The start of the US trading session has been positive for traders of Tesla and Microsoft.
American futures inch down on fears of decelerating global growth
On Friday, American futures went down because traders worry about decelerating economic surge in China and in other countries.
As a matter of fact, the S&P 500 futures shrank by 0.86% ending up with 2,622.62. Dow futures went down by 0.85% trading at 24,361. As for the tech heavy Nasdaq 100 futures, they lost 1% reaching 6,682.
In China, retail sales reported their weakest surge for 15 years, driving worries about the world’s number two economy because China is seriously affected by trade clashes with America. Besides this, the Bank of Japan’s Tankan poll published overnight disclosed that Japanese businesses expect conditions to worsen for the next three months.
In addition to this, data from the euro zone disclosed the worst business activity in the private sector for the last four years, pointing to the decelerating surge in the region.
Moreover, General Electric happened to be among the top performers in premarket trading, edging up by up to 1.5%.
Furthermore, Costco went down by 3% having posted gloomy quarterly gains. As for Starbucks, its shares inched down by 3.4% right after it uncovered a partnership with Uber Eats at up to 2,000 of its stores in America.
Aside from that, Tesla went down by 0.7%, while semiconductor company Micron decreased 2.9%, while Facebook headed south by nearly 1.7%. As for Boeing, it tumbled by nearly 2%, while Cisco declined by about 1.8%.
Retail sales are expected to be released at 8:30 AM ET. Industrial output will be available at 9:15 AM ET, while IHS Markit PMI data will be uncovered at 9:45 AM ET.
Gold futures sank by 0.3% trading at $1,242.70 a troy ounce. Crude futures lost 0.3% being worth $52.41 a barrel.
The USD index shot up by 0.4% showing 97.52.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
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The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus