Wall Street Poised To Open Broadly Lower

Early cues on The U.S. Futures Index suggest that Wall Street might open broadly down on Monday.

The market might continue to respond to President-elect Donald Trump’s threat of 100 percent tariff on BRICS Countries, if they go ahead with the idea of a new currency, to replace dollar.

Despite the Israel-Hezbollah ceasefire, Israel is continuing with the attack on Lebanon.

In the Asian trading session, gold prices fell nearly 1 percent, while oil ticked higher. Asian shares finished mostly up, while European shares are trading positive.

As of 7.45 am ET, the Dow futures were down 28.00 points, the S&P 500 futures were sliding 2.75 points and the Nasdaq 100 futures were progressing 8.25 points.

The U.S. major averages remained firmly positive on Friday. The Dow rose 188.59 points or 0.4 percent to 44,910.65, the Nasdaq advanced 157.69 points or 0.8 percent to 19,218.17 and the S&P 500 climbed 33.64 points or 0.6 percent to 6,032.38.

On the economic front, the PMI Manufacturing Final for November will be issued 9.45 am ET. The consensus is 48.8, while it was up 48.8 in the prior month.

The ISM Manufacturing Index for November will be released at 10.00 am ET. The consensus is 47.6, while it was up 46.5 in October.

The Construction Spending for October will be published at 10.00 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.1 percent in September.

The six-month Treasury Bill auction will be held at 11.30 am ET.

Fed Governor Christopher Waller will speak on the economic outlook before the American Institute for Economic Research Monetary Conference, ‘Building a Better Fed Framework’ at 3.15 pm ET.

New York Fed President John Williams will participate in a conversation organized by the Queens Chamber of Commerce at 4.30 pm ET.

Asian stocks rose broadly on Monday. China’s Shanghai Composite index rallied 1.13 percent to 3,363.98. Hong Kong’s Hang Seng index jumped 0.65 percent to 19,550.29.

Japanese markets were stronger at the close on Monday. The Nikkei average jumped 0.80 percent to 38,513.02 while the broader Topix index settled 1.27 percent higher at 2,714.72.

Australian markets ended slightly higher. The benchmark S&P/ASX 200 edged up by 0.14 percent to 8,447.90 while the broader All Ordinaries index ended little changed with a positive bias at 8,705.

European shares are trading mostly higher. CAC 40 of France is gaining 15.69 points or 0.22 percent. DAX of Germany is surging 232.15 points or 1.18 percent. FTSE 100 of England is progressing 30.22 points or 0.36 percent. The Swiss Market Index is up 74.01 points or 0.63 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.61 percent.

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