U.S. equity futures fell on Monday, picking up where equities left off on Friday as tensions escalate in the Middle East following the U.S. airstrike that killed an Iranian general.
The major futures indexes are indicating a decline of 0.6 percent, or a drop of 160 points on the Dow.
Benchmark U.S. crude oil climbed $1.10, or 1.7 percent, to $64.15 per barrel. It jumped 3.1 percent to $63.05 per barrel on Friday.
Brent crude, used to price international oils, rose $1.42 or 2 percent to $70.02 per barrel. It rose $2.35, or 3.5 percent, to close at $68.60 per barrel on Friday.
The price of gold, which investors buy in times of uncertainty as a safe haven of value, rose $23.30, or 1.5 percent, to $1,575 per ounce.
In Asia on Monday, Japan's Nikkei slid 1.9 percent, Hong Kong's Hang Seng lost 0.8 percent and China's Shanghai Composite was little changed.
In Europe, London's FTSE slipped 0.5 percent, Germany's DAX dropped 1.1 percent and France's CAC was down 0.8 percent.
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Technology, financial and health care stocks accounted for much of the selling Friday on Wall Street. Companies that rely on consumer spending also fell, along with airlines. Several energy stocks got a boost from higher oil prices. Defense contractors also notched gains.
President Donald Trump said the attack was ordered because Soleimani was plotting to kill many Americans. The Pentagon took steps to reinforce the American military presence in the Middle East in preparation for reprisals from Iran.
TRUMP WARNS OF SANCTIONS IF IRAQ TRIES TO EXPEL U.S. TROOPS
The air strike marks a major escalation in the conflict between Washington and Tehran, just as investors were basking in expectations of a settling of trade tensions between the U.S. and China.
A report in the Hong Kong newspaper South China Morning Post said Chinese officials planned to leave for Washington on Jan. 13 for a Jan. 15 signing of a “Phase 1” trade deal that the two sides said would be signed in early January.
The S&P 500 dropped 0.7 percent, ending with a 0.2% loss for the week. The Dow Jones Industrial Average fell 0.8 percent and the Nasdaq lost 0.8 percent.
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The major stock indexes were coming off record highs after closing out 2019 earlier in the week with the best annual performance by the S&P 500 and Nasdaq since 2013.
The Associated Press contribute to this article.
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2020-01-06 07:55:21Z
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