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NEW YORK – US stock futures point to a higher opening Monday as investors prepare for another rollercoaster ride on Wall Street this week after fears heightened last week over the battle between hedge funds and day traders over GameStop, AMC Entertainment and a handful of other stocks.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 29982.62 | -620.74 | -2.03% |
| SP500 | S&P 500 | 3714.24 | -73.14 | -1.93% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13070.69452 | -266.46 | -2.00% |
The S&P 500 fell 1.9% to 3,714.24, making the reference index the largest weekly loss since October. The S&P 500 is still up 13.6% since the end of October.
THE STOCK FOR THE FUTURE FALLS ON CARE FOR TRADE IN RETAIL
The Dow Jones Industrial Average fell 2% to 29,982.62 and the Nasdaq composite fell 2% to 13,070.69.
Investors are also looking into negotiations in Washington over President Joe Biden’s proposed $ 1.9 trillion economic aid package. Hopes for aid, along with the Federal Reserve’s promise to maintain an abundance of cheap credit, have pushed the S&P 500 and other major indexes to record highs.
On Friday, the Wall Street benchmark S&P 500 index lost 1.9% after GameStop, a video game vendor, and other stocks rolled out by day traders. Investors said hedge funds betting against those stocks lost money and sold other stocks.
US stock futures point to a higher opening Monday as investors prepare for another rollercoaster ride on Wall Street this week after fears rose last week over the battle between hedge funds and day traders over GameStop, AMC
Meanwhile, Asian stock markets rallied Monday after coronavirus vaccine maker AstraZeneca agreed to increase supplies to Europe amid growing concerns about the disease.
Shanghai, Tokyo, Hong Kong and Seoul progressed.
Markets were upset by AstraZeneca’s announcement that it would provide the European Union with less than half of the promised doses, prompting the EU to impose export controls. On Sunday, AstraZeneca promised to increase European supply and to start delivering earlier.
“Concerns about the pandemic seemed to fully return as problems with vaccine distribution and efficacy re-emerged, even as the spread of the virus accelerated,” Mizuho Bank said in a report.
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On Sunday, the EU announced that AstraZeneca has agreed to deliver 9 million additional doses of its coronavirus vaccine to Europe.
The new target of 40 million doses by the end of March is half of what the Anglo-Swedish company originally pursued before announcing a shortage due to manufacturing issues. The EU is behind the United States in vaccinating its 450 million people.
The Shanghai Composite Index rose 0.1% to 3,486.46 and Tokyo’s Nikkei 225 added 1.4% to 28,041.27. The Hang Seng in Hong Kong gained 1.9% to 28,822.61.
Seoul’s Kospi rose 2.2% to 3,042.19 and Sydney’s S&P-ASX 200 added 0.8% to 6,661.70.
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The Indian Sensex opened 0.2% lower at 46,759.42. New Zealand and Singapore declined, while Bangkok and Jakarta improved.
A purchasing managers index released by business magazine Caixin fell from 53 in December to 51.5 on a 100-point scale, with numbers above 50 reflecting the growth of the business. A separate PMI by the official statistics office showed a similar weakening.
The data suggests that China’s recovery is “leveling off,” Capital Economics’ Julian Evans-Pritchard said in a report.
Investors have been bidding shares in the expectation that the rollout of coronavirus vaccines would bring global business and travel back to normal. That optimism has been tarnished by new peaks of infection and disruptions in vaccine delivery.
In the energy markets, US crude oil rose 21 cents to $ 52.41 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to $ 52.20 on Friday. Brent crude, the basis for international oil pricing, gained 34 cents to $ 55.38 a barrel in London.
The dollar fell from 104.75 yen to 104.70 yen. The euro fell from $ 1.2132 to $ 1.2130.