After turning in a mixed performance in the previous session, stocks may move to the downside in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 192 points.
Concerns about the economic impact of the ongoing conflict between Russia and Ukraine may contribute to initial weakness on Wall Street.
The Russian invasion of Ukraine has led to a jump in energy prices, leading to worries about a further acceleration in the pace of inflation.
Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of February.
The manufacturing PMI is expected to inch up to 58.0 in February from 57.6 in January, with a reading above 50 indicating growth in the sector.
The Commerce Department is also due to release its report on construction spending in the month of January. Construction spending is expected to edge up by 0.2 percent.
After a sharp plunge in early trading, U.S. stocks regained some lost ground Monday morning but faltered again and eventually ended the day’s session on a mixed note amid high volatility.
The major averages closed mixed. The Dow ended with a loss of 166.15 points or 0.5 percent at 33,892.60 after swinging between 33,469.31 and 33,963.62.
The S&P 500, which briefly emerged into positive territory around later morning, ended the session with a loss of 10.71 points or 0.2 percent at 4,373.94, while the Nasdaq settled with a gain of 56.77 points or 0.4 percent at 13,751.40.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.2 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.
Meanwhile, the major European markets have shown substantial moves to the downside on the day. While the German DAX Index has plunged by 2.8 percent, the French CAC 40 Index is down by 2.4 percent and the U.K.’s FTSE 100 Index is down by 1.2 percent.
In commodities trading, crude oil futures are spiking $4.03 to $99.75 a barrel after soaring $4.13 to $95.72 a barrel on Monday. Meanwhile, after climbing $13.10 to $1,900.70 an ounce in the previous session, gold futures are jumping $18.80 to $1,919.50 an ounce.
On the currency front, the U.S. dollar is trading at 114.91 yen compared to the 115 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1161 compared to yesterday’s $1.1219.
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