U.S. Market Futures Lower Ahead of Fed Rate Meeting
U.S. stock futures are lower in pre-market trading for Monday, June 13. The Dow Futures are down -70.00 points to 17706.0. The S&P 500 Futures are down -8.75 points to 2078.5. The Nasdaq Futures are lower at 4435.0 for a loss of -23.00 points. The Russell Futures are showing a loss of -3.80 points at 1155.3.
In overnight trading in the Eastern Hemisphere, stocks are lower. In China, the Shanghai Composite was lower at 2833.07 for a loss of -94.09 points or -3.21 percent. Japan’s Nikkei 225 was lower at 16019.18 for a loss of -582.18 or -3.51 percent. Hong Kong’s Hang Seng Index was lower at 20512.99 for a loss of -529.65 points or -2.52 percent. In India the S&P BSE Sensex was lower at 26396.77 for a loss of -238.98 points or -0.90 percent and the NSE Nifty was lower at 8,110.60 for a loss of -59.45 points or -0.73 percent. In Europe, the FTSE 100 was lower at 6071.12 for a loss of -44.64 points or -0.73 percent. Germany’s DAX was lower at 9706.17 for a loss of -128.45 points or -1.31 percent. France’s CAC 40 was lower at 4246.93 for a loss of -59.79 points or -1.39 percent. The Stoxx Europe 600 was lower at 327.50 for a loss of -5.42 points or -1.63 percent.
Monday’s Factors and Events
There are no reports on the economic calendar for Monday. The focus of the week will be on the Federal Reserve’s June monetary policy meeting on Tuesday and Wednesday, June 14 and 15. The market does not expect a rate increase from the Federal Reserve however the Fed has reported that they are in a tightening mode and will raise rates further in 2016. The Bank of Japan will also be reporting on its monetary policy this week.
Stocks trading actively in pre-market trading for the day include Newmont Mining Corp., Coca-Cola Co., Kinder Morgan Inc., Carnival Corp., Bank of America, Gilead Sciences and United Continental.
On Monday, investors will be watching Apple as it presents new developments in San Francisco at the World Wide Developers Conference.
Friday’s Activity
On Friday, U.S. market indexes were lower as stocks resisted new highs. For the day the Dow Jones Industrial Average closed at 17865.34 for a loss of -119.85 points or -0.67 percent. The S&P 500 was also down, closing at 2096.07 for a loss of -19.41 points or -0.92 percent. The Nasdaq Composite closed lower at 4894.55 for a loss of -64.07 points or -1.29 percent.
Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.
Other notable index closes included the small-cap Russell 2000, closing lower at 1163.93 for a loss of -17.27 points or -1.46 percent; the S&P 600 closing at 712.58 for a loss of -9.93 points or -1.37 percent; the S&P 400 Mid-Cap Index closing at 1499.07 for a loss of -21.91 points or -1.44 percent; the Russell 3000 closing at 1236.39 for a loss of -12.88 points or -1.03 percent; and the Dow Jones U.S. Select Dividend Index which closed at 600.31 for a loss of -4.46 points or -0.74 percent.
