Online financial news

– The major U.S. index futures are pointing to a sharply lower opening on Monday, with sentiment reflecting extreme negativity following the souring of the economic outlook. Many economic indicators released from across the globe have pointed towards a definitive soft patch. The job market in the U.S. is not taking off and manufacturing activity is left limping from geopolitical shocks.The negativity may leave traders unsettled as they are left staring at a muted and frail economic outlook.

U.S. stocks extended their gains in the week ended July 8th, with the markets staying afloat despite Friday’s bleak non-farm payrolls report on the support lent by some fairly positive data released earlier in the week.

After remaining closed last Monday due to a public holiday, the major averages traded in a lackluster fashion on Tuesday and closed on a mixed note amid nervousness about the jobs report. The previous week’s strong advances also sent some traders to the sidelines. Ignoring a weaker than expected report on the service sector from the Institute for Supply Management, the markets advanced on Wednesday, ending modestly to moderately higher.

A private sector jobs report and the government’s weekly jobless claims report, both released on Thursday, were better than expected and consequently, stocks advanced solidly in the session. However, sentiment soured on Friday, as anemic job growth reported by the Labor Department generated weakness, although stocks closed well off the lows of the session.

For the week ended July 8th, the Dow Industrials rose 0.59 percent, the S&P 500 Index added 0.31 percent and the Nasdaq Composite ended up 1.55 percent.

Among the sector indexes, the NYSE Arca Gold Bugs Index rose 4.49 percent for the week, while the S&P Retail Index gained 2.70 percent. Meanwhile, the KBW Bank Index and the Philadelphia Semiconductor Index declined over 1 percent each.

Currency, Commodity Markets

Crude oil futures are receding $1.53 to $94.67 a barrel after advancing $0.77 or 0.81 percent to $95.22 a barrel in the week ended July 8th. Thus, oil added to the previous week’s 4.15 percent gain.

Last Tuesday, oil rose close to $2-a-barrel before moving down modestly on Wednesday. Amid the release of the positive jobs reports and the release of the weekly inventory report showing a decline in crude oil stockpiles, oil rose over $2-a-barrel on Thursday. However, on Friday, oil declined by close to $2.50-a-barrel yet ended higher for the week.

Gold futures, which jumped $59 or 3.98 percent to $1,541.60 an ounce in the previous week, are currently rising $13.60 to $1,555.20 an ounce.

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