NEW YORK, March 11 — The S&P 500 and Nasdaq futures eked out gains today as investors took a cautious stance after a weak US jobs report raised questions of slowing global growth, while a slide in planemaker Boeing’s shares pressured Dow futures.
Boeing Co tumbled 8.9 per cent in premarket trading after many airlines grounded the world’s biggest planemaker’s new 737 MAX 8 passenger jet following the second deadly crash in just five months.
The S&P 500 index is now nearly 7 percent away from its record high hit on Sept. 20. The benchmark index ended the week 2.2 per cent lower, its biggest weekly decline since the market tumbled at the end of 2018.
The U.S. report on Friday showed employment growth almost stalled in February, which added to economic fears that were already fanned by a sharp fall in China’s exports and after the European Central Bank slashed growth forecasts for the region last week.
As concerns of a slowing economy linger at the surface, the Commerce Department’s retail sales data at 8:30 a.m. ET, will be closely monitored.
The numbers are expected to show retail sales dipped 0.1 percent in January after a shocking 1.2 percent fall in the month before, which suggested a sharp slowdown at the end of 2018.
In a bright spot, the Federal Reserve Chairman Jerome Powell stuck to his dovish message on Sunday. He said the central bank does “not feel any hurry” to change the level of interest rates again as it watches how a slowing global economy affects conditions in the United States.
At 6:46 a.m. ET, Dow e-minis were down 173 points, or 0.68 per cent. S&P 500 e-minis were up 1.5 points, or 0.05 percent and Nasdaq 100 e-minis were up 13.25 points, or 0.19 per cent.
China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, including eliminating tit-for-tat tariffs, a senior Chinese official said on Saturday.
Nvidia Corp fell 1.4 per cent after the chipmaker said it will buy Mellanox Technologies Ltd for more than US$6.78 billion (RM27.7 billion) in cash. The Israeli chip designer jumped 9.4 per cent.
In other news, President Donald Trump on Monday will ask lawmakers to hike spending for the military and the wall he wants to build on the US-Mexico border and slash other programs in his 2020 budget.
The Republican president’s proposal, slated for release at 11:30 a.m. (1530 GMT), is expected to be rejected by Congress. — Reuters
Source: The Malay Mail Online