MARKET SNAPSHOT: Dow Set To Rally After 8-session Skid Blamed On Trade Fears
22 Giugno 2018 - 11:58AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Red Hat shares plunge premarket after guidance disappoints
U.S. stock futures rose early Friday, suggesting the Dow could
put an end to its eight-session losing streak.
But the main equity benchmarks still look set for weekly losses,
thanks to recent selling that has been pinned on fears about a
potential global trade war.
What are the main benchmarks doing?
Dow Jones Industrial Average futures rose by 117 points, or
0.5%, to 24,589, while S&P 500 futures added 13.25 points, or
0.5%, to 2,765.75. Nasdaq-100 futures tacked on 27.50 points, or
0.4%, to 7,265.25.
On Thursday, the Dow extended its losing streak to an eighth
session
(http://www.marketwatch.com/story/dow-shapes-up-for-8th-loss-in-a-row-as-trade-gloom-lingers-2018-06-21),
as the S&P 500 and the tech-laden Nasdaq Composite also closed
lower.
For the week, the Dow is down 2.5% as of Thursday's close, while
the S&P and Nasdaq have lost 1.1% and 0.4%, respectively. The
blue-chip gauge is 1% lower for the year, but the S&P and
Nasdaq have gained 2.9% and 12%.
What's driving markets?
Investors continue to worry that trade tensions between the U.S.
and major trading partners such as China and the European Union
could develop into a big drag on the global economy. These concerns
come as the American economy, the world's largest, is increasingly
viewed as in the late stages of its expansion
(http://www.marketwatch.com/story/slowing-growth-stalling-stocks-raise-fear-that-economys-good-days-are-numbered-2018-05-07).
The EU has said it will begin implementing tariffs
(http://www.marketwatch.com/story/eu-to-impose-tariffs-on-32-billion-of-us-goods-starting-friday-2018-06-20)
on $3.2 billion in U.S. imports on Friday.
Check out:And the most American-made car is ..
(http://www.marketwatch.com/story/and-the-most-american-made-car-is-2018-06-21).
Oil prices are also in focus as Organization of the Petroleum
Exporting Countries members and other key crude producers gather in
Austria to discuss the future of an output-cut pact that has been
in place since January 2017. Crude futures
(http://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22)traded
higher Friday as Iran appeared to oppose a deal
(http://www.marketwatch.com/story/iran-says-it-opposes-opec-plan-to-raise-oil-output-2018-06-21)
to increase crude production.
Don't miss:OPEC risks destroying its oil market success
(http://www.marketwatch.com/story/opec-risks-destroying-its-oil-market-success-2018-06-14)
What are strategists saying?
"A trade war between the U.S. and China is an interesting affair
for traders who love volatility," said Naeem Aslam, chief market
analyst at Think Markets UK, in a note.
"The moment this issue takes the center stage, the risk-off
trade takes over. But interestingly, the risk-off trade doesn't
necessarily mean that investors are buying gold," he said.
Read more:Here's what may be eroding gold's traditional haven
status
(http://www.marketwatch.com/story/heres-why-gold-isnt-acting-like-a-haven-despite-trade-turmoil-rattling-stock-market-2018-06-21)
What are other markets doing?
Gold futures were little changed and on pace for a weekly drop.
European stocks mostly gained as Greece got debt relief that will
help it exit a bailout program
(http://www.marketwatch.com/story/greece-likely-to-get-green-light-to-exit-bailout-program-but-worries-linger-2018-06-20),
while Asian markets finished mixed
(http://www.marketwatch.com/story/asian-markets-retreat-as-trade-worries-weigh-2018-06-21).
The ICE U.S. Dollar Index was slipping.
Which stocks are in focus?
Shares in Red Hat Inc.(RHT)fell 14% in thin premarket action
after the software company late Thursday gave a
softer-than-anticipated quarterly outlook
(http://www.marketwatch.com/story/red-hat-shares-plunge-10-on-weak-outlook-2018-06-21).
Shares in used-car seller CarMax Inc.(KMX)and BlackBerry
Ltd.(BB.T) (BB.T) -- the Canadian company that's now focused on
software
(http://www.marketwatch.com/story/at-blackberry-smartphones-play-decreasing-role-2015-05-19)
after its smartphone business faded away -- are likely to see
active trading as they're among the companies expected to post
earnings before the open.
Which economic reports are on tap?
Data provider Markit is slated to release June figures for the
manufacturing and services sectors at 9:45 a.m. Eastern Time.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
(END) Dow Jones Newswires
June 22, 2018 05:43 ET (09:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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