Wall Street futures are trading higher and trying to bounce back from five days of declines
Wall Street closed this Friday in red and its main indicator, the DOW JONES Ind Average, fell 0.78% in its fifth consecutive day of decline.
At the close of the New York Stock Exchange, the Dow Jones cut 271.66 points, to 34,607.72 points, while the selective S&P 500 fell 0.77% or 34.70 whole, to 4,458.58 points. The NASDAQ 100 index, which brings together the most important technology companies, fell 0.87% or 132.76 units and stood at 15,115.49.
The New York park, which this Friday celebrated a tribute to the victims of 9/11, started the day with a rebound but finally got carried away by concerns. In the accumulated of the week, the Dow Jones finished with a decrease of 2.2%, the S&P 500 1.7% and the Nasdaq 1.6%.
Major US stock indices point to a market rally on Monday as the S&P 500 comes off its longest daily losing streak since February. The S&P 500 rose 0.36% to 4,474 points. The Dow Jones is down 0.50%, to 34,780 points and the Nasdaq opens with slight increases over 15,166 points.
Covid cases appear to be trending down in the US. With a seven-day average through Friday of about 136,000 cases, down from the average of 157,000 new cases at the end of August, according to the US Centers for Disease Control and Prevention. Pfizer’s Covid Vaccine Could Be Licensed For Children By The End Of Next Month, according to ..
Names linked to the reopening led gains in pre-session trading. Shares of Delta Air Lines and United Airlines are up 1% and Carnival added 1.2%. Traditional cyclical stocks of GM and Citigroup also rose. MGM shares rose more than 1% after a recommendation upgrade from Bernstein.
Inflationary fears have contributed to recent market losses. Data released on Friday showed that producer prices rose 0.7% in August and 8.3% year-on-year, which was the largest annual increase since records were first kept in November 2010.
The closely monitored consumer price index will be released on Tuesday, at which point it will be seen how much of the increased costs are passed on to consumers. Economists surveyed by FactSet expect consumer prices to have risen 5.3% in August on a year-over-year basis.
Stocks have been under pressure since the August employment report, released by the Labor Department on September 3, did not meet expectationss. Concerns spread throughout the market that the pandemic will continue to hamper economic growth, while rising inflation will prompt the Federal Reserve to take action. The Federal Reserve meets on September 21, where investors will look for clues about the central bank’s bond purchase program.
Despite last week’s losses, major stock indices are still relatively close to their record highs: the Dow is 2.87% below its all-time highs, while the S&P is 1.92% below its record highs. its maximum level. The Nasdaq Composite, meanwhile, is down 1.87% from records. Over the year, all three have posted double-digit percentage gains, but the continued impact of Covid-19 could slow the pace of recovery.
OPEC cut its forecast for global oil demand for the last quarter of 2021 on Monday due to the Delta variant of the coronavirus, and said a further recovery would be partially delayed until next year, when consumption will exceed pre-pandemic rates. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that it expects oil demand to average 99.70 million barrels per day (bpd) in the fourth quarter of 2021, 110,000 bpd less than forecast. of last month.
The benchmark index of the Hong Kong Stock Exchange, the Hang Seng, lost 1.50% today due to the falls of companies in the technology sector, which could not be offset by the good performance of those in other sectors such as oil.
The selective dropped 392.1 points, falling to 25,813.81, while the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, the Hang Seng China Enterprises, fell 1.58% .
At the corporate level, the US Department of Energy awarded oil contracts to eight companies based on a previously announced sale of up to 20 million barrels from the Strategic Petroleum Reserve. The contracts were awarded to Atlantic Trading & Marketing Inc; Chevron USA; ExxonMobil Oil Corp, Marathon Petroleum Supply and Trading; Motiva Enterprises; Phillips 66; Unipec America Inc; and Valero Marketing and Supply Co VLO.N, the Department of Energy said in a Sept. 10 statement posted online Monday.
The department had announced the call for bids on Aug. 23, to comply with recent legislation requiring sales of the nation’s emergency oil reserve. Deliveries of the oil are expected to be made between October 1 and December 15.
The sale comes at a time when crude prices are trading at week-long highs amid concerns about U.S. supply over damage from Hurricane Ida and continued impact. of COVID-19.