US pre-open: Futures in the red following Memorial Day break
By Iain Gilbert
Date: Tuesday 31 May 2022
(Sharecast News) - Major indices were in the red ahead of the bell on Tuesday as traders returned from the Memorial Day long weekend.
As of 1230 BST, Dow Jones futures were down 0.47%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.05% lower, respectively.
The Dow closed 575.77 points higher on Friday, extending gains recorded in the previous session and snapping a seven-week-long losing streak.
Tuesday's pre-market moves come as market participants continue to battle with fears that rising inflation in both the US and abroad may slow down global economic growth after eurozone inflation hit an all-time high for a seventh consecutive month in May, surging to 8.1%.
Also weighing on sentiment was news that the European Union had agreed to ban the bulk of crude oil imports from Russia, pushing West Texas Intermediate futures up roughly 3% to more than $118 per barrel and Brent crude up 1.7% to more than $123 a barrel.
AvaTrade's Naeem Aslam said: "Futures are trading cautiously higher today after their decent run last week. This is an important week in terms of the economic data which will be released from the US. Traders are also keeping a close eye on the rising oil prices as this makes the soaring inflation situation even more complicated as central banks are trying their best to lower inflation."
On the macro front, March's house price index will be published at 1400 BST, while May's Chicago PMI will follow at 1445 BST, the Conference Board's May consumer confidence index will be released at 1500 BST, and May's Dallas Fed manufacturing index was expected to come out at 1530 BST.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
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