Thursday, February 2News That Matters

Dow is set for steep triple-digit losses at the open amid rising global tensions

U.S. stock futures pointed to a deeply negative open Tuesday morning, with global markets on edge amid geopolitical tensions surrounding Saudi Arabia.

Saudi Arabia, after the country confirmed Jamal Khashoggi, a journalist and critic of the Saudi regime, was killed in the country’s consulate in Istanbul, Turkey.

European and Asian shares retreated on Tuesday as sentiment soured amid the escalating geopolitical worries. Europe’s Stoxx 600 fell to its lowest level since December 2016 in early morning trade, with concerns over Italy’s fiscal plans and Brexit also depressing sentiment, while Asian markets saw broad losses.

Tuesday is also a big day for corporate earnings, with McDonald’s, 3M, Caterpillar and a number of other firms set to report before the bell, and Juniper Networks, Equity Residential, Capital One and others due to post their financials after the trading session.

Meanwhile, Minneapolis Federal Reserve President Neel Kashkari, Atlanta Fed President Raphael Bostic, Chicago Fed President Charles Evans and Kansas City Fed President Esther George will speak throughout the day. In terms of data, the Richmond Fed is expected to release manufacturing index data at 10 a.m. ET.

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