Stocks May Show A Lack Of Direction In Early Trading – U.S. Commentary
After ending last Friday’s trading mostly higher, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 9 points.
Traders may be reluctant to make any significant moves amid a lack of major U.S. economic news following the slew of data and events last week.
The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on reports on producer and consumer price inflation.
On the earnings front, Disney (DIS), Tyson Foods (TSN), Tenet Healthcare (THC), Office Depot (ODP), CVS Health (CVS), and 21st Century Fox (FOXA) are among the companies due to report their quarterly results this week.
Stocks moved mostly higher over the course of the trading session on Friday, as traders digested to the Labor Department’s closely watched monthly jobs report. The tech-heavy Nasdaq fluctuated as the day progressed but managed to close in positive territory.
The major averages all closed higher, although the Nasdaq underperformed its counterparts after Thursday’s rally. While the Nasdaq inched up 9.33 points or 0.1 percent to 7,812.01, the Dow climbed 136.42 points or 0.5 percent at 25,462.58 and the S&P 500 rose 13.13 points or 0.5 percent to 2,840.35.
For the week, the Dow crept slightly higher, while the S&P 500 advanced by 0.8 percent and the Nasdaq jumped by 1 percent.
In overseas trading, stock markets across the Asia-Pacific region tuned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index edged down by 0.1 percent, while Hong Kong’s Hang Seng Index rose by 0.5 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.’s FTSE 100 Index has dipped by 0.2 percent, the German DAX Index and the French CAC 40 Index are both down by 0.2 percent.
In commodities trading, crude oil futures are climbing $0.76 to $69.25 a barrel after falling $0.47 to $68.49 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,2115.70, down $7.50 from the previous session’s close of $1,223.20. On Friday, gold rose $3.10.
On the currency front, the U.S. dollar is trading at 111.49 yen compared to the 111.25 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1544 compared to last Friday’s $1.1568.
by RTTNews Staff Writer
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