generation and energy trading company slipped to a net loss in the first nine months of 2018, compared to net income of 683 million euros a year ago.
In economic news, the German consumer price index rose 2.5 percent year-on-year in October, the highest in over a decade, following a 2.3 percent increase in September, official data showed.
The mood among German investors improved slightly in November, the ZEW think-tank said. Its economic sentiment index rose to negative 24.1 from negative 24.7 in October.
The U.K. unemployment rate rose slightly in the three months to September to 4.1 percent, preliminary data from the Office for National Statistics showed.
In the past two months, the ILO jobless rate was steady at 4 percent, which was the lowest level since early 1975.
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Asian stocks moved mostly lower on Tuesday, although Chinese stocks rose notably after reports that China and the U.S. have resumed high levels talks to reduce tensions ahead of meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this month.
The benchmark Shanghai Composite Index advanced 24.36 points or 0.9 percent to 2,654.88, while Hong Kong's Hang Seng Index climbed 159.69 points or 0.6 percent to 25,792.87.
Chinese Premier Li Keqiang said the country needs reforms and adjustments in policies to lift growth. "Despite the downward pressure, we will not resort to massive stimulus," Li said
Japanese shares tumbled, dragged down by technology stocks after Apple supplier Lumentum slashed its outlook for the current quarter.
The Nikkei 225 Index plunged 459.36 points or 2.2 percent to 21,810.52, while the broader Topix Index plunged 2 percent to 1,638.45.
Advantest lost 3.2 percent, Screen Holdings shed 5.6 percent, TDK Corp retreated 6.3 percent and Japan Display plummeted 9.5 percent. Exporters Canon, Panasonic, Honda Motor, Toyota and Sony fell 1-3 percent.
On the other hand, Toshiba Corp jumped 4.1 percent after announcing it would continue its share buyback program until next November. SoftBank advanced 1.9 percent on fundraising reports.
Australian stocks fell sharply, with selling seen across the board. The benchmark S&P/ASX 200 Index tumbled 107.10 points or 1.8 percent to finish at 5,834.20, while the broader All Ordinaries Index ended down 1.7 percent at 5,922.60.
Lender Westpac lost 5.4 percent on going ex-dividend, and the other three big banks fell between 1.2 percent and 1.5 percent. Insurer Suncorp Group dropped 2 percent after it postponed the targeted close of the A$725 million sale of its Australian life insurance business to Japan's Dai-ichi Life.
Mining heavyweights BHP Billiton and Rio Tinto declined 1.7 percent and 2.5 percent, respectively after an overnight drop in base metal and iron ore prices. In the healthcare sector, CSL, Resmed and Cochlear gave up 3-4 percent.
Woodside Petroleum, Santos, Origin Energy and Oil Search fell 2-3 percent after crude oil prices fell for the eleventh straight session overnight, giving up earlier gains after Trump tweeted against production cuts.
Fertilizer maker Incitec Pivot plummeted 5.2 percent after its full-year profit fell almost 35 percent due to a large first-half impairment against its explosives services business.
Meanwhile, agribusiness Ruralco Holdings soared 7.2 percent after reporting a 12 percent increase in full-year profits.
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Crude oil futures are tumbling $1.21 to $58.72 barrel after slipping $0.26 to $59.93 a barrel on Monday. Meanwhile, after falling $5.10 to $1,203.50 ounce in the previous session, gold futures are sliding $2.40 to $1,201.10 an ounce.
On the currency front, the U.S. dollar is trading at 113.95 yen compared to the 113.84 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1265 compared to yesterday?s $1.1218.
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