US pre-open: Futures trade lower following Chinese demonstrations
By Iain Gilbert
Date: Monday 28 Nov 2022
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday amid social unrest in China stemming from the nation's ongoing Covid-19 restrictions.
As of 1240 GMT, Dow Jones futures were down 0.56%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.76% and 0.74% weaker, respectively.
The Dow closed 152.97 points higher in Friday's holiday-shortened trading session, with all three major US indices ending the week higher.
Demonstrations across mainland China were in focus early on Monday, with people lashing out against Beijing's zero-Covid policy after local governments doubled down on measures amid surging cases, even after certain policies were loosened earlier in November.
The developments saw oil futures drop to new lows for the year, while shares in Apple and Tesla, both of which have major operations in China, slipped in pre-market trading.
On the macro front, the Dallas Federal Reserve's November manufacturing index will be published at 1530 GMT, while the Fed's James Bullard and John Williams will deliver speeches at 1700 GMT.
While Q3 earnings season is now mostly under wraps, Intuit, Salesforce and Five Below were scheduled to report earnings throughout the course of the week.
Reporting by Iain Gilbert at Sharecast.com
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