The
U.S. Commerce Department's report, due at 8:30 a.m. ET (1230
GMT), is expected to show retail sales slipped 0.3% last month
after rising 0.6% in June.
Global equities started the week on the backfoot as tighter
scrutiny of China's internet sector and signs of slowing
economic recovery, particularly in China, drove investors
towards defensive parts of the market.
Chevron Corp, Exxon Mobil, Schlumberger NV, Marathon Oil,
Occidental Petroleum, Halliburton and Conocophillips slipped
between 0.7% and 1.5% in premarket trading, tracking crude
prices lower on weak Asian demand. [O/R]
Interest rate-sensitive lenders Morgan Stanley, JPMorgan Chase &
Co, Bank of America Corp, Wells Fargo & Co and Goldman Sachs
fell between 0.7% and 1.1%. [US/]
Still, the benchmark S&P 500 and Dow industrials closed at
record highs on Monday as investors weighed concerns about a
resurgence in global COVID-19 cases, the Federal Reserve's
potential policy tapering moves with a stellar earnings season.
Minutes from the Fed's latest meeting, due on Wednesday, will be
closely watched after Boston Fed President Eric Rosengren said
that one more month of strong job gains could satisfy the
central bank's requirements for beginning to reduce its monthly
asset purchases.
At 6:57 a.m. ET, Dow e-minis were down 208 points, or 0.59%, S&P
500 e-minis were down 20 points, or 0.45%, and Nasdaq 100
e-minis were down 47.25 points, or 0.31%.
Mega-cap technology stocks Microsoft Corp, Apple Inc, Netflix
Inc, Facebook Inc, Amazon.com and Google-owner Alphabet Inc were
down between 0.2% and 0.3%.
Home Depot Inc fell 3.9% after it missed estimates for U.S.
quarterly same-store sales, as a pandemic-driven surge in demand
for do-it-yourself home-improvement products waned with people
increasingly venturing outside their houses.
Walmart Inc fell 1.3% even after the world's no. 1 retailer
raised its annual U.S. same-store sales forecast.
Doughnut chain Krispy Kreme's earnings report is due later in
the day.
Spirit Airlines dropped 4.7% after it cut its revenue and margin
forecast for the third quarter, as a resurgence in COVID-19
cases drags booking trends.
(Reporting by Devik Jain in Bengaluru; Editing by Maju Samuel)
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