Market sentiments might be around geo-political developments, inflation concerns and the new tariffs to be declared by President Donald Trump on Monday.
Trump is reportedly planning to announce a 25 percent tariff on steel and aluminum imports into the country today. There is already an import tax for steel and aluminum from certain countries such as China. He is also has scheduled two newsconferences on Tuesday and Wednesday to announce new reciprocal tariffs.
Investors are looking ahead to Fed Chair Jerome Powell’s upcoming semi-annual congressional testimony and the Consumer and the Producer price inflation are expected this week.
In the Asian trading hours, dollar climbed, while spot gold price hit a new record high. Oil prices also traded higher.
Asian shares finished mixed, while European shares are trading positive.
As of 7.55 am ET, the Dow futures were up 203.00 points, the S&P 500 futures were adding 28.50 points and the Nasdaq 100 futures were progressing 146.25 points.
The U.S. major averages were firmly negative at the close on Friday. The Nasdaq dove 268.59 points or 1.3 percent to 19,523.40, the Dow tumbled 444.23 points or 1.0 percent to 44,303.40 and the S&P 500 slumped 57.58 points or 1.0 percent to 6,025.99.
On the economic front, the 3-month and 6-month Treasury bill auction will be held at 11.30 am ET.
Asian stocks ended mixed on Monday. Chinese markets advanced. The benchmark Shanghai Composite index edged up by 0.56 percent to 3,322.17.
Hong Kong’s Hang Seng index jumped 1.84 percent to 21,521.98.
Japanese markets ended on a mixed note. The Nikkei average finished marginally higher at 38,801.17 while the broader Topix index settled 0.15 percent lower at 2,733.01.
Australian markets ended modestly lower. The benchmark S&P/ASX 200 dropped 0.34 percent to 8,482.80 while the broader All Ordinaries index ended 0.37 percent lower at 8,747.60.
European shares are trading higher. CAC 40 of France is adding 18.46 points or 0.23 percent. DAX of Germany is gaining 82.94 points or 0.38 percent. FTSE 100 of England is progressing 56.84 points or 0.65 percent. The Swiss Market Index is up 12.65 points or 0.10 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.44 percent.
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Wall Street Set To Open Higher
2025-02-10 13:23:30
