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Wall Street set for weak open as global shares under pressure; earnings continue

Last updated: 07:39 30 Jul 2018 EDT, First published: 02:15 30 Jul 2018 EDT

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Global shares are under pressure on Monday with US stocks set for a weak open after finishing lower on Friday.

Despite the earnings bonanza the tech sell off weighed on equities and the Dow Jones Industrial Average closed down 76 at the end of last week at 25,451, while the Nasdaq lost 114 at 7,737.

The S&P 500 index lost over 18 at 2,818. In Toronto the TSX closed out last week down nearly 62 points at 16,393.

 

In futures today on Wall Street, the Dow Jones is up seven points, but the Nasdaq index is down 12.5 and the S&P 500  index is down 1.75.

 

In US focus today will be the shares in broadcaster CBS Corp (NYSE:CBS) stock on Monday as the company's board meets to discuss allegations of sexual harassment against chief executive Les Moonves.

Reportedly, a special committee will be formed to oversee an investigation into both Moonves and the overall culture at the network.

CBS shares fell over 6% on Friday to US$54.01.

In European markets, the FTSE 100 is down over 22 at 7,679 and the German DAX is off 29 at 12,831. In France, the CAC 40 is around 16 points lower.

This week,  investors will have an eye on economic data coming out of the US, with the ADP employment report for July on Wednesday, followed by the main US non-farm payroll number on Friday. Central banks will also be a focus in the UK and the US with policy reviews.

Connor Campbell, financial analyst at Spreadex, said: ".... the Dow Jones doesn’t look like it’s going to move the needle when the bell rings on Wall Street.

"The Dow, which fell from its 25500-plus highs last Friday following a tech-sector wobble, is set to open effectively unchanged, the index perhaps nervous ahead of Apple’s Q3 results on Tuesday and the Fed meeting on Wednesday," he suggested.

In Asia overnight, the Nikkei 225 shed nearly 168 points at 22,544, while the Shanghai Composite Index lost 4.54 at 2,869.

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