Corona Fear Continues To Grip Wall Street
The support expected from Central banks might add optimism among investors. However, the markets are yet to recover from the impact of Corona virus outbreak as the infections are growing day by day and is spreading to new and new geographies.
Dow had closed everyday last week in in red.
Initial trend on U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mostly lower, while European shares are trading down.
As of 8.05 am ET, the Dow futures were down 33.00 points, the S&P 500 futures were declining 12.25 points and the Nasdaq 100 futures were up 85.75 points.
U.S. major stocks closed mostly lower on Friday. The Nasdaq inched up 0.89 points or less than a tenth of a percent to 8,567.37, the Dow tumbled 357.28 points or 1.4 percent to a nearly nine-month closing low of 25,409.36 and the S&P 500 slid 24.54 points or 0.8 percent to a four-month closing low of 2,954.22.
On the economic front, Markit Economics’ PMI Manufacturing Index for February will be published at 9.45 am ET. The consensus is for an increase of 50.8, slightly down from 51.9 in the prior month.
ISM Manufacturing Index for February will be issued at 10.00 am ET. The consensus is for 50.4, compared to 50.9 in the prior month.
The Commerce Department’s Construction Spending for January will be released at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it declined 0.2 percent in the prior month.
Asian stocks ended mixed on Monday. Chinese stocks posted strong gains. The benchmark Shanghai Composite index jumped 90.63 points, or 3.15 percent, to 2,970.93, while Hong Kong’s Hang Seng index gained 0.62 percent to finish at 26,291.68.
Japanese stocks reversed early losses to end sharply higher. The Nikkei average climbed 201.12 points, or 0.95 percent, to 21,344.08, after the Bank of Japan Governor Haruhiko Kuroda pledged to take steps to stabilize markets. The broader Topix index closed 0.99 percent lower at 1,525.87.
Australian markets ended off their day’s lows. The benchmark S&P/ASX 200 fell 49.70 points, or 0.77 percent, to 6,391.50, while the broader All Ordinaries index ended down 50.40 points, or 0.77 percent, at 6,461.10.
European shares are trading mostly lower. CAC 40 of France is down 235.48 points or 4.28 percent. DAX of Germany is losing 114.63 points or 0.87 percent. FTSE 100 of England is gaining 2.85 points or 0.04 percent. Swiss Market Index is increasing 58.02 points or 0.69 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.71 percent.
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