U.S. stocks opened lower on Monday after protests in Hong Kong rattled global markets, while investors looked ahead to a week of economic reports.
“It’s a familiar story of global usurping steady economic growth in the U.S,” Art Hogan, chief market strategist at Wunderlich Securities said. “On the way to Friday we’ve got a host of things that could move markets around.”
The German DAX fell more than 1 percent on Monday, well below its 50-day moving average.
Earlier, futures were also down about 1 percent with investors cautious after Friday’s rally, and global markets rattled by Hong Kong’s worst protests in decades.
Futures were little changed after reports that personal income rose 0.3 percent in August, as expected.
U.S. stocks rose sharply on Friday, cutting losses for the week, after the government raised its estimate of economic growth in the second quarter and consumer sentiment rose in September.
The rally boosted Europe and other stock markets, but sentiment was hit after pro-democracy protest in Hong Kong intensified over the weekend. Riot police fired rounds of tear gas and demonstrators continued to block roads on Monday, leading schools and banks to close.
On tap this week:
10:00 a.m.: Pending home sales
10:30 a.m.: Dallas Fed survey
9:00 a.m.: S&P/Case-Shiller home prices
9:45 a.m.: Chicago PMI
10:00 a.m.: Consumer confidence
Earnings: Accuity Brands
Monthly vehicle sales
8:15 a.m.: ADP employment
10:00 a.m.: ISM manufacturing
10:00 a.m.: Construction spending
8:30 a.m.: Initial claims
10:00 a.m.: Factory orders
8:30 a.m.: Employment report
8:30 a.m.: International trade
10:00 a.m.: ISM nonmanufacturing