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US stocks set to continue south as global indices under pressure; Trump and trade the focus

The Dow Jones Industrial Average tumbled over 137 points yesterday to close at 25,986..

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Wall Street is set for a lower start

US stocks are set to continue lower Friday ahead of the Labor Day holiday long weekend after shares fell Thursday.

The Dow Jones Industrial Average tumbled over 137 points yesterday to close at 25,986, while the Nasdaq shed around 21 and the broader based S&P 500 index closed down nearly 13 at 2,901.

Dow Jones futures are today down 60 points, while the Nasdaq futures are off nearly 12 and  S&P 500 futures are down six points.

Wall Street markets will be closed Monday and will reopen on Tuesday.

In Toronto, the TSX dropped around 18 points to close at 16,371.

In Asia overnight, the Nikkei 225 in Japan and the Shanghai Composite Index in China also fell, down 4.35 and 12,49 points respectively.

In Europe this morning, benchmarks are lower with the FTSE 100 down around 35 points at 7,480, the German DAX is off 102 points and the CAC 40 is down around 61.

Connor Campbell, financial analyst at Spreadex in London, said: "Even the Coca-Cola glow emanating off of Whitbread couldn’t prevent the FTSE sliding further below 7500 on Friday."

The analyst added: "The main issue, as is so often the case, seems to be Donald Trump, namely the fact the sabre-rattling President rejected an offer from the European Union to eliminate auto tariffs if the US did the same, claiming the deal was ‘not good enough’.

 

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