Europe Up, Futures Down, Japan Closed For Holiday

The state of the market before the opening bell.

AP: Wall Street started November on a cautious note Monday, with stock futures wavering ahead of readings on manufacturing activity, construction spending and auto sales.

Investors are already prepared for the day’s reports to support the growing belief that the economy is in recession, hurt by tight credit and slow consumer spending. The question is whether the data will indicate the economy is in even more dire shape than the Dow Jones industrial average has priced in after tumbling more than 14 per cent in October — its worst month in 21 years.

…Ahead of the market’s open Monday, Dow futures fell 27, or 0.29 per cent, to 9,271, after moving in and out of positive territory.

…Trading is expected to be light Monday, with many investors sitting on the sidelines ahead of Tuesday’s presidential election. Many analysts have said that in general, neither candidate is more favoured than the other on Wall Street, but investors are eager to put the uncertainty behind them.

On Monday, the dollar was lower against most other major currencies, while gold prices rose.

Light, sweet crude fell $1.13 to $66.68 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Overseas, Britain’s FTSE 100 rose 0.17 per cent, Germany’s DAX index rose 0.50 per cent, and France’s CAC-40 advanced 0.12 per cent. Hong Kong’s Hang Seng Index climbed 2.7 per cent. Japan’s stock market was closed for a holiday.

 

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