November 28, 2016 - 10:03 AM EST
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Stocks Poised to Open Lower

U.S. stock index futures pointed to a lower open on Monday as investors assessed the possibility of the Organization of the Petroleum Exporting Countries agreeing to a production cut this week.

Ahead of the opening bell, futures for the Dow Jones Industrials dropped 56 points, or 0.3%, to 19,088. Futures for the S&P 500 fell 6.25 points, or 0.3%, to 2,205. NASDAQ futures stumbled 8.5 points, or 0.2%, to 4,860.

On the earnings front Monday, ZTO Express is due to report after the bell in its first report since its initial public offering. Shoe Carnival, 21Vianet and Thor Industries are also set to report earnings after the market close.

Oil prices had some spring in their step, after Dow Jones reported the Iraqi oil minister said Iraq will cooperate with other OPEC members to reach a deal. OPEC members are holding bilateral meetings as they try to reach an agreement at a general meeting on Wednesday.

European markets were marginally lower on Monday. Investors in Europe are also becoming increasingly worried over the upcoming referendum in Italy that could potentially lead to the fall of the government and raise concerns over the recapitalization of the banking system.

In Asia, the Shanghai Composite in China closed 0.5% higher, while the Nikkei in Japan closed 0.1% lower.

Oil prices inched up 37 cents to $46.43 U.S. a barrel

Gold prices jumped $9.10 at $1,187.50 U.S. an ounce.


Source: Livemoney (November 28, 2016 - 10:03 AM EST)

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