Published June 04, 2012
FOX Business: The Power to Prosper
U.S. stock-index futures were little changed on Monday as traders reassessed their positions following Wall Street's deepest selloff since November.
As of 8:40 a.m. ET, Dow Jones Industrial Average futures fell 4 points to 12099, S&P 500 futures gained 3.1 points to 1277 and Nasdaq 100 futures rose 6.3 points to 2461.
The markets were thrashed last week, wiping out the Dow's gains for 2012 and throwing the broader S&P 500 to the brink of correction territory. It was the fourth week of losses in five weeks for the blue-chip average. The slide was sparked by renewed concerns that growth in the U.S. and China may be slowing down, while Europe's economy appears to be contracting at an increasing pace.
Traders in Asia got their first chance to react to the retreat in American and U.S. markets on Monday. The Japanese Nikkei 225 sold off by 1.7% and the Chinese Hang Seng tumbled 2.8%.
Meanwhile, U.S. Treasury yields found some relief on Monday after plummeting to record lows last week as traders sought out only the safest asset classes. The 10-year yield rose 0.025-percentage point to 1.482%.
The docket of economic data is fairly light on the day. The Commerce Department is set to release its report on U.S. factory orders at 10:00 a.m. ET. Economists expect this manufacturing gauge to have risen by 0.2% in April from March.
Commodities markets extended last week's heavy selling. The benchmark crude oil contract traded in New York dropped $1.03, or 1.2%, to $82.20 a barrel. Wholesale New York Harbor gasoline slid 3 cents, or 1.2%, to $2.63 a gallon.
In metals, gold rose $1.10, or 0.07%, to $1,623 a troy ounce.
The Euro Stoxx 50 gained 0.67% to 2083 and the German DAX fell 0.89% to 5997. The London Stock Exchange was closed for a bank holiday.
In Asia, the Japanese Nikkei 225 sold off by 1.7% to 8296 and the Chinese Hang Seng tumbled 2% to 18186.