Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow futures tumble 100 points on concern over slowdown in China

Stock MarketsMay 03, 2016 06:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. U.S. futures point to lower open after downbeat Chinese manufacturing data

Investing.com – Wall Street futures fell on Tuesday with market participants gauging the weakness in the dollar, trading at 16-month lows against the other major currencies on Tuesday, as downbeat Chinese manufacturing data dampened sentiment.

The blue-chip Dow futures tumbled 118 points, or 0.66%, by 10:48AM GMT, or 6:48AM ET, the S&P 500 futures traded down 14 points, or 0.69%, while the tech-heavy Nasdaq 100 futures shed 33 points, or 0.76%.

The China’s Caixin manufacturing purchasing managers’ index ticked down to 49.4 in April from 49.7 the previous month, compared to expectations for a rise to 49.9.

The contraction in manufacturing activity in the world’s second largest economy reduced risk appetite for stocks and sparked safe-haven demand with investors fleeing to the yen and gold.

At 10:50GMT, or 6:50AM ET, USD/JPY dropped 0.61% to 105.76, trading near 18-month lows.

On a broader level, the greenback was trading down for the seventh-consecutive day, having hit its lowest level since January 2015.

At 10:51GMT, or 6:51AM ET, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.34% at 92.22.

Meanwhile, gold for June delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,303.85 a troy ounce before falling back to $1,297.10 by 10:52GMT, or 6:52AM ET, up $1.30, or 0.10%. On Monday, gold rallied to $1,306.00, the most since January 2015.

Oil had traded 1% higher earlier on Tuesday thanks to the weaker dollar, but turned around on reports of rising production in the Middle East and North Sea.

U.S. crude futures fell 1.30% to $44.20 by 10:53AM GMT, or 6:53AM ET, while Brent oil lost 1.07% to $45.34.

In a light calendar day, the ISM NY business conditions will be released at 13:45GMT, or 9:45AM ET, and total vehicle sales for April was set to come out at 20:00GMT, or 16:00ET.

Traders will also pay close attention to speeches from Federal Reserve (Fed) officials scheduled for Tuesday.

After the market close on Monday, San Francisco Fed president John Williams said any rate hikes by central banks world-wide will trend lower than in the past.

Cleveland Fed president Loretta Mester was scheduled Tuesday to chair a panel on how monetary policy affects market liquidity at 14:30GMT, or 10:30AM ET.

Atlanta Fed chief Dennis Lockhart will give a speech on the economic outlook and monetary policy after the U.S. market close at 23:00GMT, or 19:00ET.

In company news, Pfizer, Halliburton, The New York Times, Estee Lauder and Sprint were among companies scheduled to report earnings.

Dow futures tumble 100 points on concern over slowdown in China
 

Related Articles

These 3 Chip Stocks Are Cheap and Screaming Buy
These 3 Chip Stocks Are Cheap and Screaming Buy By StockNews - Jun 24, 2021

A global semiconductor chip supply crunch has resulted in rising capital investments in the semiconductor industry, given its applications in virtually every industry....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email