Wall Street Aims To Open Lower

Business

Early cues from the U.S. Futures Index point to broadly lower open for Wall Street.
Asian shares finished lower, while European shares are trading mostly lower.

Factory Orders and a couple of fed speeches might get special attention on Monday.

The Labor Department’s monthly jobs report is likely to be in the spotlight this week, potentially overshadowing separate reports on factory orders, the U.S. trade deficit, and service sector activity.

As of 7.45 am ET, the Dow futures were down 116.00 points, the S&P 500 futures were declining 17.50 points and the Nasdaq 100 futures were sliding 82.50 points.

The U.S. major averages remained firmly positive at the close on Friday. The Dow surged 482.54 points or 1.4 percent to 34,326.46, the Nasdaq advanced 118.12 points or 0.8 percent to 14,566.70 and the S&P 500 jumped 49.50 points or 1.2 percent to 4,357.04.

On the economic front, the Commerce Department’s Factory Orders for August will be issued at 10.00 am ET. The consensus is for an increase of 1.0 percent while it was up 0.4 percent in the prior week.

A six-month Treasury bill auction will be held at 11.30 am ET.

The Investor Movement Index for September will be released at 12.30 am ET. In the prior month, the Index was at 8.38.

St. Louis Federal Reserve Bank President James Bullard to give remarks and participates in “Mastering the Economic Revival” panel via videoconference before World Strategic Forum International Economic Forum of the Americas at 10.00 am ET.

Boston Federal Reserve Bank President Eric Rosengren to give welcome remarks before the virtual “Racial Disparities in Today’s Economy” conference hosted by the Federal Reserve Bank of Boston at 10.00 am ET.

Asian stocks ended mixed in thin holiday trade on Monday. Chinese markets were closed for the National Day holiday.

Hong Kong’s Hang Seng index fell as much as 539.27 points, or 2.19 percent, to 24,036.37.

Japanese shares fell sharply as the nation’s new premier called for a sooner-than-expected election. The Nikkei average fell 326.18 points, or 1.13 percent, to 28,444.89. The broader Topix index closed 0.62 percent lower at 1,973.92.

Australian markets advanced, led by financials and energy stocks. The benchmark S&P/ASX 200 index climbed 93 points, or 1.29 percent, to 7,278.50 while the broader All Ordinaries index ended up 90.20 points, or 1.20 percent, at 7,576.80.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 6.69 points or 0.10 percent. The German DAX is declining 21.49 points or 0.14 percent, the U.K. FTSE 100 Index is up 0.94 points or 0.02 percent.

The Swiss Market Index is gaining 29.10 points or 0.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.27 percent.

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