The S&P 500 Futures are extending Friday decline when the Dow Jones Industrial Average eased 244 points (-0.88%) to 27657, the S&P 500 fell 37 points (-1.12%) to 3319 and the Nasdaq 100 lost 143 points (-1.30%) to 10936.
Later today, In the U.S, the Federal Reserve Bank of Chicago will post August National Activity Index (1.18 expected).
European indices fell sharply on Monday morning losing more than 3% on average as coronavirus cases are soaring in Europe with France and the U.K. cases reaching a four-month high while authority are taking various measures to avoid another lockdown.
Asian indices ended significantly lower with the Hong Kong HSI losing 2.06%. Japan’s markets were closed on Monday for Respected-for-the-aged-day.
WTI Crude Oil futures are under pressure. The total number of rotary rigs in the U.S. edged up to 255 as of September 18 from 254 in the prior week, and rigs in Canada rose to 64 from 52, according to Baker Hughes. The net long position of WTI crude oil increased 9.6% on week to 295,388 contracts as of September 15, reported the Commodities Futures Trading Commission. Also, traders are closely watching if Libya is moving closer to reopening its oil industry.
Gold loses ground while the US dollar rebounds on tumbling stock markets.
Gold fell 19.84 dollars (-1.02%) to 1931.01 dollars.
The dollar index gained 0.36pt to 93.284.
U.S. Equity Snapshot
Oracle (ORCL), a computer technology company, announced that it was chosen to become TikTok's secure cloud technology provider and will take a 12.5% stake in TikTok Global, a new holding that will gather TikTok US operations. The stock was upgraded to "outperform" from "sector perform" at RBC Capital.
Walmart (WMT), a retail group, said it has tentatively agreed to purchase 7.5% of TikTok Global as well as enter into commercial agreements to provide its ecommerce, fulfillment, payments and other omnichannel services to TikTok Global.
Source: TradingView, GAIN Capital
Nikola (NKLA), the hydrogen-electric vehicles maker, is diving before hours as its founder and executive chairman Trevor Milton is stepping down.
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