Wall Street Targets Lower Open

(RTTNews) - The surging tension in the Middle East and the tough stand of U.S., Iran and Iraq are directly reflected on oil as well as gold prices. Investors are cautious about geopolitical developments in the region.

The Labor Department's monthly jobs report, the U.S. trade deficit, reports on service sector activity, and factory orders might attract attention next week. Asian shares finished broadly lower, while European shares are trading down. Early signs from the U.S. Futures Index suggest that Wall Street might open in the red.

As of 8.15 am ET, the Dow futures were losing 177.00 points, the S&P 500 futures were down 18.00 points and the Nasdaq 100 futures were declining 61.75 points.

The U.S. major averages closed firmly negative on Friday. The Dow tumbled 233.92 points or 0.8 percent to 28,634.88, the Nasdaq slumped 71.42 points or 0.8 percent to 9,020.77 and the S&P 500 fell 23.00 points or 0.7 percent to 3,234.85.

On the economic front, the Purchase Managers Index or PMI for December will be published at 9.45 am ET. The consensus is for an increase of 52.2, slightly up from 51.6 in the prior month.

TD Ameritrade Investor Movement Index or IMX for December will be released at 12.30 pm ET. In the prior month the level was at 5.17.

Asian stocks finished mostly lower on Monday Chinese shares gave up early gains to end on a flat note. Hong Kong's Hang Seng index ended down 0.79 percent at 28,226.19.

Japanese shares led regional losses. The Nikkei average fell 1.91 percent to 23,204.86. The broader Topix index closed 1.39 percent lower at 1,697.49. Australian markets finished marginally higher. All Ordinaries were up 2.20 points or 0.03 percent.

European shares are trading in the red. France's CAC 40 is declining 59.23 points or 0.98 percent. Germany's DAX is sliding 183.35 points or 1.39 percent. FTSE 100 of U.K. is losing 68.21 points or 0.89 percent. Swiss Market Index is down 73.47 points or 0.67 percent.

Eurozone's leading Blue Chip index, Euro Stoxx 50, is down 1.04 percent.

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


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