US futures fall ahead of Wall Street open

BEIJING (AP) — Wall Street pointed to a lower open on Monday on the heels of last week’s furious rally that gave major stock indexes their biggest gains of the year.

On Wall Street, futures on the benchmark S&P 500 slid 0.5% while futures on the Dow Jones Industrial Average fell 0.7%.

Global stocks rose to start the week, although markets in China, South Korea and Southeast Asia were closed for the Lunar New Year holiday. London and Frankfurt opened higher. Tokyo and Hong Kong rose while Sydney declined.

Investors had to navigate the markets following the Federal Reserve’s decision to rein in inflation by accelerating interest rate hikes, while ending bond purchases and other stimulus measures that have drive up stock prices.

On Friday, the S&P 500 rose 2.4% for its biggest gain since June 2020. The Dow added 1.7% and the Nasdaq composite jumped 3.1%.

In early trading, the FTSE 100 in London was flat and the DAX in Frankfurt rose 0.3%. The CAC in Paris is down 0.3%.

In Asia, the Nikkei 225 in Tokyo rose 1.1% after the government announced that retail sales in December fell 1% from the 2.5-year high of the previous month. This is explained by a 4% drop in food purchases.

The Hang Seng gained 1.1% while the Sydney S&P-ASX 200 lost 0.2%.

India Sensex rose 1.4% while the New Zealand and Southeast Asian markets advanced.

In energy markets, benchmark U.S. crude gained 29 cents to $87.11 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 21 cents on Friday to $86.82. Brent crude, the price base for international oils, added 38 cents to $88.86 a barrel in London. It advanced 69 cents the previous session to $90.03.

The dollar gained 115.44 yen from 115.23 yen on Friday. The euro fell from $1.1146 to $1.1155.

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