U.S. Market Futures Pointing Lower with Rate Hike a Factor

U.S. stock futures are pointing lower in pre-market trading for Monday, September 12. The Dow Futures are at 17849.0 for a loss of -118.00 points. The S&P 500 Futures are at 2101.75 for a loss of -14.25 points. The Nasdaq Futures are at 4628.0 for a loss of -39.75 points. The Russell Futures are at 1202.3 for a loss of -7.80 points.

In overnight trading in the Eastern Hemisphere, Japan’s Nikkei 225 is at 16672.92 for a loss of -292.84 points or -1.73 percent. Hong Kong’s Hang Seng Index is at 23290.60 for a loss of -809.10 points or -3.36 percent. China’s Shanghai Composite is at 3021.98 for a loss of -56.88 points or -1.85 percent. India’s S&P BSE Sensex is at 28353.54 for a loss of -443.71 points or -1.54 percent. In Europe, the FTSE 100 is at 6669.56 for a loss of -107.39 points or -1.58 percent. Germany’s DAX is at 10358.20 for a loss of -215.24 points or -2.04 percent. France’s CAC 40 is at 4398.26 for a loss of -93.14 points or -2.07 percent. The Stoxx Europe 600 is at 339.37 for a loss of -6.15 points or -1.78 percent.

Monday’s Factors and Events

On Monday there are no U.S. economic reports on the main calendar. The Treasury will hold auctions for 3-month bills, 6-month bills, 3-year notes and 10-year notes. Dennis Lockhart, Neel Kashkari and Lael Brainard from the Federal Reserve will be speaking on Monday.

Oil prices and the energy market will be on watch as OPEC is scheduled to release a monthly oil report on Monday. Discussions continue to be ongoing on cooperation for lower oil production. Later in the month OPEC will also be meeting at the International Energy Forum in Algiers on September 26 to 28.

Stocks are trading mostly lower across the globe. In the U.S. stocks are trading lower as the probability for a rate hike increases in September.

Stocks trading actively in the pre-market include the following:

Delphi Automotive

Harley-Davidson

CenturyLink

Abbott Laboratories

Perrigo Company

Colgate-Palmolive

Southwestern Energy

Citizens Financial

Spectra Energy

Friday’s Activity

On Friday stocks were lower as Federal Reserve officials indicated a higher probability for a rate hike in September. For the day the Dow Jones Industrial Average closed at 18085.45 for a loss of -394.46 or -2.13 percent. The S&P 500 was also lower, closing at 2127.81 for a loss of -53.49 points or -2.45 percent. The Nasdaq Composite closed lower at 5125.91 for a loss of -133.57 points or -2.54 percent.

untitled

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

Other notable index closes included the small-cap Russell 2000 at 1219.21 for a loss of -39.15 points or -3.11 percent; the S&P 600 Small-Cap Index at 739.97 for a loss of -22.66 points or -2.97 percent; the S&P 400 Mid-Cap Index at 1528.31 for a loss of -45.97 points or -2.92 percent; the S&P 100 Index at 942.62 for a loss of -21.72 points or -2.25 percent; the Russell 3000 Index at 1259.94 for a loss of -32.78 points or -2.54 percent; the Russell 1000 Index at 1179.83 for a loss of -30.11 points or -2.49 percent; and the Dow Jones U.S. Select Dividend Index at 604.16 for a loss of -18.24 points or -2.93 percent.