Futures lower ahead of GDP data

Global stock markets wavered overnight after the Turkish military shot down a Russian jet fighter along the Syrian border, sparking fears of a confrontation between the two countries.

Crude oil prices were up about 2 percent on the prospect of more turmoil in the Middle East. Gold also rose. The Dow Jones Industrial Average was up 341 points, or 1.94 percent, higher at 17,824, the S&P 500 ended 36 points, or 1.75 percent, up at 2,089, while the Nasdaq was 121 points, or 2.65 percent, higher to finish at 4686.35.

The Dow is down 10.88 points, or 0.1 per cent. O’Brien, said. “The market has a bit of the yips with geopolitical issues”. Crude is going up.

USA stock futures indicated a 0.2% opening loss for the S&P 500, after ending Friday with its largest weekly gain in almost a year. On the Nasdaq, 1,583 issues fell and 1,038 rose.

Investors also moved money into gold, another asset viewed as a haven.

“But it’s in everyone’s interests to de-escalate the situation, so I think it will turn out to be a transitory event once the market has digested this”, he added.

Eight of the 10 major S&P sectors were lower, led by the consumer discretionary sector’s 1.05 percent decline.

About 6.9 billion shares changed hands on United States exchanges below the 7.2 billion average for the last 20 sessions, according to Reuters data.

The euro was up slightly against the dollar at $1.0648, despite data showing the German economy slowed in the third quarter. The US dollar traded down 0.2% against major rivals. Instead of pulling the markets lower, investors were relieved at the chance to plan ahead after months of not knowing when the central bank will finally make its move.

USA gross domestic product advanced at a 2.1 per cent seasonally adjusted annual rate in the third quarter, matching the forecast of economists surveyed by The Wall Street Journal and up from the initial estimate of 1.5 per cent growth.

Data showed the economy expanded at a faster pace in the third quarter than previously reported. Expectation mounted of a rate hike in December after the release of the minutes from the Federal Reserve’s October meeting.

“Russia’s response could have been a lot more confrontational”, he said.

During the weekend, San Francisco Fed President John Williams said there is a strong case for the Fed to begin raising short-term interest rates.