U.S. Market Futures Lower with Continued Losses Expected

U.S. stock futures are lower in pre-market trading for Friday, June 2. The Dow Futures are down -85.00 points to 17797.0. The S&P 500 Futures are down -12.5 points to 2092.75. The Nasdaq Futures are lower at 4471.75 for a loss of -32.75. The Russell Futures are showing a loss of -7.40 points to 1167.1.

In overnight trading in the Eastern Hemisphere, stocks traded lower. China’s Shanghai Composite was lower at 2927.16 for a loss of -8.89 points or -0.30 percent. Japan’s Nikkei 225 was lower at 16601.36 for a loss of -67.05 points or -0.40 percent. Hong Kong’s Hang Seng Index was lower at 21042.64 for a loss of -255.24 points or -1.20 percent. In India, the S&P BSE Sensex was lower at 26635.75 for a loss of -127.71 points or -0.48 percent and the NSE Nifty was lower at 8,170.05 for a loss of -33.55 points or -0.41 percent. In Europe, stocks were also lower. The FTSE 100 was at 6129.20 for a loss of -102.69 or -1.65 percent. Germany’s DAX was lower at 9865.00 for a loss of -223.87 points or -2.22 percent. France’s CAC 40 was lower at 4322.41 for a loss of -83.20 points or -1.89 percent. The Stoxx Europe 600 was lower at 335.14 for a loss of -6.11 points or -1.79 percent.

Friday’s Factors and Events

On Friday only one major economic report is on the calendar. Consumer Sentiment will be released at 10 AM EST. The Baker-Hughes Rig Count and the Treasury Budget will also be reported.

Stocks trading actively in the pre-market include H & R Block, Best Buy, Transocean, EMC, Citigroup and Corning.

Market volatility will likely be light on Friday with no major earnings reports on the earnings calendar. Stocks are currently resisting new highs with many investors finding valuations overvalued at their current levels. Recent overvaluations have many speculators turning to safe havens which is also weighing on equities.

Light trading in the market is also expected as investors await leading global factors in June which include the Federal Reserve’s decision on interest rates at its June 14 and 15 meeting and also the U.K.’s exit vote on June 23.

Thursday’s Activity

On Thursday, stocks were lower as a selloff appears to be beginning in the equity markets. For the day the Dow Jones Industrial Average closed at 17985.19 for a loss of -19.86 points or -0.11 percent. The S&P 500 was also down, closing at 2115.48 for a loss of -3.64 points or -0.17 percent. The Nasdaq Composite closed lower at 4958.62 for a loss of -16.03 points or -0.32 percent.

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Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.

Other notable index closes from Thursday included the small-cap Russell 2000, closing at 1181.20 for a loss of -7.75 points or -0.65 percent; the S&P 600 closing at 722.51 for a loss of -3.87 points or -0.53 percent; the S&P 400 Mid-Cap Index closing at 1520.98 for a loss of -4.16 points or -0.27 percent; the S&P 100 closing at 933.58 for a loss of -1.69 points or -0.18 percent; the Russell 3000 closing at 1249.27 for a loss of -2.93 points or -0.23 percent; the Russell 1000 closing at 1172.03 for a loss of -2.34 points or -0.20 percent; and the Dow Jones U.S. Select Dividend Index closing at 604.77 for a gain of 0.67 points or 0.11 percent.

Julie Young

julie@dowfutures.org

Julie Young is a Senior Market Reporter and Analyst

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