Monday's Market Minute: Futures Open Soft On Partial Trade Deal

U.S. equity futures fell during the overnight session on reports that China wanted to speak further before signing off on the partial Trade War deal reached Friday. Despite President Trump announcing that he and China’s Vice Premier Liu He reached the first phase of a trade deal Friday afternoon, nearly all intraday gains in the major U.S. indexes had been lost by the close and futures were pointing toward a lower open.

Crude Oil futures also slipped lower after making modest gains on Friday following missile attacks on an Iranian tanker, with the WTI contract falling as much as 3% in the overnight session. Gold futures and the U.S. Dollar ticked higher over the weekend, nearly making up Friday’s losses. In contrast, the British Pound slipped after posting strong gains at the end of last week on promising Brexit talks between the U.K. and Ireland.

While this week marks the beginning of a new earnings season, no U.S. earnings or economic data will be released today in observance of Columbus Day. However, many of the big banks report tomorrow, including JPMorgan Chase & Co JPM, Goldman Sachs Group Inc GS and Wells Fargo & Co WFC. Later in the week, key economic data will be released as well: Retail Sales is released on Wednesday, while Housing Starts and Industrial Production come out on Thursday.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

Image Sourced from Pixabay