Wall Street Sees Red

The concerns on the super spread of COVID – 19 and subsequent higher number of hospitalization is increasing.

On the political front, Canadians will use their franchise today and will decide whether Prime Minister Justin Trudeau should continue in the leadership or not.

The Fed’s post-meeting statement is likely to be in the spotlight this week, overshadowing a slew of U.S. housing data.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
China, Japan, South Korea, and Taiwan markets were closed for holidays.

Asian shares finished mixed, while European shares were down.

As of 8.00 am ET, the Dow futures were sliding 645.00 points, the S&P 500 futures were losing 71.50 points and the Nasdaq 100 futures were down 226.25 points.

The U.S. major averages ended Friday firmly in the red. The Dow fell 166.44 points or 0.5 percent to 34,584.88, the Nasdaq slumped 137.96 points or 0.9 percent to 15,043.97 and the S&P 500 slid 40.76 points or 0.9 percent to 4,432.99.

On the economic front, the National Association of Home Builders/Wells Fargo’s Housing Market Index for September will be issued at 10.00 am ET. The consensus is for 75, while it was up 75 in the previous month.

Three months Treasury Bill Auction will be held at 11.30 am ET.

Asian stocks fell in thin holiday trade on Monday. Japan will resume on Tuesday, while Taiwan and China will be back on Wednesday, and South Korea returns on Thursday.
Hong Kong’s Hang Seng index slumped 821.62 points, or 3.30 percent, to settle at 24,099.14.

Australian markets tumbled as weak commodity prices pulled down miners and energy stocks. The benchmark S&P/ASX 200 fell as much as 155.50 points, or 2.10 percent, to 7,248.20, marking a three-month low. The broader All Ordinaries index ended down 165 points, or 2.14 percent, at 7,537.90.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 168.86 points or 2.57 percent. The German DAX is losing 414.24 points or 2.69 percent, the U.K. FTSE 100 Index is sliding 116.59 points or 1.68 percent.

The Swiss Market Index is declining 241.88 points or 2.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 2.64 percent.