(RTTNews) – Major US Index FuturesThey point lately to a slide at the opening of Monday, and stocks are likely to fall after ending last Friday’s turbulent largely higher poll.
Concerns about the outlook for the global economy may weigh on Wall Street amid new Covid cases in China.
China has reported the deaths of three other people after contracting covid, marking the first covid-related deaths reported by the Chinese mainland since May.
The surge in new cases prompted China to impose strict restrictions in cities such as Beijing and Shanghai, shattering recent hopes that the country would soon ease covid restrictions.
The lack of basic U. S. economic knowledgeThe U. S. may also keep some investors on the sidelines, though reports on durable goods orders and new home sales are likely to catch the eye on Wednesday, as well as minutes from the Fed’s latest meeting.
Stocks failed to maintain an initial upward movement and showed a lack of direction in Friday’s trading session. The day’s hectic trading prolonged the volatility seen in recent sessions.
The Dow Jones rose 199. 37 issues or 0. 6% to end the day at 33,745. 69 and the S.
For the week, the Dow is virtually unchanged, while the S
Wall Street’s initial strength partly reflected a positive reaction to positive earnings news from some giant companies.
Clothing retailer Gap (GPS) rose sharply after an unforeseen return to third-quarter profitability in sales that beat analysts’ estimates.
Foot Locker (FL) shares also rose after the shoe and sportswear store reported better-than-expected third-quarter effects and raised its full-year guidance.
Discount store Ross Stores (ROST) and cybersecurity firm Palo Alto Networks (PANW) also posted gains after reporting better-than-expected quarterly results.
The National Association of Realtors released a report showing a very extensive decline in existing home sales in October.
NAR said existing home sales fell 5. 9 to an annual rate of 4. 43 million in October after falling 1. 5 million to a 4. 71 million rate in September.
Sales of existing homes decreased for the ninth consecutive month, with a fall of 28. 4% compared to the same month of the previous year.
A separate report released through the Conference Board showed a much larger-than-expected decline in its key U. S. economic signals. U. S. in October.
Noting that the index fell for the eighth straight month, Ataman Ozyildirim, senior director of economics at the Conference Board, said the knowledge suggests the economy is “possibly in recession. “
Most primary sectors ended the day showing modest moves, contributing to the lackluster closing of broader markets.
Utility stocks, however, showed an uptrend, with the Dow Jones Utility Average jumping 2. 3%.
Significant strength also visually among network stocks, as evidenced by the 2. 2% jump in the NYSE Arca networking index.
Commodities, Foreign Exchange Markets
Crude oil futures are falling $0. 55 to $79. 53 a barrel after falling $1. 56 to $80. 08 a barrel on Friday. Meanwhile, after falling from $8. 60 to $1754. 40 consistent with the ounce in the last session, gold futures fell from $8. 80 to $1745. 60 consistent with the ounce.
On the currency side, the U. S. dollar is trading at 141. 75 yen versus 140. 37 yen at the close of trading in New York on Friday. Against the euro, the dollar is trading at $1. 0251 from $1. 0325 last Friday.
asia
China reported the death of another 3 people after contracting COVID-19. This is the first COVID-related death reported by the Chinese mainland since May.
As Russia and Ukraine handle the weekend bombing near the Zaporizhzhia nuclear plant, the head of the U. N. nuclear watchdog warned that anyone who fires artillery at the plant “will play with fire. “
China’s Shanghai Composite Index fell 0. 4% to 3,085. 04 after several cities in the country, in addition to Beijing and Shanghai, imposed strict restrictions to involve new COVID-19 outbreaks.
Hong Kong’s Hang Seng Index fell 1. 9 percent to 17,655. 91, extending losses for a fourth straight session.
The Marubeni retail space closed up 2. 1% after hitting a record 1,514 yen the previous day. Sompo Holdings plunged 8% after posting a loss in the six months ended Sept. 30.
Seoul shares fell, with the Kospi falling 1. 0% to 2,419. 50 amid pandemic-like uncertainties, geopolitics and rates.
Australian markets ended lower, dragged down by losses in the mining and energy sectors. Santos, Woodside Energy, BHP, Rio Tinto, Fortescue Metals Group lost between 1 and 4%. The big 4 banks rose between 0. 6% and 1. 5% due to expectations that it will take advantage of higher interest rates.
Corporate online asset deal PEXA Group fell more than 3 years after its largest shareholder, Link Administration, exited its stake.
Europe ×
European stocks fell on Monday as commodity-related stocks ratcheted up tension after China reported the first Covid-related deaths recorded since May this year.
The sense of threat has also been affected by fears of an escalation of the Russian-Ukrainian confrontation following the recent bombing around the Zaporizhzhia nuclear power plant.
The International Atomic Energy Agency called for “urgent measures to prevent a nuclear accident” at the Russian-occupied facility, parts of which it said were broken but showed no symptoms of radioactive leakage.
International delivery services, formerly Royal Mail, have collapsed as new postal movements loom in the busy holiday season.
Swiss engineering firm ABB recorded a decline after announcing that its electric mobility unit ABB had signed a personal pre-IPO placement of around two hundred million Swiss francs for newly issued shares.
Meanwhile, Virgin Money’s percentages rose more than 10% after the British lender reported better-than-expected annual effects and announced a £50 million ($59. 4 million) percentage buyback program.
Commerzbank increased. The German lender said on Saturday that former Bundesbank President Jens Weidmann would update Helmut Gottschalk next year as head of its supervisory board.
Production costs rose 34. 5% year-on-year in October, slower than September’s 45. 8%. Also well below the 41. 5% increase expected by economists.
On a monthly basis, manufacturing costs fell 4. 2% in October, offsetting a 2. 3% jump in September.
U. S. Economic Reports
The Treasury Department is expected to announce the effects of this month’s auction of $42 billion in two-year bonds and $43 billion in five-year bonds at 11:30 a. m. m. ET and 1 p. m. ET, respectively.
Shares of Disney (DIS) rose sharply in premarket trading after the entertainment giant announced that Bob Iger would return as CEO, replacing Bob Chapek.
The development of cancer drugs according to Imago BioSciences (IMGO) is also consistent with premarket strength after agreeing to be acquired through Merck (MRK) for $1. 35 billion or $36 based on constant percentage cash.
On the other hand, MongoDB (MDB) inventories may come under pressure after Morgan Stanley downgraded its database platform vendor inventory score to Overweight’s Equal-Weight.