Market expert: Fed’s plan to start tapering will lead to ‘summertime blues’
Cornerstone Wealth CIO Cliff Hodge, Payne Capital Management president Ryan Payne and Spotlight Asset Group CIO Shanna Sissel discuss their outlook for the market amid the Federal Reserve weighing ending asset purchases.
U.S. stock futures were moderately lower Monday morning as the number of new coronavirus infections in the U.S. held near a four-month high.
Dow Jones Industrial Average futures fell 85 points, or 0.24%, while S&P 500 futures and Nasdaq 100 futures declined 0.24% and 0.25%, respectively.
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In stocks, concerns over the spreading delta variant bogged down airlines, cruise ship operators and other travel-related names.
China-linked names, including Alibaba Group, JD.com Inc. and Baidu Inc., were under pressure after retail sales and industrial production data in the country slowed sharply.
In deals, Hyatt agreed to buy resort company Apple Leisure Group from private-equity firm KKR & Co. and travel and leisure investor KSL Capital Partners for $2.7 billion in cash.
US-listed Australian miner BHP Group is in talks to sell its oil and gas business to Australia-based Woodside Petroleum in an all-stock deal.
In earnings, Sweden-based oat milk producer Oatly Group AB reported mixed quarterly results but forecast full-year revenue ahead of Wall Street estimates.
Walmart Inc., Target Corp. and Home Depot Inc. are among the other companies set to release their quarterly results this week.
In commodities, West Texas Intermediate crude oil declined 97 cents to $67.47 a barrel and gold slipped $1.60 to $1,776.60 an ounce.
Overseas markets were broadly lower.
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European bourses were weaker across the board with Britain’s FTSE 100 losing 1%, France’s CAC 40 falling 0.86% and Germany’s DAX 30 dropping 0.42%.
In Asia, Japan’s Nikkei 225 and Hong Kong’s Hang Seng index slid 1.62% and 0.8%, respectively, while China’s Shanghai Composite ticked up 0.03%.
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