Wall Street To Opens Lower As Oil Surge

(RTTNews) - Early signs from the U.S. Futures Index suggest that Wall Street might open in the red.

This week's trading is likely to be driven by reports on consumer prices, durable goods orders and consumer sentiment may also attract attention.

For the first time, since 2022, oil surged above $100 a barrel as war tensions in the Middle East is escalating.

In the Asian trade hours, crude prices surged more than 25 percent, amid fears of supply disruptions. The dollar surged while gold trimmed early losses to trade above $5,100 an ounce.

As of 8.20 am ET, the Dow futures were losing 472.00 points, the S&P 500 futures were down 56.75 points and the Nasdaq 100 futures were sliding 219.25 points.

The U.S. major averages all finished Friday firmly in negative territory. The Nasdaq plunged 361.31 points or 1.6 percent to 22,387.68, the S&P 500 tumbled 90.69 points or 1.3 percent to 6,740.02 and the Dow slumped 453.19 points or 1.0 percent to 47,501.55.

On the economic front, the 3-month and 6-month Treasury Bill auction will be held at 11.30 am ET.

Preliminary Treasury Buyback announcement will be held at 11.00 am ET.

Asian stocks fell on Monday. China's Shanghai Composite index dropped 0.67 percent to 4,096.60. Hong Kong's Hang Seng index fell 1.35 percent to 25,408.46.

Japanese markets nosedived. The Nikkei average ended 5.20 percent lower at 52,728.72. The broader Topix index settled 3.80 percent lower at 3,575.84.