Tuesday May 30th

30-05-2017

Futures point to lower open on Wall Street; economic data in focus

U.S. stock index futures pointed to a lower open on Tuesday as traders focused on a slew of economic data after a long holiday weekend. Dow futures fell nearly 30 points, while S&P and Nasdaq futures slipped 4.25 points and 7.5 points, respectively. On the data front, personal income rose 0.4 percent in April, in line with expectations, and consumer spending increased by 0.4 percent. Other data set for release Tuesday include the S&P Case-Shiller HPI (Home Price Indices), consumer confidence and Dallas Federal Reserve manufacturing data for May. On the earnings front, Bank of Nova Scotia reported before the bell while EnerSys is due to report after the market close. In Europe, the pan-European Stoxx-600 index was around 0.3 percent lower on Tuesday. In Asia, the Shanghai Composite in China closed 0.08 percent higher, while the Nikkei in Japan closed 0.02 percent lower. In oil markets, persistent oversupply concerns appeared to weigh on oil prices on Tuesday as traders assessed whether OPEC's pledge to extend production cuts by 1.8 million barrels per day until the end of the first-quarter of 2018 would be able to significantly tighten the market. Brent crude traded at around $51.46 a barrel on Tuesday, down 1.59 percent, while U.S. crude was around $49.35 a barrel, down 0.9 percent. Gold steadied after setting a one-month high on Monday as rising political uncertainty in Europe stoked safe haven demand. Spot gold touched a one-month high of $1,270.47 before pulling back 0.2 percent to $1,263.77 per ounce. U.S. gold futures slipped 0.4 percent to $1,263.30 an ounce as the dollar picked up.