U.S. equity futures were pointing to a lower open as markets return to trading amid worries about global economic growth and concern about Brexit.
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The IMF predicted the global economy to grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percentage point, respectively, from last October’s forecasts.
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Markets were closed Tuesday for the Dr. Martin Luther King Jr. Holiday.
Dow Jones futures were lower by 0.6 percent. The S&P 500 slipped 0.6 percent and the Nasdaq Composite was off 0.7 percent.
Ticker | Security | Last | Change | %Chg |
---|---|---|---|---|
JNJ | JOHNSON & JOHNSON | 130.69 | +1.60 | +1.24% |
ARNC | ARCONIC INC. | 20.34 | +0.16 | +0.79% |
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Johnson & Johnson on Tuesday forecast 2019 sales that fell short of analysts’ estimates after reporting better-than-expected fourth-quarter profit and revenue.
The company said it expects 2019 sales in the range of $80.4 billion to $81.2 billion, compared with the average analyst estimate of $82.69 billion, according to IBES data from Refinitiv.
Arconic Inc shares slumped more than 20 percent after the aluminum products maker said it was no longer pursuing a sale.
Also on Monday, China’s 2018 growth slowed to the lowest in nearly three decades, which puts pressure on Beijing to add more stimulus.
The economy cooled in the fourth quarter under pressure from lower domestic demand and the U.S. tariffs on Chinese goods.
Fourth-quarter gross domestic product (GDP) grew at the slowest pace since the global financial crisis, easing to 6.4 percent on-year as expected from 6.5 percent in the third quarter, the National Bureau of Statistics said on Monday.
That pulled full-year growth down to 6.6 percent, the slowest annual pace since 1990.
In Asian markets on Tuesday, China’s Shanghai Composite ended the day 1.2 percent lower.
Hong Kong’s Hang Seng ended the session down 0.7 percent.
Japan’s Nikkei closed down 0.5 percent on the day.
In Europe, London’s FTSE traded lower by 0.4 percent, Germany’s DAX slipped 0.5 percent and France’s CAC was off 0.5 percent.
Ticker | Security | Last | Change | %Chg |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 24533.22 | -173.13 | -0.70% |
SP500 | S&P 500 | 2670.71 | +34.75 | +1.32% |
I:COMP | NASDAQ COMPOSITE INDEX | 7157.2276 | +72.76 | +1.03% |
U.S. stocks closed higher Friday — their fourth consecutive weekly gain — after China reportedly offered to increase its imports from America over a six-year-period to reduce the trade imbalance between the two nations.
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Equities also got a lift from a Wall Street Journal report that the Trump administration was considering rolling back tariffs on Chinese goods to ensure that current trade negotiations – set to end March 1 – are successful.