News

Market Snapshot: U.S. stock futures struggle to hold gains ahead of data and as China economy slows

0

U.S. stock index futures turned mixed on Wednesday, giving up gains as investors waited for more economic data and fresh numbers out of China revealed its own pandemic struggles.

How are stock futures trading?
  • Dow Jones Industrial Average futures
    YM00,
    -0.08%

    slipped 11 points to 34,453
  • S&P 500 futures
    ES00,
    +0.04%

    rose 3.7 points to 4,438
  • Nasdaq-100 futures
    NQ00,
    +0.15%

    gained 23 points, or 0.1%, to 15,403

On Tuesday, the Dow industrials
DJIA,
-0.84%

dropped 292.06 points, or 0.8%, to finish at 34,577.57, the S&P 500 index
SPX,
-0.57%

fell 25.68 points, or 0.6%, to 4,443.05 and the Nasdaq Composite
COMP,
-0.45%

fell 67.82 points, or 0.5%, to 15,037.76.

Read: Stock-market traders brace for ‘quadruple witching’

And: The S&P 500 fights to hold above a short-term line in the sand of bullish momentum

What’s driving the market?

Investors remain worried that fallout from the pandemic is slowing global economic growth, as the delta variant has fueled surging cases in the U.S. and other countries. Markets have been trying to regroup after a string of losses that were briefly halted on Monday.

The Dow and S&P 500 have lost ground for six of the last seven days and the Nasdaq has posted five straight days of losses. For September, the Dow is off by more than 2% and the S&P 500 is down about 1.8%.

Read: Shop early and expect to pay more: Supply chain issues could be a stumbling block to upbeat holiday shopping forecasts

“I suspect the market is likely to bounce around as it tries to stabilize. From a near term prospective the market is somewhat oversold, therefore we could get a bounce. However the cautious attitude will likely prevail since the decline has been accompanied by low volume,” Peter Cardillo, chief market economist at Spartan Capital Securities, said in emailed comments.

More U.S. economic data is ahead for Wednesday, starting with August import prices and the New York state Empire factory index for September, both due at 8:30 a.m. Eastern Time., and industrial production and capacity utilization for August due at 9:15 a.m. Eastern.

Overnight news saw a batch of downbeat data from China, where August retail sales grew a disappointing 2.5% from a year earlier, from 8.5% growth in July. Industrial output in August and fixed-asset investment also fell short of expectations.

Which companies are in focus?
How are other assets trading?
  • The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    1.266%

    fell 1 basis point to 1.273%. Yields and debt prices move in opposite directions.
  • The ICE U.S. Dollar Index
    DXY,
    -0.15%
    ,
    which measures the currency against a basket of six major rivals, fell 0.1% to 92.49.
  • Oil futures were higher, with the U.S. benchmark
    CL00,
    +1.41%

    rising $1.26 to $71.36 a barrel. October natural gas
    NGV21,
    +3.19%

    climbed 3% to $5.42 per million British thermal units.
  • In European equities, the Stoxx Europe 600 index
    SXXP,
    -0.41%

    fell 0.4%, while London’s FTSE 100 index
    UKX,
    -0.08%

    was flat.

Metals Stocks: Gold prices slip, but hold above $1,800

Previous article

Bond Report: U.S. Treasury yields stabilize after CPI-inspired drop

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News