FOX Business: The Power to Prosper
U.S. stock-index futures pointed to a mildly lower open for Wall Street after last week's Fed-fueled rally as traders digested a considerably weaker-than-expected regional manufacturing report.
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As of 8:36 a.m. ET, Dow Jones Industrial Average futures fell 30 points to 13488, S&P 500 futures slipped 3.8 points to 1455 and Nasdaq 100 futures slumped 2.8 points to 2848.
The S&P closed out last week at the highest level since December 2007, ending in the green for the second week in a row. The broad-market index tacked on 4.2% in that period.
The gains last week were fueled by action from the Federal Reserve aimed at bolstering the U.S. economy. The central bank unveiled an open-ended bond-buying plan and pushed back its guidance on when it plans to raise short-term interest rates. It also pledged to take whatever other action is necessary to give the struggling labor market a boost.
Action was quieter as the week kicked off. The New York Federal Reserve's regional manufacturing gauge fell to -10.41 in September from -5.85 in August. It was the lowest reading since April 2009. The gauge was expected to climb to -2. Readings above zero point to expansion, while those below indicate contraction.
Elsewhere, the trade war between the U.S. and China heated up. The Wall Street Journal reported that the U.S. will file a complaint with the World Trade Organization against the country over its pricing of auto parts. China followed up with a WTO complaint over so-called "countervailing duties," according to a report by Reuters.
In commodities, the benchmark crude oil contract traded in New York fell 25 cents, or 0.25%, to $98.75 a barrel. Wholesale New York Harbor gasoline dipped 0.32% to $3.006 a gallon.
Gold slumped $1.10, or 0.06% to $1,772 a troy ounce.
The Euro Stoxx 50 fell 0.62% to 2579, the English FTSE 100 dipped 0.33% to 5896 and the German DAX slipped 0.34% to 5896.
In Asia, the Chinese Hang Seng rose 0.14% to 20658. Markets in Japan were closed for a holiday.