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Home / Business / Dow futures sink to start the week as Trump says reports of 'tariff lift levels are incorrect'

Dow futures sink to start the week as Trump says reports of 'tariff lift levels are incorrect'



U.S. Stock Futures withdrew Monday morning as a lack of progress in China-U.S. Trade negotiations immediately took the air out of the record markets. Meanwhile, bond markets were closed for Veterans Day. Investors were waiting for speeches from President Donald Trump and Federal Reserve Chairman Jerome Powell later this week.

How do the most important standards perform?

Futures for the Dow Jones Industrial Average

YMZ19, -0.38%

was down 97 points, or 0.4%, to 27,534, those for the S&P 500 index

ESZ1

9, -0.39%

went down 11.85 points, or 0.4%, at 3,078.50, while Nasdaq-100 futures

NQZ19, -0.38%

fell 31.75 points to reach 8.225.75, a decrease of 0.4%.

On Friday, Dow

DJIA, + 0.02%

added 6.44 points, or 0.02% to close at a record of 27,681.20, the S&P 500 index

SPX, + 0.26%

advanced 7.90 basis points, or 0.26%, to grab a new close of 3.993.08. Nasdaq Composite Index

COMP, + 0.48%

rose 40.80 points, or 0.48%, to 8,475.31, another record.

Last week, Dow added 1.2% while the S&P 500 gained 0.8% and Nasdaq advanced 1%.

What is driving the market?

President Donald Trump this weekend said discussions with China and the US were "very nice" but warned that recent reports of a tariff reset agreement, as part of a preliminary trade resolution, were inaccurate. "The level of the customs elevator is wrong," Trump said Saturday at Joint Base Andrews before traveling to Tuscaloosa, Ala., Reuters reports. He did not comment on those comments.

Trump also suggested that the pace of talks was slower than he preferred, and that China had more to benefit from reaching a tariff resolution soon.

"The trade talks with China go on, I think, very nicely, and if we make the agreement that we will, it will be a good deal, and if it is not good, I will not," said President .

Investors also watched reports of clashes in Hong Kong when a month-long protest flared up. The Wall Street Journal reported that police shot and critically injured a protester when the city's commute at the start of the week was disrupted by protesters trying to block roads and delay trains. The newspaper also said a man was caught on fire in an unverified video after confronting protesters who had vandalized a subway station.

Meanwhile, the Securities Industry and Financial Markets Association, or Sifma, has recommended the closure of the bond market in line with the US Department of State's holiday schedule.

No financial data will be provided on Monday, although investors analyzed a speech by Boston Fed President Eric Rosengren, who argued Monday that regulators around the world should raise capital buffers for large banks.

Looking ahead, Trump will speak at the New York Economic Club about trade, and Fed Chairman Powell is scheduled to appear on Wednesday for the Congress Joint Economic Committee and then in front of the House Budget Committee, a day after.

Which stocks are in focus?

Boeing Co. .

BA, -1.77%

shares were down 0.7% in premarket trading Monday, following American Airlines Group Inc.

AAL, -0.42%

and Southwest Airlines Co .

LUV, -0.10%

extended its 737 Max cancellations to early March.

Shares of General Electric Co .

GE, + 2.04%

was down about 1% in trading on the premarket after the industrial conglomerate closed at a better than a year's high on Friday. The company's share had increased by about 27% since its October 30 launch of its third-quarter earnings through Friday's close.

Tupperware Brands Corp. .

TUP, -3.41%

suspended the dividend late on Friday, sending shares in the company down about 9% in trading with no working hours.

Shares of Apple Inc .

AAPL, + 0.27%

and Goldman Sachs Group

GS, -0.17%

were 0.6% and 0.8% respectively lower during trading with the premarket after the New York Department of Financial Services said it opened a probe into the new Apple card after a series of tweets from a technology entrepreneur David Heinemeier Hansson accused it of gender discrimination.

US traded shares in Alibaba Group Holding Ltd .

BABA, + 0.27%

was down 0.6% before trading commenced Monday, during the Chinese e-retailer's "single & # 39; s day" sales event, an annual marketing event that is the world's busiest shopping day .

How do other people's assets trade?

December Gold

GCZ19, -0.14%

on Comex was less than 0.1% to $ 1,463.40 per ounce after putting down a weekly loss of 3.2%, marking the sharpest weekly loss of more than two years, according to FactSet data.

Central Texas Crude Oil for Delivery in December

CLZ19, -1.22%

fell 1% to $ 56.69 a barrel on the New York Mercantile Exchange, following a weekly gain of 1.9% over the five sessions that ended Friday .

The ICE US Dollar Index

DXY, -0.19% ,

a measure of greenback's performance against six major rivals was 0.2%.

In Asia overnight, China CSI 300

000300, -1.76%

fell 1.8%, and Shanghai Composite

SHCOMP, -1.83%

drops 1.8%. Hong Kong's Hang Seng Index

HSI, -2.62%

falls 2.6%, while Japan's Nikkei 225 index

NIK, -0.26%

slid 0.3%.

In Europe, Stoxx Europe 600 & # 39; s

SXXP, -0.27%

sales 0.3% lower.


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