U.S. stock index futures fell this morning as higher Treasury yields weighed on growth stocks, while a slow pace of expansion in services activity in China stoked worries over demand in the world’s second largest economy.
Cleveland Fed President Loretta Mester stated Friday that although there has been some progress, inflation remains “too high,” and the labor market continues to demonstrate strength.
Today, investors will likely focus on U.S. Factory Orders data. Economists, on average, forecast that July Factory Orders will stand at -2.5% m/m, compared to the previous value of +2.3% m/m.
In the coming week, markets will be monitoring a spate of economic data, including U.S. ISM Non-Manufacturing PMI, ISM Non-Manufacturing Prices, S&P Global Composite PMI, S&P Global Services PMI, Exports, Imports, Trade Balance, Initial Jobless Claims, Nonfarm Productivity, Unit Labor Costs, Crude Oil Inventories, Wholesale Inventories, and Wholesale Trade Sales.
China’s Shanghai Composite today closed lower as disappointing service sector data renewed concerns over the country’s fragile economic recovery. A private-sector survey showed on Tuesday that China’s services activity expanded at the slowest pace in 8 months in August, providing further evidence that the economic recovery is losing momentum.
WTI crude held above $85 per barrel. Gold slipped below $1,940 an ounce while the yield on the US 10-year Treasury note continued to march higher to above 4.2%.
It is important to be aware of the volatility that can occur during the first 30 minutes after the market opens. If you are not comfortable trading in volatile markets, you may want to wait until the market has had a chance to settle down before placing your orders.
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