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The major U.S. stock indexes are trading slightly lower early Tuesday as investors return to Wall Street following the Memorial Day holiday on Monday. Traders are getting most of their cues from weaker markets in Asia.
At 0100 GMT, June E-mini S&P 500 Index futures are trading 2720.75, down 2.50 or -0.09%. June E-mini Dow Jones Industrial Average futures are at 24749, down 27 or -0.11% and June E-mini NASDAQ-100 Index futures are trading at 6979.50, down 13.00 or -0.19%.
Most major markets in Asia are trading lower on Tuesday, with the political turmoil in Italy and the steep drop in oil prices at the forefront.
Traders are also watching the negotiations between delegates of the United States and North Korea over the reinstatement of a June 12 meeting between President Donald Trump and Kim Jong-un in Singapore. If the negotiations are successful then this could lift some of the geopolitical tension that has kept a lid on stock market activity since last Thursday.
U.S. cash stock markets were closed on Monday due to the Memorial Day holiday. In Chicago and New York, the trading pits were closed, but the electronic markets were open. Trading was light and volume extremely low as expected in today’s holiday-shortened trade.
In the cash market on Friday, the benchmark S&P 500 Index settled at 2721.33, down 6.43 or -0.24%. The blue chip Dow Jones Industrial Average finished at 24753.09, down 58.67 or -0.24%. The tech-based NASDAQ Composite closed at 7435.79, up 11.36 or +0.15%.
In other news, The Wall Street Journal reported on Monday that the U.S. is prepared to unveil tough new sanctions on North Korea as soon as Tuesday, but could hold off as the countries try to revive the meeting, tentatively scheduled for June 12.
The Wall Street Journal, citing two administration officials, said the Treasury Department had assembled sanctions that would take aim at about three-dozen targets, including Russian and Chinese entities.
Although the focus on Tuesday will be primarily on geopolitical issues, investors will get the opportunity to react to a number of reports including the S&P/CS Composite-20 HPI and the major Conference Board Consumer Confidence.
The Home Price Index is expected to come in at 6.5%, down slightly from 6.8%. Consumer Confidence is expected to come in at 128.2, down from 128.7.
This article was originally posted on FX Empire