Futures fall as investors
eye oil meet, presidential debate
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[September 26, 2016]
By Yashaswini Swamynathan
(Reuters) -
U.S.
stock index futures were lower on Monday amid a volatile oil market and
ahead of the first U.S. presidential debate.
Investors are awaiting a highly anticipated face-off between
presidential candidates Hillary Clinton and Donald Trump at 9:00 p.m. ET
(0100 GMT) in the run-up to the Nov. 8 election.
A Reuters/Ipsos poll on Monday showed half of the country's likely
voters will rely on the debate to make their choice.
Oil prices rallied in volatile trading as the world's largest producers
gathered in Algeria to potentially work out a plan to limit output.
[O/R]
Investors are also awaiting the upcoming corporate earnings season,
which will test lofty stock valuations. The benchmark S&P 500 index is
trading at 17.3 times forward earnings compared with the 10-year median
of 14.3, according to StarMine data.
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Faced with a string of lackluster economic data, the Fed decided to keep
rates unchanged last week, but left the door open for a possible hike in
December.
A report on Monday is likely to show new single-family home sales
dropped 8.8 percent to 600,000 in August from the month earlier. The
data is due at 10:00 a.m. ET.
Wall Street closed lower on Friday as energy stocks took a beating after
Brent crude prices fell.
The U.S.-listed shares of Deutsche Bank <DB.N> plunged 5.25 percent
premarket after a German magazine cited government sources saying
Chancellor Angela Merkel has ruled out state assistance for the lender
and rejected any interference in the ongoing U.S. justice department
investigation.
Apple was down 0.8 percent after market research firm GfK claimed last
week that sales of the new iPhones in Europe were well below the iPhone
6 pace.
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![](../images/092616pics/busine25.jpg)
Traders work on the floor of the New York Stock Exchange (NYSE) in
New York City, U.S. September 22, 2016. REUTERS/Brendan McDermid
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Pfizer
fell 0.93 percent after the drugmaker decided not to split into two publicly
traded companies.
Chemical company Chemtura soared 17 percent to $33 after Germany's Lanxess
offered to buy the company for $2.69 billion, including debt.
Futures snapshot at 7:19 a.m. ET:
Dow e-minis were down 93 points, or 0.51 percent, with 21,814 contracts
changing hands.
S&P 500 e-minis were down 10.25 points, or 0.47 percent, with 164,272
contracts traded.
Nasdaq 100 e-minis were down 29 points, or 0.6 percent, on volume of 27,196
contracts.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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