Stock investors search for direction following long weekend
U.S. stock futures were mixed early Tuesday as investors waded back into the markets after the three-day weekend. U.S. markets were closed Monday for the Memorial Day holiday.
President Trump continued to talk tough on trade during his visit to Japan over the weekend, noting that the United States’ still had an “unbelievably large” trade imbalance with Japan, but also said a trade deal was coming later this year.
In deal news, Fiat Chrysler on Monday proposed a merger with France’s Renault to create the world’s third-biggest automaker worth $40 billion and which could combine forces in the race to make electric and autonomous vehicles, as reported by the Associated Press.
The merged company would reshape the global industry. It would produce some 8.7 million vehicles a year, leapfrogging General Motors and trailing only Volkswagen and Toyota.
Shares of both companies jumped on the news of the offer, which would see each side’s shareholders split ownership in the new manufacturer.
|FCAU||FIAT CHRYSLER AUTOMOBILES N.V.||12.85||+0.12||+0.94%|
U.S. investors will also be watching a fresh batch of economic data on Tuesday including Consumer Confidence for May and the S&P Case-Shiller report on home prices.
European stocks were mixed. France’s CAC 40 lost 0.4 percent in early trading to 5,316.90, while Germany’s DAX slipped 0.3 percent to 12,038.53. Britain’s FTSE 100 inched up 0.1 percent to 7,282.23.
In Asia, markets clocked small gains across the board; Japan’s benchmark Nikkei 225 added 0.4 percent to finish at 21,260.14, while Australia’s S&P/ASX 200 gained 0.5 percent to 6,484.80. South Korea’s Kospi edged up 0.2 percent to 2,048.83. Hong Kong’s Hang Seng added 0.4 percent to 27,390.81, while the Shanghai Composite rose 0.6% to 27,390.81.
The Associated Press contributed to this report.