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Bargain hunting is likely to contribute to initial strength on Wall Street, with traders picking up stocks at reduced levels on the heels of the sharp drops seen Friday and Monday.
The pullback seen yesterday afternoon pulled the Dow down to its lowest closing level in over eight months, while the Nasdaq and the S&P 500 dropped to their lowest closing levels in over a year.
Trading activity may be somewhat subdued, however, as traders look ahead to the Federal Reserve?s monetary policy announcement on Wednesday.
The Fed is widely expected to raise interest rates by a quarter point, although traders are likely to closely scrutinize the central bank's accompanying statement and forecasts for clues about future rate hikes.
Stocks showed wild swings over the course of the trading session on Monday before ending the day substantially lower. With the sell-off on the day, the Dow fell to its lowest closing level in over eight months, while the Nasdaq and the S&P 500 dropped to their lowest closing levels in over a year.
The major averages climbed off their lows of the session going into the close but remained firmly negative. The Dow plummeted 507.53 points or 2.1 percent to 23,592.98, the Nasdaq tumbled 156.93 points or 2.3 percent to 6,753.73 and the S&P 500 plunged 54.01 points or 2.1 percent to 2,545.94.
The sharply lower close on Wall Street came amid lingering concerns about global economic growth as well as continued uncertainty about trade between the U.S. and China.
Traders were also on edge ahead of the Federal Reserve's highly anticipated monetary policy announcement scheduled for Wednesday.
Negative sentiment was also generated by some disappointing U.S. economic data, including a report from the National Association of Home Builders unexpectedly showing a continued deterioration in confidence in the month of December.
The report said the NAHB/Wells Fargo Housing Market Index dropped to 56 in December after tumbling to 60 in November. Economists had expected the index to inch up to 61.
With the unexpected monthly decrease, the housing market index tumbled to its lowest level since hitting 54 in May of 2015.
NAHB Chief Economist Robert Dietz called the housing slowdown an "early indicator of economic softening."
A separate report from the New York Federal Reserve showed a much bigger than expected slowdown in the pace of growth in regional manufacturing activity in December.
Tobacco stocks moved sharply lower over the course of the trading session, dragging the NYSE Arca Tobacco Index down by 4.2 percent. With the steep drop, the index ended the session at its lowest closing level in well over two years.
Substantial weakness was also visible among interest rate-sensitive commercial real estate and utilities stocks, with the Dow Jones Real Estate Index and the Dow Jones Utilities Average plunging by 3.8 percent and 4.3 percent, respectively.
Within the utilities sector, PG&E Corp. (PCG) saw significant weakness on news the California Public Utilities Commission is considering penalties against the company for systemic violations of rules to prevent damage to natural gas pipelines during excavation activities.
Software, retail, telecom and computer hardware stocks also saw considerable weakness amid another broad based sell-off on Wall Street.
Meanwhile, gold stocks were among the few groups to buck the downtrend, resulting in a 2.7 percent jump by the NYSE Arca Gold Bugs Index. The rally by gold stocks came amid a notable increased by the price of the precious metal.
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With a spike in new construction of multi-family homes more than offsetting a continued decrease in new construction of single-family homes, the Commerce Department released a report showing a substantial increase in U.S. housing starts in the month of November.
The Commerce Department said housing starts jumped by 3.2 percent to an annual rate of 1.256 million in November from the revised October estimate of 1.217 million.
Economists had expected housing starts to edge down to a rate of 1.225 million from the 1.228 million originally reported for the previous month.
The report also said building permits surged up by 5.0 percent to an annual rate of 1.328 million in November from the revised October rate of 1.265 million.
Building permits, an indicator of future housing demand, had been expected to dip to a rate of 1.259 million from the 1.263 million originally reported for October.
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Shares of Oracle (ORCL) are moving significantly higher in pre-market trading after the business software giant reported fiscal second quarter results that exceeded analyst estimates on both the top and bottom lines.
Aerospace giant Boeing (BA) may also moved to the upside after raising its quarterly dividend by 20 percent to $2.055 per share and boosting its share repurchase program to $20 billion.
Shares of Navistar (NAV) are also seeing substantial pre-market strength after the truck and engine maker reported better than expected fiscal fourth quarter results and provided upbeat guidance.
