Quantcast

Wall Street Tips Lower Ahead of Opening Bell as Recession Worries Kick In


Shutterstock photo

US stocks were set for a lower open Monday as risk-aversion seeped into markets on fears of slowing global growth after the so-called yield curve inverted for the first time in more than a decade, stoking fears of a possible US recession.

Oil prices nudged lower with global benchmark Brent crude down 0.34%, while US West Texas Intermediate crude futures were down 0.5% recently on the back of signs of a slowing global economy.

Data released at 8:30 am showed the Chicago Fed National Activity Index came in at minus 0.29, against a plus 0.10 expected, for February following a minus 0.43 in the previous month, according to data compiled by Econoday.

At 10:30 am, forecasters see the Dallas Fed general activity index coming in at 10.0 for March against 13.1 in February.

In equities, shares of The9 Limited ( NCTY ) were 88.7% higher pre-bell after the internet company entered into a joint venture with Faraday Future that will manufacture and sell electric cars in China.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.11%

-S&P 500 futures down 0.13%

-Nasdaq 100 futures down 0.22%

-Nasdaq 100 pre-market indicator down 0.11%

GLOBAL SENTIMENT

Nikkei down 3.01%

Hang Seng down 2.03%

Shanghai Composite down 1.97%

FTSE-100 down 0.54%

DAX-30 down 0.12%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: lower

(-) Software stocks: lower

(+/-) Hardware stocks: mixed

(-) Internet stocks: lower

(+/-) Oil stocks: mixed

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/) Industrial stocks: unchanged to higher

(+/-) Airlines: mixed

(+/-) Autos: mixed

UPSIDE MOVERS

(+) CYCC (+25.3%) Reports positive results from Paloma-3 study which shows cyclin E as a biomarker of resident of estrogen receptor positive, Her-2 negative breast cancer to palbociclib regimens

(+) AVYA (+31.7%) Mulls leveraged buyout deal from private equity firm, report says

(+) YRD (+5.1%) Enters realignment deal with controlling shareholder

DOWNSIDE MOVERS

(-) PTI (-50%) Reports results from phase 1 trial of cystic fibrosis transmembrane conductance regulator modulators

(-) TSLA (-2.1%) Industry data shows registrations of new Tesla vehicles dropped month-over-month in February

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: NCTY




More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities












Research Brokers before you trade

Want to trade FX?