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Top 3 Things You Need To Know About The Market On Monday
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Loading...1. US futures fall due to Huawei
Technological futures will open at lower levels after weekend reports that Qualcomm, Broadcom and others have stopped supplying components for Huawei since the order last week. Also, GOOGL has suspended the Huawei smartphone software license, which is a heavy blow to the Chinese company.
At 12:30 (GMT +3), the Nasdaq 100 technology futures dropped 36 points, or 0.5 percent, while the S & P 500 declined by 3.9 points and the Dow futures contract dropped by 31 points, down 0.1 percent, .
2. Powell's reaction to Trade-War
Today, four senior Federal Reserve officers will speak publicly, which should give the markets information on how the central bank intends to respond to the impact of the escalating trade dispute over the economy.
Philadephia Fed President Patrick Harker will start at 16:30 (GMT +3), followed by Vice President Richard Clarida at 20:05 (GMT +3) and New York Fed President John Williams at 20:05 ( GMT +3). Fed Chairman Jerome Powell will talk shortly after midnight at 02:00 (GMT +3)
3. Oil rises after OPEC + said it would cut production
Oil rose to weeks high on Monday after OPEC said it was likely to keep cuts in production that helped prices this year as tensions continue to escalate in the Middle East.
Saudi energy minister Khalid al-Falih said on Sunday that there is a consensus between the Organization of Petroleum Exporting Countries (OPEC) and Allied oil producers to cut crude oil stocks "carefully", but he will continue to react needs of the "fragile market".
OPEC and OPEC +, agreed to reduce production by 1.2 million barrels per day (bpd) from 1 January to six months to prevent stockpiles from rising and falling prices.
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