Wall Street is expected to take a step back at the market open on Monday, following the lead of a wider retreat across global markets.
Spread betting quotes point to the Dow Jones Industrial Average tumbling 120 points to 34,262 with the S&P 500 shedding 14 points at 4,160 and the Nasdaq 100 retreating 58 points to 13,335.
The big macroeconomic event today for US traders is the Empire Manufacturing Index for May, which is expected to dip to 24.0 from 26.3 in April.
“The US dollar is edging higher at the start of the week in risk-off trade. Rising Covid cases in Asia, weaker Chinese economic data and geopolitical troubles in the Middle East are lifting demand for the safe-haven greenback,” wrote Sophie Griffiths at OANDA.
“Still, the US dollar move has been small as investors look ahead to the release of the latest FOMC minutes on Wednesday, particularly in the wake of the very mixed data recently.
“Weak retail sales on Friday reinforced expectations that the Fed will stick to its accommodative stance for longer. Furthermore, US consumer confidence held steady in April, reining in fears of higher inflation. Treasury yields edged back close towards the key 1.60% level. Any move higher in the US dollar is likely to be short-lived,” she added.
Four things to watch for on Monday:
- Companies in the earnings diary today include Alignment Healthcare Inc (NASDAQ:ALHC), electric vehicle maker Fisker Inc (NYSE:FSR) and IT services group Verra Mobility Corp (NASDAQ:VRRM)
- Shares in telecoms giant AT&T Inc (NYSE:T) will be in focus amid reports that it is in talks over a possible combination with Discovery Inc (NASDAQ:DISCA)
- Bitcoin and the wider crypto market is also drawing attention after the digital currency saw wild swings in value over the weekend following more twitter comments from Tesla Inc (NASDAQ:TSLA) boss Elon Musk
- On the macro front, investors will be keeping an eye on US housing market data as well as speeches from a number of Fed representatives
Story by ProactiveInvestors
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)