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.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.