| Did you get your free book yet? It's called The Little Black Book of Income Secrets. If you want to make an extra $1,000... $2,000... $5,000 (or more!) every month in retirement.. Read More...  | | | | The major U.S. index futures are pointing to a lower open on Monday, with stocks likely to see further downside after moving notably lower last Friday.
Lingering concerns about the outlook for global economic growth and a continued increase in interest rates may contribute to early weakness on Wall Street.
Government officers, the bond markets, and most banks are closed in observance of Veterans Day, however, potentially leading to limited trading activity.
A lack of major U.S. economic data may also keep some traders on the sidelines, contributing to a relatively choppy trading day.
In the coming days, traders are likely to keep a close eye on reports on consumer price inflation, retail sales, and industrial production.
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.
CME Group's FedWatch tool currently indicates a nearly 76 percent chance the Fed will raise rates by a quarter point following a two-day meeting scheduled for December 18th and 19th.
Following the mixed performance seen on Thursday, stocks moved mostly lower during the trading day on Friday. With the drop on the day, the Dow pulled back off its best closing level in a month.
The major averages climbed well off their worst levels of the day but remained firmly in negative territory. The Dow fell 201.92 points or 0.8 percent to 25,989.30, the Nasdaq tumbled 123.98 points or 1.7 percent to 7,406.90 and the S&P 500 slid 25.82 points or 0.9 percent to 2,781.01.
Despite the pullback on the day, the major averages all moved higher for the week. The Dow surged up by 2.8 percent, the S&P 500 jumped by 2.1 percent and the Nasdaq climbed by 0.7 percent.
The weakness on Wall Street partly reflected renewed concerns about the outlook for interest rates on the heels of the Federal Reserve's monetary policy announcement on Thursday.
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.
Adding to the concerns about interest rates, the Labor Department released a report showing a much bigger than expected increase in producer prices in the month of October.
The Labor Department said its producer price index for final demand climbed by 0.6 percent in October after rising by 0.2 percent in September. Economists had been expecting another 0.2 percent uptick.
Excluding food and energy prices, core producer prices still rose by 0.5 percent in October after edging up by 0.2 percent in September. Core prices had been expected to rise by another 0.2 percent.
Compared to the same month a year ago, producer prices in October were up by 2.9 percent, reflecting an acceleration from the 2.6 percent increase in September.
The annual rate of growth in core consumer prices also accelerated modestly to 2.6 percent in October from 2.5 percent in September.
"Overall, the producer prices data show that inflationary pressures remain fairly strong, which will keep the Fed hiking rates once a quarter in the near term," said Andrew Hunter, U.S. Economist at Capital Economics.
A separate report from the University of Michigan showed a slight deterioration in consumer sentiment in the month of November.
The report said the consumer sentiment index edged down to 98.3 in November from the final October reading of 98.6. Economists had expected the index to dip to 98.0.
Extending a recent sell-off, tobacco stocks moved sharply lower over the course of the session, dragging the NYSE Arca Tobacco Index down by 3.5 percent. The index tumbled to its lowest closing level in well over two months.
The steep drop by tobacco stocks was partly due to a report from the Wall Street Journal indicating FDA Commissioner Scott Gottlieb plans to pursue a ban on menthol cigarettes.
Substantial weakness was also visible among biotechnology stocks, as reflected by the 2.8 percent slump by the NYSE Arca Biotechnology Index.
Steel stocks also saw considerable weakness amid concerns about the outlook for global demand, with the NYSE Arca Steel Index plunging by 2.5 percent.
Technology, gold, retail and brokerage stocks also showed notable moves to the downside, reflecting broad based weakness on Wall Street.
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The economic calendar for the week starts off relatively quiet, although reports on consumer prices, retail sales, and industrial production are likely to attract attention in the coming days.
At 2:30 pm ET, San Francisco Federal Reserve President Mary Daly is scheduled to give remarks on ?REDI: the Regional Economic Development for Eastern Idaho? in Idaho Falls, Idaho.
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U.S.-listed shares of SAP (SAP) are moving notably lower in pre-market trading after the German software company announced an agreement to acquire survey software maker Qualtrics for $8 billion in cash.
Skyworks Solutions (SWKS) may also move to the downside after Citi downgraded its rating on the Apple (AAPL) chip supplier?s stock to Neutral from Buy.
