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Stocks- U.S. Futures Point to Low Open on Wall Street

Investing.com
U.S futures point to flat opening bell on Monday.
U.S futures point to flat opening bell on Monday.

Investing.com – U.S. futures pointed to a flat Wall Street open on Monday as investors watch for news about American tax-cut proposals.

The S&P 500 futures were down four points or 0.16% as of 6:59 AM ET (11:59 AM GMT) while Dow futures slumped 50 points or 0.21%. Meanwhile tech heavy Nasdaq 100 futures fell just over six and a half points or 0.10%.

Uncertainty surrounding the highly anticipated tax reform has markets on edge. A corporate tax cut of 20% from 35%, which investors believe would spur the economy, could be delayed until 2019.

Among the top performers in pre-market trading were General Electric (NYSE:GE), which increased 0.93% amid expectations that the struggling conglomerate will cut costs and close some research centers in a bid to gain investor confidence. Chinese online consumer credit product firm Qudian Inc (NYSE:QD) rose 7.78% after it reported a strong third quarter while e-commerce giant Alibaba (NYSE:BABA) rose 0.76% after a record $25 billion in sales on China’s Singles’ Day.

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Elsewhere, pharmaceutical firm Teva Pharma Industries Ltd ADR (NYSE:TEVA) was down 2.80% while steel and mining firm ArcelorMittal SA ADR (NYSE:MT) fell 1.07%.

In other news, United States President Donald Trump is in the Philippines as part of his extended trip across Asia to discuss trade and put pressure on the region to sanction North Korea. The White House is expected to deliver a statement on North Korea and trade on Wednesday.

Stocks were down in Europe. Germany’s DAX slumped 65 points or 0.50% while in France the CAC 40 slipped 22 points or 0.42% and in London, the FTSE 100 rose four points or 0.06%. Meanwhile the pan-European Euro Stoxx 50 was down 13 points or 0.38% while Spain’s IBEX 35 decreased 23 points or 0.38%.

In commodities, gold futures rallied 0.41% to $1,279.29 a troy ounce while crude oil futures rose 0.21% to $56.68 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched forward 0.15% to 94.44.

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