US stocks in the red in the premarket session

12.08.2019 / 15:47

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US indexes point to a weaker opening for today's session because of heightened fears of a slowdown in the global economy caused by the trade war. The top three US indices began the week with declines, threatening last week's gains when markets "bottomed out". On Friday, Trump sank hopes for markets to resolve the conflict after he said he was not ready to strike a deal with China.

DJIA's futures were down about 0.74%, the S & P500 also down about 0.75% and the NASDAQ down 0.8%. Investors are looking for safe heaven assets, which has contributed to the appreciation of the Japanese yen and US bonds. The FAANG Group is all in red in the pre-market today, followed by PCB manufacturers who depend mainly on trade with China. Micron Technologies, Nvidia and AMD are also down in the pre-market session. The banking sector is also taking a hit as BOA, GS and Morgan Stanley report declines.

Other major companies, BlackRock has acquired a significant stake in Authentic Brands, the owner of brands such as Sports Illustrated, Nine West and Aeropastale. Carl Icahn revealed his 18% stake in Cloudera earlier this month. Capri Holdings - Versace has expressed its sincere apology after contesting an inscription on their T-shirt in China. The T-shirt designated Hong Kong and Macau as independent states instead of Chinese territories.

Tyson Foods will have to release nearly 3,800 people after one of their meat processing plants burns. Novartis expects the approval of its new medicines in China soon, as part of their expansive plan to register 50 drug applications in China by 2023.

Today there are no expected reports of companies after US trading

Trader Martin Nikolov

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US stocks in the red in the premarket session

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