Wall Street took something of a beating during Monday’s session as trade talk fatigue once again took a toll on sentiment. Concerns are coming in from multiple corners now, with worries that the deal will end up being weighted too heavily in China’s favour and that it’s too late to stem the slowdown that’s being seen elsewhere in the global economy doing little to impress.
US construction data for December which was released yesterday afternoon fell into negative territory, providing further upset for the markets.
There are a couple of key US economic releases due shortly after the opening bell so these could provide some fresh direction for the market. New home sales are expected to disappoint, although the ISM composite PMI print may offer some salvation, especially if it manages to outshine the January reading. All told however right now there appears to be something of a waiting game in play.
Demand for US government debt underlines that reluctance to try and push stocks much further for now – the market is certainly in need of some clarity.
Ahead of the open we’re calling the Dow up 40 at 25860 and the S&P 500 up 2 at 2795.