Futures Point To Mixed Open On Wall Street


Stock Futures Mixed

U.S. stock index futures pointed to a mixed start on Monday, as market participants monitored progress in trade negotiations between Washington and Beijing. On Saturday, U.S. Treasury Secretary Steven Mnuchin said that China and the U.S. were moving closer to the final stage of trade talks.

At around 7:02 a.m. ET, futures on the blue-chip Dow rose 49.5 points, or 0.19% to 26,457.5. Futures on the S&P 500 were up 0.62 points, or 0.02% to 2,913.12, while those on the Nasdaq 100 dipped 3.13, or 0.04% to 7,649.12.

Big Day For Big Banks

Goldman Sachs and Citigroup  are set to release their first-quarter financial results before the opening bell. The accompanying outlook and the headline metrics of the two banks are expected to provide investors with a preview of how the U.S. financial sector is holding up.

Analysts expect Goldman Sachs to report first-quarter earnings of $4.89 per share. Citigroup, meanwhile, is forecast to have made a profit of $1.80 per share in the quarter. Bank of America and Morgan Stanley  will announce their quarterly earnings on Tuesday and Wednesday, respectively.

Trump Attacks Federal Reserve Again

President Donald Trump on Sunday tweeted that the U.S. stock market would be much higher if Federal Reserve officials has taken his word last year. Mr. Trump tweeted: “If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4% instead of 3%…with almost no inflation. Quantitative tightening was a killer, should have done the exact opposite!”

The president has repeatedly gone on the offensive against the central bank in recent months for its tight monetary policy. On Saturday, European Central Bank President Mario Draghi said he was concerned about the independence of the Federal Reserve.

Waste Management To Buy Advanced Disposal

Waste Management Inc. has announced plans to buy smaller rival Advanced Disposal Services Inc.  for about $3 billion in cash. According to the companies, the offer of $33.15 per share represents a premium of approximately 22% to the closing price of Advanced Disposal’s shares on Friday.

Shares of Waste Management Inc, the U.S.’s largest rubbish and recycling collector, rose 2% to 104.00 in premarket. Advanced Disposal Services stock was up 19% to $32.31.