U.S. stock futures retreated Monday morning as a lack of progress on China-U.S. trade negotiations momentarily took the air out of a record run for equity markets. Meanwhile, bond markets were closed for Veterans Day. Investors were awaiting speeches from President Donald Trump and Federal Reserve Chairman Jerome Powell later in the week.
How are major benchmarks performing?
Futures for the Dow Jones Industrial Average
were down 110 points, or 0.4%, to 27,521, those for the S&P 500 index declined 10.90 points, or 0.4%, at 3,080
, while Nasdaq-100 futures
fell 34.50 points to reach 8,222.75, a decline of 0.4%.
On Friday, the Dow
added 6.44 points, or 0.02% to close at a record of 27,681.20, the S&P 500 index
advanced 7.90 basis points, or 0.26%, to seize a fresh closing high of 3,093.08. The Nasdaq Composite Index
rose 40.80 points, or 0.48%, at 8,475.31, another record.
Last week, the Dow added 1.2% while the S&P 500 gained 0.8% and the Nasdaq advanced 1%.
What’s driving the market?
President Donald Trump over the weekend said discussions with China and the U.S. were going “very nicely” but cautioned that recent reports about an agreement to roll back tariffs as a part of a preliminary trade resolution weren’t accurate. “The level of tariff lift is incorrect,” Trump said on Saturday at the Joint Base Andrews before leaving for a visit to Tuscaloosa, Ala., Reuters reported. He didn’t elaborate on those comments.
Trump also suggested that the pace of talks were going more slowly than he would prefer and that China had more to benefit from striking a tariff resolution soon.
“The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it’s not a great deal, I won’t make it,” the president said.
Investors were also watching reports of clashes in Hong Kong as a monthslong protest flares up. The Wall Street Journal reported that police shot and critically injured a protester as the city’s start-of-week commute was disrupted by demonstrators trying to block roads and delay trains. The paper also said one man was seen set ablaze in one unverified video, after he confronted protesters who had been vandalizing a subway station.
Meanwhile, the Securities Industry and Financial Markets Association, or Sifma, has recommended the bond market’s closure in line with the U.S. Treasury Department’s holiday schedule.
How are others assets trading?
on Comex was up 0.1% at $1,464.40 an ounce after putting in a weekly loss of 3.2%, marking its sharpest weekly loss in more than two years, according to FactSet data.
West Texas Intermediate crude for December delivery
The ICE U.S. dollar index
a gauge of the greenback’s performance against six major rivals, was off 0.2%.
In Asia overnight, the China CSI 300
fell 1.8%, and the Shanghai Composite
declined 1.8%. Hong Kong’s Hang Seng Index
fell 2.6%, while Japan’s Nikkei 225 Index
In Europe, the Stoxx Europe 600’s
traded 0.3% lower.