Market Wrap: pre-opening session
U.S. market futures lose ground as market sentiment remains gripped by inflation fears.
On Friday, major U.S. stock index retreated more than 1%, with the S&P 500 falling 92 points (-1.24%) to 7,408, and the Nasdaq 100 down 455 points (-1.54%) to 29,125.
The Dow Jones declined 537 points (-1.07%) to 49,526.
The U.S. 10-year Treasury yield hit its highest level in 15 months. Investors start to worry that the Federal Reserve may hike interest rates amid increasing inflation pressure.
On the stat front in the U.S. the NAHB housing market index is expected at 35 in May vs 34 in April.
Stock markets in Canada are closed for Victoria Day.
European indices trade mixed.
Asian indexes were badly oriented. On the stat side, China's industrial production rose 4.1% year-on-year in April, below 5.5% expected, and retail sales grew 0.2%, below 2.2% estimated.
WTI crude oil prices keep firm, still trading above 100 dollars. U.S. President Donald Trump said Sunday in a social media post that "For Iran, the Clock is Ticking."
Gold and silver both attempt to stabilize following a losing week.
Bitcoin is under pressure after crossing below 78,000 dollars over the weekend.
Premarket news
Dominion Energy (D), an electricity and natural gas supplier, soars as The Wall Street Journal reported that NextEra Energy (NEE) is in talks to buy the company.
Delta Air Lines (DAL), an airline, and Macy's (M), a department store chain, gain ground as Berkshire Hathaway (BRK/B) took stakes in the companies. On the other hand, UnitedHealth Group (UNH), a private health insurance provider, drops as Berkshire Hathaway fully exited its stake in the company.
Baidu (BIDU), a Chinese technology company, rises as quarterly sales beat estimates.
EchoStar (SATS)'s, a provider of satellite communications services, target price was raised to 155 dollars from 129 dollars at TD Cowen.
Regeneron Pharmaceuticals (REGN), a developer of a range of medical treatments, tumbles after saying "the Phase 3 trial evaluating two dose levels of fianlimab in combination with cemiplimab as a first-line treatment for patients with unresectable locally advanced or metastatic melanoma did not reach statistical significance for the primary endpoint of improvement in progression-free survival."
Expected Today
No major earnings expected
Canada
0:00 Victoria Day
Last Friday, the S&P/TSX Composite Index dropped 1.27% to 33,833 and the S&P/TSX 60 Index was down 0.95% to 1,967.
No major corporate news as stock markets in Canada are closed for Victoria Day.
Source: Trading Central