US pre-open: Stocks set to open flat ahead of Trump speech in NYC
By Iain Gilbert
Date: Tuesday 12 Nov 2019
(Sharecast News) - Stock futures were pointing to a broadly flat open on Tuesday after the Dow Jones Industrials index just managed to eke out its ninth record close of the year during the previous session.
As of 1225 GMT, Dow futures were up 0.02%, while S&P 500 and Nasdaq futures had the indices opening 0.03% and 0.06% firmer, respectively.
The Dow closed 10.25 points higher on Monday after some positive news from Boeing helped erase a 135-point decline in early trading, but the other major indices closed lower as market participants continued to closely monitor goings-on in US-China trade talks and demonstrations in Hong Kong.
As far as Tuesday was concerned, market participants were set to remain firmly focused on China-US trade news, with some concerns regarding the likelihood of the two global economic superpowers actually managing to sign a trade deal in the coming weeks reappearing after Donald Trump said on Friday that he had not agreed to scrap trade tariffs on Chinese goods.
The President will be speaking at the Economic Club of New York where investors will look for clues as to the status of the ongoing trade talks between the US and China.
Markets.com's Neil Wilson said: "All eyes will on Donald Trump after markets close in Europe as the president is due to deliver a speech at the New York Economic Club later, expected at 1700 GMT. This poses all kinds of risks - on everything from China and trade to the Fed and impeachment.
"Markets will be on tenterhooks. The president's speeches are akin to throwing a dart blindfolded."
On the data front, confidence in the US economy rose amongst small business owners in October as recession fears eased, according to the National Federation of Independent Business.
The NFIB's small business optimism index rose 0.6 points to 102.4 last month as business owners continued to create jobs, raise wages and expand their businesses.
In corporate news, CBS, Nissan and Dr Horton will all report earnings on Tuesday.
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