US pre-open: Futures point to mixed open in first day of June trading
By Iain Gilbert
Date: Monday 01 Jun 2020
(Sharecast News) - Wall Street futures had stocks opening mixed on Monday after last week's gains helped major averages record their first back-to-back monthly advances since late 2019.
As of 1250 BST, Dow Jones and S&P 500 futures had the indices opening 0.24% and 0.12% stronger, respectively, while S&P 500 futures were down 0.19%.
The Dow closed 17.53 points lower on Friday after Donald Trump said the White House was set to begin taking action to revoke Hong Kong's favoured trade status with the United States.
US President Donald Trump said he would take steps to revoke the city's favoured trade status with the United States in response to a controversial new security law passed by Beijing that would effectively bar political protest in Hong Kong.
"I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment," Trump said.
"My announcement today will affect the full range of agreements that we have with Hong Kong, from our extradition treaty, to our export controls and technologies," he added. "We will take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory from the rest of China."
As far as Monday was concerned, market participants digested news that China had responded with comments from the foreign ministry that included several non-descript warnings of "countermeasures" if the US did not leave the matter alone.
Investors were also focussed on the reopening of US states following the coronavirus-related shuttering of their economies and a wave of protests across the country following the death of another unarmed African-American man in police custody.
Disappointing results from a trial of a breast cancer drug over at Pfizer also weighed on sentiment ahead of the bell.
In terms of data, IHS Markit's manufacturing PMI will be published at 1445 BST, while the ISM's manufacturing PMI will follow at 1500 BST.
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