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US Stocks On Track For Weaker Start To The Week: Disney Gains On Iger’s Return, Digital

The U.S. index futures are pointing to a moderately lower open by Wall Street stocks on Monday, as momentum regained on Friday appears to falter.

U.S. stock closed the week ended Nov. 18 on a negative note, with the tech-heavy Nasdaq Composite underperforming the other two major averages. Fed officials’ hawkish commentary proved to be the undoing of the market, which has begun to price in a pause following two October inflation prints. Earnings provided some support helping to offset some of the weakness.

U.S. Indices’ Performance During Week Ended Nov. 18
Index Performance (+/-)   Value
Nasdaq Composite -1.57%   11,146.06
S&P 500 Index -0.69%   3,965.34
Dow Industrials -0.01%   33,745.69

Here’s a peek into index futures trading:

U.S. Futures’ Performance On Monday During Premarket Session
Index Performance (+/-)  
Nasdaq 100 Futures -0.57%  
S&P 500 Futures -0.43%  
Dow Futures -0.26%  
R2K Futures -0.51%  

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY slipped 0.45% to $394.25, while the Invesco QQQ Trust QQQ moved down a steeper 0.61% to $283.08, according to Benzinga Pro data.

On the economic front, the Chicago Federal Reserve is scheduled to release its national activity index for October at 8:30 a.m. EST. The index remained unchanged at 0.10 in September. The index provides a gauge of overall economic activity and inflation in the U.S.

The Treasury will auction six-month bills and two-year notes at 11:30 a.m. EST.

See Also: Will Stocks Have Another Big Leg Lower? Raoul Pal Flags This Chart To Suggest Otherwise

Stocks In Focus:

Walt Disney Company DIS shares advanced in premarket trading after the company announced that its longtime former CEO Bob Iger is returning to helm it.

Tesla Inc. TSLA was down close to 1.5%, portending a fourth straight session of losses for the stock. Inc. JD, Alibaba Group Holding Company Limited BABA and Pinduoduo Inc. PDD were all moving lower.

Digital World Acquisition Corp. DWAC shares slipped over 2% after Elon Musk decided to reinstate former President Donald Trump on Twitter following a poll.

J.M. Smucker Company SJM and Jacobs Solutions Inc. J are due to report their quarterly results ahead of the market open.

Notable companies scheduled for reporting after the close include Agilent Technologies Inc. A, Dell Technologies Inc. DELL, Zoom Video Communications Inc. ZM and Urban Outfitters Inc. URBN.

Commodities, Other Equity Markets:

Crude oil futures were down for the fourth straight session and traded under the $80-a-barrel mark. Demand concerns amid the COVID-19 recurrences in China and the dollar’s strength have weighed down on black gold.

Goldman Sachs cut its oil price forecast for the fourth quarter by $10 to $100, citing a lack of clarity on the Group of seven nation’s plan on the Russian oil cap and China COVID-19 scenario.

The Asia-Pacific markets ended Monday’s session mostly lower amid China COVID-19 concerns. The Hong Kong, South Korean and Indian markets witnessed steeper declines, while the Japanese and New Zealand bucked the downtrend.

Stocks in Europe opened Monday’s session lower and have given back further ground in early trading.

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Read More: US Stocks On Track For Weaker Start To The Week: Disney Gains On Iger’s Return, Digital

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