U.S. stock futures pointed toward a lower start on Monday as Wall Street Investors shift their focus on unresolved issues in Washington concerning spending cuts and debt ceiling, which are likely to flare up in coming days with both the White House and GOP leaders maintaining tough postures over their respective proposals.
At last check, futures on Dow Jones Industrial Average Index slipped 0.13%; the Nasdaq 100 Index was 0.1 down while the S&P 500 Index inched down 0.10%
The U.S. Congress is heading towards another round of heated arguments and counterarguments. While appearing in separate TV debates on Sunday, Senate Minority Leader Mitch McConnell, a high-profile Republican, and Nancy Pelosi, leader of the Democrats in the House of Representatives disagreed over whether additional tax rises should be approved by the Congress in order to trim fiscal imbalance. While McConnell is totally against further tax hikes, Pelosi declined to rule out higher taxes on wealthy Americans.
Banking stocks are likely to remain under spotlight on Monday after global regulators’ talks over the weekend diluted and postponed new set of measures which would make banks to maintain more liquidity.
No major economic data is scheduled to be released on Monday.
In Asia, most equity markets ended lower with Japan’s Nikkei losing 0.83% while Hong Kong’s Hang Seng slipping 0.01 % for the day.
Elsewhere in Europe, the Pan European Stoxx 600 Index was edging down 0.20%, Germany’s DAX slipped 0.50%, while FTSE was down 0.30%.
Earnings season kicks off from this week with aluminum giant Alcoa Inc. (NYSE: AA), often considered as an economic bellwether, slated to report quarterly results on Tuesday, following closing bell.
In some other markets, crude oil futures fell 0.35% to $92.76 a barrel while gold futures edged up 0.38% to $1,655.10 an ounce.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.