MARKET SNAPSHOT: Stocks Poised To Start The Week Lower As Trade Tensions Persist
May 20 2019 - 7:14AM
Dow Jones News
By Mark DeCambre, MarketWatch
U.S. stocks looked set to fall on Monday as souring U.S.-China
trade relations continued to weigh on sentiment throughout global
markets.
How are major benchmarks faring?
Dow Jones Industrial Futures fell 104 points, or 0.4%, lower at
25,676, those for the S&P 500 declined 13.50 points, or 0.5%,
at 2,848.50, while Nasdaq-100 futures retreated 78.25 at 7,433.75,
a fall of 1%.
On Friday
(http://www.marketwatch.com/story/stock-index-futures-point-lower-putting-rebound-in-danger-after-china-casts-doubt-on-further-trade-talks-2019-05-17),
the Dow slid 98.68 points, or 0.4%, to 25,764 and the S&P 500
index lost 16.79 points, or 0.6%, to 2,859.53. The Nasdaq Composite
Index declined 81.76 points, or 1%, to 7,816.28.
The Dow shed 0.7% for the week, bringing its weekly losing
streak to four, the longest since May 2016. The S&P 500 fell
0.8% on the week while the Nasdaq dropped 1.3%.
What's driving the market?
Sino-American trade tensions continued to face apparent
escalation, with shares of chip makers taking it on the chin as
U.S. technology companies have begun to comply with the White
House's ban on China's Huawei Technologies Inc.
Bloomberg News reported Sunday that Xilinx (XLNX)(XLNX) and
other U.S. chip makers, including Intel Corp(INTC), Qualcomm Corp.
(QCOM) and Broadcom Inc. (AVGO) have frozen the supply of critical
software and hardware components to Huawei.
What are strategists saying?
"Market volatility continues to stem from announcements and
interpretations of what is going on in trade disputes between the
US and its trading partners, but principally China," wrote Jasper
Lawler, head of research at London Capital Group, in a daily
research note.
Which data and Fed speakers are ahead?
A reading of the Federal Reserve's National Activity Index is
due at 8:30 a.m. Eastern Time.
Atlanta Federal Reserve Bank President Raphael Bostic is due to
speak at the Annual Financial Markets Conference held by the
Atlanta Federal Reserve Bank in Amelia Island, FL. at 8:50 a.m.
Philadelphia Federal Reserve Bank President Patrick Harker will
speak at 9:30 a.m. at the 65th Anniversary Conference in
Boston.
New York Federal Reserve Bank President John Williams and
Federal Reserve Vice Chair Richard Clarida will both participate in
the "Fed Listens" roundtable discussion on monetary policy strategy
and tools at 1 p.m.
(END) Dow Jones Newswires
May 20, 2019 06:59 ET (10:59 GMT)
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