By Investors Hub
The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to come under pressure after turning in a mixed performance last week.
The downward momentum on Wall Street comes amid news China has cancelled trade talks with the U.S. as tariffs on billions of dollars worth of goods take effect.
Following the rally seen on Thursday, stocks turned in a relatively lackluster performance during trading on Friday. Despite the choppy trading on the day, the Dow climbed to another new record closing high.
The major averages eventually ended the session mixed. While the Dow rose 86.52 points or 0.3 percent to 26,743.50, the Nasdaq fell 41.28 points or 0.5 percent to 7,986.96 and the S&P 500 edged down 1.08 points or less than a tenth of a percent to 2,929.67.
For the week, the major averages also turned in a mixed performance. The Dow jumped by 2.2 percent and the S&P 500 climbed by 0.8 percent, but the Nasdaq dipped by 0.3 percent.
The mixed performance on Wall Street came as traders digested recent strength in the markets, which lifted the Dow and the S&P 500 to record highs.
Next week’s Federal Reserve meeting also kept some traders on the sidelines amid a quiet day on the U.S. economic front.
The Fed is scheduled to announce it latest monetary policy decision next Wednesday and is widely expected to raise interest rates by another quarter point.
The accompanying statement is likely to attract considerable attention along with Fed Chairman Jerome Powell’s press conference as traders attempt to gauge the outlook for further rate hikes.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Oil service stocks saw significant strength, however, with the Philadelphia Oil Service Index climbing by 1.7 percent to its best closing level in over a month.
The strength among oil service stocks came amid an increase by the price of crude oil, as crude for November rose $0.46 to $70.78 a barrel ahead of a weekend meeting of OPEC and other large crude exporters.
On the other hand, brokerage stocks showed a notable move to the downside over the course of the session, dragging the NYSE Arca Broker/Dealer Index down by 1 percent.
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