[ad_1]
U.S. stock futures were lower as markets displayed a cautious tone following weak China trade data.
How are stock-index futures trading
-
S&P 500 futures
ES00,
-0.46%
dipped 16 points, or 0.4%, to 4522 -
Dow Jones Industrial Average futures
YM00,
-0.39%
fell 104 points, or 0.3%, to 35450 -
Nasdaq 100 futures
NQ00,
-0.52%
eased 71 points, or 0.4%, to 15414
On Monday, the Dow Jones Industrial Average
DJIA
rose 408 points, or 1.16%, to 35473, the S&P 500
SPX
increased 40 points, or 0.9%, to 4518, and the Nasdaq Composite
COMP
gained 85 points, or 0.61%, to 13994.
What’s driving markets
A broad, though fairly mild, risk-off tone was enveloping global markets — and suppressing U.S. equity futures — after weak China trade data heightened concerns about a slowing global economy.
China’s exports fell 14.5% for the year to July, the biggest decline since the outbreak of the COVID-19 pandemic in February 2020, while imports slid 12.4%, worse than forecast.
The news highlighted “that the world’s second biggest economy is being dragged lower by weakness in global demand and a domestic slowdown,” said Jim Reid, strategist at Deutsche Bank.
Assets sensitive to China demand were hit, with industrial commodities like crude oil
CL.1,
and copper
HG00,
lower. Shares in London-listed miners were under pressure.
Perceived havens were firmer, with the dollar
DXY
gaining ground and government bonds attracting buyers, pushing Treasury yields
BX:TMUBMUSD10Y
lower.
Also weighing on sentiment was a possible downgrade by Moody’s of six major U.S. banks, adding to concerns about the fragility of the financial sector as it deals with the sharp rise interest rates since March 2022.
Meanwhile, the second quarter earnings season continues, with UPS
UPS,
Barrick Gold
GOLD,
Eli Lilly
LLY,
and Under Armour
UAA,
before the bell, and Super Micro Computer
SMCI,
AMC Entertainment
AMC,
and Lyft
LYFT,
after the close among those presenting their numbers.
U.S. economic updates set for release on Tuesday include the U.S. trade balance for June at 8:30 a.m. and the June wholesale inventories report at 10 a.m., both times Eastern.
There will also be more Fedspeak, with Philadelphia Fed President Harker making comments at 8:15 a.m. and Richmond Fed President Barkin talking at 8:30 a.m.
[ad_2]
Source link