Wall Street May Get Off To A Lower Start

The major U.S. index futures are pointing to a lower opening on Monday. Existing home sales data to be released today is the major highlight of the day. Asian shares closed broadly higher while European shares are trading in the red.

As of 6.30 am ET, the Dow futures were slipping 16 points, the S&P 500 futures were shedding 3.25 points and the Nasdaq 100 futures were slipping 5 points.

U.S. stocks closed modestly lower on Friday. The Dow dipped 31.71 points or 0.2 percent to 21,580.07, the Nasdaq slipped 2.25 points or less than a tenth of a percent to 6,387.75 and the S&P 500 edged down 0.91 points or less than a tenth of a percent to 2,472.54.

On the economic front, the flash Composite Purchasing Managers’ Index for July will be released at 9.45 am. The economists are looking for consensus of 53.2, slightly down from 53.00 in the prior month.

Existing Home Sales for June will be issued at 10.00 am ET. The consensus is for 5.580 million, compared to 5.620 million in May.

In the corporate sector, Stanley Black and Decker (SWK) reported second quarter net profit of $277.2 million from $271.5 million a year ago. Earnings per share were $1.82, compared to $1.84 last year. Revenue for the quarter climbed 10 percent to $3.2 billion. Looking ahead to the full year 2017, the company now expects earnings of $8.05 to $8.05, up from its earlier projection of $7.95 to $8.15. on an adjusted basis, earnings is expected to be in a range of $7.18 to $7.38.

Asian stocks ended broadly higher on Monday. China’s Shanghai Composite index ended up 12.62 points or 0.39 percent at 3,250.60. Hong Kong’s Hang Seng index closed up 140.74 points or 0.53 percent at 26,846.83.

Japanese shares hit over two-week lows. The Nikkei average shed 124.08 points or 0.62 percent to 19,975.67, the lowest level since July 7. The broader Topix index closed 0.52 percent lower at 1,621.57.

Australian shares fell, dragged down by banks and commodity-related stocks. The benchmark S&P/ASX 200 dropped 34.70…

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