On the other hand, shares of athenahealth (ATHN) are seeing significant pre-market strength after the healthcare software maker agreed to be acquired by Veritas Capital for approximately $5.7 billion in cash.
Victoria?s Secret parent L Brands (LB) may also move to the upside after Wells Fargo upgraded its rating on the company?s stock to Outperform from Market Perform. | | | | | 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 Monday on global growth worries and amid lack of fresh catalysts after the U.S. midterm elections.
While the German DAX Index has tumbled by 1.4 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are down by 0.5 percent and 0.4 percent, respectively.
Semiconductor solutions firm Infineon Technologies has moved sharply lower in Frankfurt after reporting weak net profits in its fiscal fourth quarter.
Funeral services provider Dignity Plc has also come under pressure in London after reporting a sharp drop in third quarter earnings.
British American Tobacco is also posting a steep loss on reports of a potential ban on menthol cigarettes. Shares of Imperial Brands have also moved significantly lower.
On the other hand, energy stocks have moved to the upside as oil prices have climbed after record run of losses on the back of news that Saudi Arabia will reduce crude sales in December.
Oilfield services firm John Wood Group is posting a standout gain after winning three contracts totaling $53 million from Abu Dhabi National Oil Company.
Rio Tinto shares have also advanced. The mining giant successfully completed its off-market buy-back, achieving its share purchase target of approximately 41.2 million shares for a total consideration of $2.1 billion.
In economic news, French gross domestic product is set to grow 0.4 percent in the fourth quarter of this year, the Bank of France projected in its latest monthly business survey report.
The pace of growth accelerated to 0.4 percent in the third quarter from 0.2 percent in the second quarter, largely underpinned by domestic demand and exports.
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Asian stocks turned in a mixed performance on Monday, as global growth worries persisted and investors awaited key Chinese economic indicators due Wednesday for directional cues.
Chinese stocks posted strong gains after the China Securities Regulatory Commission rolled out a series of measures over the weekend to support the private sector.
The benchmark Shanghai Composite Index surged up 31.65 points or 1.2 percent to 2,630.52, while Hong Kong's Hang Seng Index inched up 31.26 points or 0.1 percent to 25,633.18.
Japanese shares ended little changed amid lack of fresh catalysts after the U.S. midterm elections. The Nikkei 225 Index finished crept up 19.63 points or 0.1 percent to 22,269.88, while the broader Topix Index closed a tad lower at 1,671.95.
Defensive stocks such as Tokyo Gas and East Japan Railway rose around 1 percent. Real estate developer Mitsui Fudosan also jumped 3.5 percent after raising its net profit forecast for the year ending March 2019.
On the other hand, tech shares underperformed, with Advantest losing 5.5 percent and TDK Corp declining 4 percent. Sony tumbled 3.1 percent and Panasonic declined 1.6 percent despite a modestly softer yen.
Australian stocks saw modest strength, with energy stocks leading the way higher after oil prices rose over 1 percent in Asian trading on the back of news that Saudi Arabia would reduce crude sales in December.
The benchmark S&P/ASX 200 Index rose 19.50 points or 0.3 percent to 5,941.30, a three-week high, while the broader All Ordinaries Index climbed 16.20 points or 0.3 percent to 6,027.20.
Woodside Petroleum, Santos, Oil Search and Origin Energy jumped 1-2 percent as oil prices climbed after a record run of losses. Healthscope shares soared 14.4 percent after the company said it had received a second takeover offer, this time from Brookfield Capital Partners.
Agribusiness Elders also spiked 19.7 percent after it reported a 9.1 percent increase in full-year underlying profit.
Meanwhile, South Korean stocks ended slightly lower as large-cap bio shares fell heavily. The benchmark Kospi dropped 5.65 points or 0.3 percent to 2,080.44.
Samsung BioLogics plunged 22.4 percent ahead of an announcement by South Korea's financial regulator over its accounting practices.
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Crude oil futures are climbing $0.74 to $60.93 a barrel after sliding $0.48 to $60.19 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,205.80, down $2.80 from the previous session?s close of $1,208.60. On Friday, gold tumbled $16.50.
On the currency front, the U.S. dollar is trading at 113.74 yen compared to the 113.83 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1272 compared to last Friday?s $1.1336.
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