Business
<img src=" http://www.joplinglobeonline.com/images/zope/monday.gif" border=0> Stock futures lower on US-China trade concerns
NEW YORK (AP) — Stock futures are pointing to a lower opening Monday amid concerns about a growing trade dispute between the U.S. and China.
Overseas markets also fell sharply on concern about tensions between two of the world’s largest economies.
Late Friday, the U.S. administration imposed trade penalties on tires coming into the country from China. The Chinese government quickly condemned the move, calling it protectionist and a violation of global trade rules.
President Barack Obama has until Thursday to accept, reject or modify a U.S. International Trade Commission ruling that an increase of Chinese tires moving into the U.S. hurts American producers.
The growing tension comes ahead of the G-20 summit of rich and developing nations later this month in Pittsburgh.
Ahead of the opening bell, Dow Jones industrial average futures fell 62, or 0.7 percent, to 9,530. Standard & Poor’s 500 index futures fell 8.10, or 0.8 percent, to 1,029.20, while Nasdaq 100 index futures fell 11.75, or 0.7 percent, to 1,671.75.
Obama will also be the center of attention as he gives a speech on the one-year anniversary of the collapse of Lehman Brothers Holdings Inc., which helped spark the worst period of the financial crisis and credit crunch. Obama will discuss the actions the government has taken to help the economy and stabilize the financial sector as well as further regulation needed to help avoid a future collapse during a speech in New York.
Investors will have little in the way of economic news Monday to provide further insight into a potential economic recovery. However, reports on inflation, retail sales, industrial product and housing starts are due out later in the week.
Consumer spending and the housing market are both considered cornerstones to a strong economic rebound. Without a jump in consumer spending and improving home prices and sales, analysts say an economic recovery could be weak.
Major indexes fell Friday, ending a run of five straight gains. Stocks were led lower by energy companies, which were hurt by declining oil prices.
Oil prices fell 48 cents to $68.81 a barrel in premarket electronic trading on the New York Mercantile Exchange.
Meanwhile, bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.38 percent from 3.35 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.14 percent from 0.13 percent late Friday.
The dollar rose against other major currencies, while gold prices fell.
Overseas, Japan’s Nikkei stock average fell 2.3 percent. In afternoon trading, Britain’s FTSE 100 declined 0.7 percent, Germany’s DAX index fell 1 percent, and France’s CAC-40 dropped 1.1 percent.
- Business
-
-
Economy just right for some to build a home
Forget the still-sputtering economy, tight credit and all the other reasons not to take that giant leap of real estate faith right now.
-
Real estate Q&A: Sellers may benefit from waiting out a slow market
QUESTION: I bought a condo in Yardley, Pa., in 2008. I put 20 percent down on a purchase price of $245,000. My fiance and I would like to sell the condo and buy a single-family home with more yard space in the same area.
-
Boeing 2Q profit falls; expects defense layoffs
Boeing’s second-quarter profit fell 21 percent, and it said layoffs are likely in its defense business because of expected government spending cuts and bargain-hunting.
-
June orders decline for costly durable goods
Weakness in many categories of built-to-last products drove orders for new U.S.-made durable goods down by 1 percent in June, the second straight monthly decline and the biggest drop in 10 months, the Commerce Department reported Wednesday.
-
Stock futures rise on strong global earnings
Stock futures rose Thursday following a new batch of upbeat earnings and signs that Europe’s economy is bouncing back faster than expected.
-
RES in Carthage working to resume operations
Chances are “better than even” that Renewable Environmental Solutions will resume operations, Mayor Mike Harris said Tuesday.
-
Branson again nixes outdoor Nelly concert
Branson city officials have again said no to a proposed outdoor concert by hip-hop artist Nelly.
The city’s aldermen voted unanimously Tuesday not to allow the Aug. 21 concert behind the renovated Grand Palace. - Sponsored blog posts, reviews raise ethical questions
-
Stock futures trading in tight range ahead of open
Stock futures traded in a tight range Wednesday as investors entered the day tentative before new reports that will provide insight about the pace of recovery.
-
Sprint Nextel posts first subscriber gain in three years
Sprint Nextel says it gained subscribers in its latest quarter, the first such gain in three years, as it continued to improve customer service and retention.
- More Business Headlines
-
Economy just right for some to build a home
![Add a comment on this story](http://comments.neighborsink.com/add_comment.php?url=http://www.joplinglobe.com&portal=joplinglobe§ion_id=dailybusiness&story_id=x1081140542&headline=<img src=" http://www.joplinglobeonline.com/images/zope/monday.gif" border=0> Stock futures lower on US-China trade concerns){kind=link}