Wall Street Sees Red At Open

(RTTNews) - Initial cues from the U.S. Futures Index suggest that Wall Street might open in negative territory. Fears of the Middle East crisis and a hard landing for the U.S. economy might hit the Dow Futures. Corporate earnings news might get attention. Asian shares finished lower, while European shares are also following the same pattern.

In the Asian trading session, gold fluctuated while oil extended losses. As of 8.10 am ET, the Dow futures were falling 1,044.00 points, the S&P 500 futures were down 207.25 points and the Nasdaq 100 futures were declining 984.25 points.

The U.S major averages ended Friday off their lows of the session but still firmly negative. The Nasdaq dove 417.98 points or 2.4 percent to 16,776.16, the S&P 500 plunged 100.12 points or 1.8 percent to 5,346.56 and the Dow tumbled 610.71 points or 1.5 percent to 39,737.26.

On the economic front, the PMI Composite Final for July will be issued at 9.45 am ET. The consensus is for 55.0, while it was up 55.0 in the prior month.

The ISM Services Index for July will be released at 10.00 am ET. The consensus is for 51.0, while it was up 48.8 in June.

San Francisco Fed President Mary Daly will discuss monetary policy and economic trends before a moderated conversation hosted in partnership with the Hawaii Executive Collaborative at 5.00 pm ET.

Asian shares plummeted on Monday. Chinese markets ended lower. China's Shanghai Composite index fell 1.54 percent to 2,860.70 while Hong Kong's Hang Seng index dipped 1.46 percent to 16,698.36.

Japanese markets saw intense selling pressure. The Nikkei average nosedived 12.40 percent to 31,458.42. The broader Topix index settled 12.23 percent lower at 2,227.15.

Australian markets finished in the red. The benchmark S&P/ASX 200 dropped 3.70 percent to 7,649.60.

The broader All Ordinaries index tumbled 3.81 percent to 7,859.40, with tech stocks and financials leading losses.