Wall Street Poised to Log Monthly Slump

Markets FOXBusiness

FOX Business: Capitalism Lives Here

Continue Reading Below

U.S. stock-index futures were on the rise on Friday, but the markets were still poised to close out the month with significant losses. 

Today's Markets

As of 8:35 a.m. ET, Dow Jones Industrial Average futures fell 6 points to 14828, S&P 500 futures gained 0.25 point to 1637 and Nasdaq 100 futures climbed 2 points to 3092.

Action has been driven this month by worries about when the Federal Reserve will begin tapering its vast bond-buying program. Those concerns have driven the broad S&P 500 down by 2.8% and the narrower Dow down 4.3%. Late this month, worries about the potential for a U.S.-led strike against Syria have also weighed heavily on sentiment. 

With Wall Street eyeing a long weekend, analysts said trading volume could be light on the day, which sometimes leads to heightened volatility. A handful of economic reports could help provide direction.  

Continue Reading Below

Consumer spending and personal income rose 0.1% in July from June. Consumer spending was expected to rise 0.3%, while economists expected personal income to rise 0.2%. A separate report from Thomson Reuters and the University of Michigan at 9:55 a.m. ET is forecast to show consumer sentiment having risen  slightly in late August from earlier in the month. 

Meanwhile, data due out at 9:45 a.m. ET, are expected to indicate the Midwest manufacturing sector revved up at a quicker rate in August from the month before. 

In corporate news, Bank of America (BAC) cut about 1,000 jobs and closed two Ohio offices, according to news report. Big Lots (BIG) revealed better-than-expected quarterly profits. 

Elsewhere, the benchmark U.S. crude oil contract fell 71 cents, or 0.66%, to $108.05 a barrel. Wholesale New York Harbor gasoline dipped 0.7% to $3.045 a gallon. Gold sold off by $17.30, or 1.2%, to $1,396.

Foreign Markets

The Euro Stoxx 50 fell 0.75% to 2738, the English FTSE 100 dropped 0.49% to 6452 and the German DAX slumped 0.7% to 8138. 

In Asia, the Japanese Nikkei 225 slipped 0.53% to 13389 and the Chinese Hang Seng rose 0.12% to 21731.

What do you think?

Click the button below to comment on this article.