Stocks are opening slightly lower on Wall Street in muted trading ahead of an early close for the Christmas holiday. Wall Street is also poised for an uninspiring session, with markets scheduled to close at 1:00 pm. As traders turn their attention to 2020, fears about the outlook for the global economy remain as do concerns over the outcome of trade talks between the U.S. and China. The S&P is down about 1 point at 3,223. The Dow Jones Industrial Average lost 10 points to 28,536. The Nasdaq is down 2 points at 8,942.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
Global stock markets traded in very narrow ranges on Tuesday in muted trading ahead of the Christmas holiday.
With indexes in Europe either closed or open for limited hours, the Santa Rally failed to make any further advance. Britain's FTSE 100 index closed 0.1% higher 7,632.24 while the CAC 40 in Paris ended flat at 6,029.55. Both markets were to open for only half the day, and will remain closed until Friday. Germany's DAX was closed for Christmas Eve and it won't reopen until Friday too. How many European traders will bother to return for just the one day ahead of the weekend will be interesting to see!
U.S. markets were also poised for a muted session with futures markets predicting a flat opening for both the Dow Jones industrial average and the S&P 500 index. It's only a half-day on Wall Street too, though U.S. traders can return to their desks on Thursday.
"Right now, a lot of people have gone home for the year and the path of least resistance is higher," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. "It's hard to see any kind of meaningful trend change between now and the end of the year."
Traders will be well-minded to rest up as it will take something for markets to match this year's healthy performance. Fears about the outlook for the global economy remain as do concerns over the outcome of trade talks between the U.S. and China. Next year also has the added complication of the U.S. presidential election.
Rising optimism around a "Phase 1" trade deal announced earlier this month between the United States and China has helped put investors in a buying mood.
"Looking back on the past year, there have been a host of predictions claiming that the early 2019 rebound would not last long," said Chris Beauchamp, chief market analyst at IG.
"Once again, markets have played their favourite game, catching almost everyone out. As we peer into the crystal ball for next year, the future remains uncertain, but it is fairly certain that 2020 will not resemble 2019."
Earlier in Asia, Tokyo's Nikkei 225 closed less than 0.1% higher at 23,830.58, while Shanghai Composite index gained 0.7% to 2,982.68. Hong Kong's Hang Seng shed 0.2% to close at 27,864.21. Seoul's Kospi declined 0.6% to 2,190.08 while Sydney's S&P-ASX inched 0.1% up to 6,794.20. New Zealand and Singapore advanced, while Taiwan and India declined.
Benchmark U.S. crude oil gained 20 cents to $60.72 per barrel. Brent crude, the international standard, added 28 cents at $65.70 per barrel.
The dollar rose slightly to 109.41 Japanese yen, while the euro slipped to $1.1082.
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Uninspiring Christmas Eve in markets drawing to a flat end - Minneapolis Star Tribune
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