On the other hand, shares of Rent-A-Center (RCII) are likely to come under pressure after the rent-to-own company terminated an agreement to be acquired by affiliates of Vintage Capital. | | | | | 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 are turning in a mixed performance on Tuesday as traders are watching Brexit developments closely and looking ahead to Wednesday's Federal Reserve announcement for clues on what to expect next year.
While the German DAX Index has risen by 0.4 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent.
BP Plc, Total SA and Tullow Oil have moved notably lower as price of oil extends losses for a third straight session on supply glut worries.
Royal Dutch Shell has also fallen on a Bloomberg report that it is in talks to buy Endeavor Energy Resources LP for around $8 billion.
National Grid has slumped after Ofgem published sector-specific consultation documents for the company's U.K. transmission businesses as part of the ongoing RIIO 2 regulatory process.
On the other hand, Petrofac has soared after issuing a pre-close trading update ahead of the announcement of its full-year results.
Getlink, which manages and operates the Channel Tunnel between England and France, has also moved sharply higher in Paris after Eiffage bought a 5 percent stake in the company.
In economic news, German business confidence slid to its lowest level in over two years, data from the Ifo survey showed.
The Ifo Business Climate Index dropped to 101 from 102 in November, while economists expected a score of 101.7. The latest reading was the lowest since September of 2016, when it was 100.8.
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Asian stocks fell broadly on Tuesday as global growth worries persisted and investors awaited the Federal Reserve?s interest rate decision.
The Fed begins its two-day policy meeting later today and is expected to raise rates for a fourth time this year. However, the accompanying statement could be dovish amid mounting risks to global growth.
China's Shanghai Composite Index ended down 21.32 points or 0.8 percent at 2,576.65 after Chinese President Xi Jinping offered no new specific measures for the implementation of reforms in a highly anticipated speech that marked the 40th anniversary of China's reform. Hong Kong's Hang Seng Index tumbled 273.73 points or 1.1 percent to 25,814.25.
Japanese shares hit a nine-month low as caution set in ahead of the Fed?s and the Bank of Japan's monetary policy decisions due on Wednesday and Thursday, respectively.
The Nikkei 225 Index plunged 391.43 points or 1.8 percent at 21,115.45, while the broader Topix Index nosedived 2 percent to 1,562.51, the lowest level since May of 2017.
Takeda Pharmaceutical plummeted 9 percent after Moody's Investors Service downgraded its credit rating by three notches, citing concerns about its debt level following the takeover of Shire.
SoftBank Group lost 3.3 percent ahead of the proposed $23 billion Tokyo listing of its mobile business. Canon, Toyota Motor, Panasonic and Sony declined 1-4 percent as the yen gained ground on safe haven demand.
Hitachi shed 2.6 percent after it reached a deal to acquire the power grid business of Swiss engineering group ABB.
Australian markets suffered heavy losses after major U.S indexes ended down over 2 percent overnight. The S&P/ASX 200 Index fell 68.80 points or 1.2 percent to 5,589.50 after rising 1 percent in the previous session. The broader All Ordinaries Index ended down 71.10 points or 1.2 percent at 5,661.80.
Financials led the decliners, with the big four banks losing 1-3 percent. Mining heavyweights BHP and Rio Tinto fell slightly, while gold miners St Barbara, Northern Star Resources and Evolution Mining climbed 2-3 percent after gold prices rose on dollar weakness.
Woodside Petroleum, Santos, Origin Energy and Oil Search dropped 1-3 percent as oil prices fell for a third straight session on worries about oversupply. Caltex Australia slumped 5.5 percent after the company issued softer-than-expected profit guidance.
In economic news, the minutes from the Reserve Bank of Australia's December monetary policy meeting showed board members remain worried about tightening credit and sluggish consumption.
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Crude oil futures are tumbling $1.32 to $48.56 barrel after slumping $1.32 to $49.88 a barrel on Monday. Meanwhile, after jumping $10.40 to $1,251.80 ounce in the previous session, gold futures are slipping $0.40 to $1,251.40 an ounce.
On the currency front, the U.S. dollar is trading at 112.41 yen compared to the 112.83 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1379 compared to yesterday?s $1.1348.
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