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

Stocks - US Futures Lower; Consolidating Ahead of Trump Speech

Stock MarketsMay 29, 2020 12:01
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are set to open lower Friday, consolidating ahead of a key statement from President Donald Trump about his administration’s response to China strengthening its grip on Hong Kong.

At 07:00 AM ET (1100 GMT), S&P 500 Futures traded 8 points, or 0.3%, lower, Nasdaq Futures down 19 points, or 0.2%. The Dow Futures contract fell 102 points, or 0.4%. 

Despite this expected weak start to trading Friday, all three cash indices are set to post their second straight positive month. The Dow Jones Industrial Average is on track for its best weekly gain in seven weeks.

U.S. President Donald Trump will hold a news conference later Friday detailing his administration’s response after China's parliament Thursday pressed ahead with national security legislation for Hong Kong.

American relations with Beijing have been on edge since the Covid-19 pandemic reared its head, and a possible response could see Washington withdrawing Hong Kong’s special status, which has underpinned the city as a global financial hub.

Elsewhere, Twitter (NYSE:TWTR), and the other social media giants, will be in focus after it hid one of President Trump’s tweets behind a warning that it “glorifies violence”, further escalating the social media company’s row with the U.S. president.

It came just hours after he signed an executive order threatening Silicon Valley social media firms with new regulations over free speech.

Those looking for a broader look on the economy will get to hear from the head of the Federal Reserve, Jerome Powell, at 11 AM ET (15:00 GMT) in a public webcast.

Attention of late has been on the possibility of negative interest rates, which Powell has largely dismissed, but he may now face questions on the likely restart of large-scale bond-buying and promises about how long it might continue.

Additionally, data on personal income and spending are due at 8:30 AM ET (12:30 GMT). Economists predict that personal income in April fell 6.5% and that spending plunged 12.6% - both would be record declines.

At 10 AM ET, the University of Michigan will issue its final measure of May consumer confidence, and the sentiment index is expected to tick up to 74.

The crude oil market sold off Friday, after the Energy Information Administration data detailed a surprise add of 7.9 million barrels to inventories, backing up Wednesday’s report by the American Petroleum Institute, and reviving doubts about output discipline by suppliers.

At 7 AM ET, U.S. crude futures traded 3.4% lower at $32.59 a barrel. The international benchmark Brent contract fell 2.8% to $35.01.

Elsewhere, gold futures rose 0.7% to $1,726.10/oz, while EUR/USD traded at 1.1130, up 0.5%.

 

Stocks - US Futures Lower; Consolidating Ahead of Trump Speech
 

Related Articles

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