US pre-open: Futures point to flat opening ahead of raft of data
US stock futures pointed to a flat open on Monday, as Wall Street seemed unaffected by disappointing data that dragged Chinese stocks lower earlier in the day.
Clorox Co.
$143.20
10:59 18/04/24
Dow Jones I.A.
37,775.38
04:30 15/10/20
Ford Motor Co.
$12.06
10:59 18/04/24
General Motors Corp
n/a
11:09 18/04/24
Nasdaq 100
17,394.31
12:15 18/04/24
S&P 500
5,011.12
23:10 18/04/24
Tyson Foods Inc.
$58.87
10:59 18/04/24
The Dow Jones Industrial Average is expected to open approximately nine points higher, while the S&P 500 and the Nasdaq are set to begin the first session of the week broadly unchanged from Friday's close.
Asian stocks fall
Asian stocks started the week in the red following negative data from China, where the Shanghai Composite Index fell 1.11% and Hong Kong's Hang Seng was down 0.91%.
China's manufacturing purchasing managers (PMI) index declined in July to 47.8 from 48.2 one month earlier, adding to concerns of a deepening slowdown.
Elsewhere, European stocks reversed early losses to edge higher as well-received earnings and economic data helped to offset a downbeat session in Asia, although the Greek stock market fell heavily.
The dollar was broadly flat against the euro but gained 0.14% and 0.12% against the pound and the yen respectively, while gold futures slid 0.23% to $1,092.60.
Oil prices tumbled, with West Texas Intermediate losing 1.51% to $46.42 a barrel, while Brent dropped 2.11% to $51.13 a barrel.
Monday data
The economic calendar sees June figures for US personal income and spending released at 1330 BST, with a reading on core inflation for June also due out at 1330 BST.
At 1445 BST investors will analyse a July reading for Markit’s purchasing managers’ manufacturing index, followed at 1500 BST by data on June construction spending and for July data for the Institute for Supply Management’s manufacturing index.
”With the dollar opening the month strong the currency could receive another boost if these figures perform better than the slightly tepid growth that analysts are expecting,” said Connor Campbell, financial analyst at Spreadex.
In company news, food producer Tyson Foods and consumer products manufacturer Clorox will report ahead of the bell, while automotive giants Ford and General Motors could be in focus as July reports for US auto sales are released later in the session.