U.S. Market Futures Pointing Lower as Brexit Continues to Affect Stocks

U.S. stock futures are pointing lower in pre-market trading for Monday, June 27. The Dow Futures are down -86.00 points to 17161.0. The S&P 500 Futures are down -10.00 points to 2008.5. The Nasdaq Futures are down -26.00 points to 4236.25. The Russell Futures are down -10.70 points to 1104.4.

In overnight trading in the Eastern Hemisphere, stocks were mixed. China’s Shanghai Composite increased to 2895.70 for a gain of 41.42 points or 1.45 percent. Japan’s Nikkei 225 was higher at 15309.21 for a gain of 357.19 points or 2.39 percent. Hong Kong’s Hang Seng Index was lower at 20227.30 for a loss of -31.83 points or -0.16 percent. India’s S&P BSE Sensex was higher at 26402.96 for a gain of 5.25 points or 0.02 percent. In Europe, stocks were lower. The FTSE 100 was lower at 6067.49 for a loss of -71.20 points or -1.16 percent. Germany’s DAX was lower at 9423.54 for a loss of -133.62 points or -1.40 percent. France’s CAC 40 was lower at 4051.43 for a loss of -55.30 points or -1.35 percent. The Stoxx Europe 600 was lower at 314.57 for a loss of -7.41 points or -2.30 percent.

Monday’s Factors and Events

On Monday a few economic reports are on the calendar. International trade in goods will be released at 8:30 AM EST. After that will be the PMI Services Flash report. Treasury auctions will also take place on Monday for the 4-week, 3-month and 6-month Treasury bills.

The following stocks were active in pre-market trading for Monday, all with losses: Raytheon, Carnival, Citigroup, Prudential Financial and American Airlines.

Leading stocks on the earnings calendar for the day include Cryoport and NovaGold Resources.

Stocks will continue to be affected by the U.K.’s Brexit vote last week which has the U.K. leaving the European Union. The affect on markets is likely to linger and especially in the near-term while long-term its expected to take two years for the U.K. to build new agreements with its trading partners across Europe. The U.K. will also be required to do this under new leadership after its prime minister resigned on Friday following the vote.

Friday’s Activity

On Friday, stocks fell sharply after the U.K. reported it would be leaving the European Union. Stocks were lower across the board and the leading stock indexes fell substantially. On Friday the Dow Jones Industrial Average closed at 17399.86 for a loss of -611.21 points or -3.39 percent. The S&P 500 was also lower, closing at 2037.30 for a loss of -76.02 points or -3.60 percent. The Nasdaq Composite closed lower at 4707.98 for a loss of -202.06 points or -4.12 percent.

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

Other notable index closes in the U.S. included the small-cap Russell 2000, closing lower at 1127.54 for a loss of -44.69 points or -3.81 percent; the S&P 600 closing at 692.03 for a loss of -27.16 points or -3.78 percent; the S&P 400 Mid-Cap Index closing at 1457.54 for a loss of -59.97 points or -3.95 percent; the Russell 3000 closing at 1201.62 for a loss of -45.48 points or -3.65 percent; and the Dow Jones U.S. Select Dividend Index closing at 592.71 for a loss of -14.84 points or -2.44 percent.

Dow Futures

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