Stocks- U.S. Futures Modestly Lower After U.S.-North Korea Summit

  • Stock Market News
Stocks- U.S. Futures Modestly Lower After U.S.-North Korea Summit
Credit: © Reuters. – U.S. futures edged down on Tuesday, as U.S. President Donald Trump and North Korea leader Kim Jong Un signed a denuclearization deal and investors looked ahead to central bank meetings this week.

The S&P 500 futures was down three points or 0.11% to 2,783.75 as of 6:45 AM ET (10:45 GMT) while Dow futures decreased 41 points or 0.16% to 25,307.0. Meanwhile tech heavy Nasdaq 100 futures fell over eight and a half points or 0.12% to 7,187.50.

Trump and Kim Jong Un signed a four-step agreement on Tuesday in an unprecedented summit in Singapore. The two leaders agreed to work towards a denuclearized Korean peninsula while Trump promised to end joint military exercises with South Korea.

Many experts were unimpressed however, saying the agreement lacked solid commitment by Pyongyang and that it was vague.

The Federal Reserve’s two-day policy meeting starts on Tuesday, with an interest rate decision slated for tomorrow at 2:30 PM ET (18:30 GMT). There’s a 92% expectation from investors that the Fed increase rates by 25 basis points.

Meanwhile on Thursday the European Central Bank is expected to announce when it will unwind its bond buying program.

Twitter Inc (NYSE: TWTR ) was among the top gainers in pre-market trading after JPMorgan (NYSE: JPM ) raised its price target on the social media site, while Netflix (NASDAQ: NFLX ) gained 0.43% and Tesla (NASDAQ: TSLA ) was up 0.63%.

Elsewhere semiconductor Micron Technology Inc (NASDAQ: MU ) fell 0.55% while British American Tobacco (LON: BATS ) PLC ADR (NYSE: BTI ) company slumped 1.45%.

In economic news, the consumer price data is out at 8:30 AM ET (12:30 GMT).

In Europe stocks were down. Germany’s DAX fell four points or 0.03% while in France the CAC 40 decreased 11 points or 0.21% and in London, the FTSE 100 was down 23 points or 0.31%. Meanwhile the pan-European Euro Stoxx 50 lost four points or 0.14% while Spain’s IBEX 35 rallied 46 points or 0.47%.

In commodities, gold futures were down 0.05% to $1,302.50 a troy ounce while crude oil futures fell 0.30% to $66.30 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.03% to 93.53.

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