worker in the oil industry on oil pump

US stock futures were in the red earlier on Monday ahead of the country’s retail sales data for July.  Futures tied to the tech stock Nasdaq 100 fell more than 19 points. Futures contracts tied to the Dow Jones Industrial Average declined nearly 75 points. S&P 500 index was down 7 points.

Market Outlook

US stocks ended the previous week almost flat. Data released on Friday posted the biggest drop in US Consumer Confidence. The University of Michigan’s consumer sentiment index fell more than 13% to 70.2 in its preliminary August reading. This was the lowest reading for the measure since December 2011. Economists surveyed by Dow Jones were expecting a reading of 81.3 for August.

The decline in the US Consumer comes amid fears of the resurgence of the coronavirus along with the Delta variant. Most states and cities in the US were forced to reinstate mask mandates and other health restrictions.

US Treasury yields fell on Monday ahead of the US retail sales for July. The yield on the benchmark 10-year note slipped to 1.273% earlier on Monday. The yield on the 30-year Treasury bond fell to 1.931%.

Oil prices dropped on Monday amid China’s economic slowdown. Factory output and retail sales growth took a sharp dive in July in China. Being the world’s biggest oil importer, the weaker-than-expected growth data from China has triggered weakness in oil futures.

US West Texas Intermediate (WTI) crude futures slipped nearly 1% to trade at $67.74 per barrel. Brent crude fell 0.84% to $70.01 to $70 per barrel.

The US Retail Sales data for July will be published on Tuesday. Economists expect a 0.2% monthly decline in retail sales. The core retail sales are expected to increase 0.2% easing from the 1.3% gain in June.

Nasdaq 100 Movers

Texas Instruments Incorporated was the best performer in the Nasdaq 100 premarket trade. Texas Instruments is a semiconductor manufacturing company. The company designs and manufactures semiconductors and various integrated circuits.

Intuit Inc is an American business that specializes in financial software. The company recently increased its target price to $659. According to the company, the price increases are likely to increase revenue growth rates higher.

Advanced Micro Devices (AMD) Inc also gained.  The semiconductor company has been up in the past few days after BMO Capital boosted the company’s price target.

On the flip side, Inc ADR led the laggards in the Nasdaq 100 index. The Chinese e-commerce company fell more than 2.91% on Monday extending its weekly losses.

NetEase Inc edged 2.90% lower earlier in the day. The Chinese gaming giant recently announced the release of a major game which it hopes will boost its international expansion.

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