Monday January 9th

9-01-2017

Futures point to mixed open on Wall Street; earnings in focus

U.S. stock index futures pointed to a mixed open on Monday as traders eyed a potential breakthrough the elusive 20,000 mark for the Dow Jones industrial average and focused on earnings. Dow and S&P futures pointed to a slightly lower open, while the Nasdaq was pointing marginally higher. On the data front, Monday will see consumer credit for November released at 3 p.m ET. On the earnings front, Commercial Metals and Global Payments reported quarterly results. Barracuda Networks and WD-40 are both due to report after the market close. In Europe, the pan-European Stoxx-600 index was around 0.5 percent lower on Monday. In Asia, the Shanghai Composite in China closed 0.55 percent higher, while the Nikkei in Japan closed 0.34 percent lower. In oil markets, Brent crude traded at around $55.94 a barrel on Monday, down 2.03 percent, while U.S. crude was around $52.92 a barrel, down 1.98 percent. Oil prices slipped on Monday as increased exports from Iran appeared to weaken the efforts by other oil producers to curtail global oversupply. Gold firmed on Monday as uncertainty ahead of Donald Trump's inauguration as U.S. President this month supported prices after the previous session's retreat, though an uptick in the dollar kept a lid on gains. The metal, which posted its biggest weekly increase in two months last week, lost some ground on Friday after a U.S. payrolls report supported the view that the Federal Reserve will raise interest rates this year, boosting the dollar. However, it found good support around $1,170 an ounce, the 23.6 percent retracement of its November to December decline. Spot gold was up 0.5 percent at $1,178.96 an ounce, while U.S. gold futures for February delivery rose $5.90 to $1,179.50.