Stocks could return upwards in early Monday trading after a significant drop last week. Major index futures are currently market, The Dow futures are up 182 points.
Bargain hunting may contribute to Wall Street’s early strength after the plunge seen last Friday lowered the Dow to its lowest closing price in more than two months.
The Dow has fallen five times in a row, down 3.4% last week, the worst week of the Best Equity Index since October last year.
Last week’s sellout arose in concern about the outlook for monetary policy, after the Federal Reserve Board’s latest forecast demanded two rate hikes in 2023.
St. Louis Fed Governor Jim Bullard told CNBC’s Squawk Box that the Fed’s first rate hike could happen soon next year.
Due to the lack of key US economic data, some traders are on the sidelines before reports on new and existing home sales, consumer durables orders, and personal income and spending are released in the coming days. There is likely to be.
Federal Reserve Board Chair Jerome Powell will also testify before the House Select Subcommittee on the Coronavirus Crisis on Tuesday.
Powell will discuss the Fed’s response to the pandemic, but may also face questions about the outlook for monetary policy.
Following the mixed performance seen on Thursday, stocks fell almost during Friday’s trading. Due to the decline on the day, the Dow ended the session with the lowest closing price in more than two months.
The Dow and S & P 500 set new lows in the session, putting the main average under pressure to approach the closing price. The Dow fell 533.37 points (1.6%) to 33,290.08, the Nasdaq fell 130.97 points (0.9%) to 14,030.38, and the S & P 500 fell 55.41 points (1.3%) to 4,166.45.
In a week, the Dow fell 3.4 percent, the S & P 500 fell 1.9 percent, and the tech-heavy Nasdaq fell 0.3 percent.
In overseas trading, the stock market in the Asia-Pacific region fell sharply on Monday. Japan’s Nikkei Stock Average plunged 3.3%, while Hong Kong’s Hang Seng Index fell 1.1%.
Meanwhile, major European markets moved upwards that day. Germany’s DAX index has risen 0.7%, while France’s CAC 40 index and the UK’s FTSE 100 index have both risen 0.2%.
Commodity trading rose $ 0.16 to $ 71.80 after crude oil futures rose $ 0.60 to $ 71.64 last Friday. Meanwhile, gold futures have risen from $ 7.10 to $ 1,776.10 per ounce after falling from $ 5.80 to $ 1,769 per ounce in the previous session.
On the currency side, the US dollar is trading at 110.14 yen, compared to 110.21 yen at the end of the New York transaction on Friday. The dollar is trading at $ 1.1887 against the euro, compared to $ 1.1864 last Friday.
Contact for comments and feedback: firstname.lastname@example.org
U.S. stocks could regain ground with early trading
Source link U.S. stocks could regain ground with early trading