US Stock Futures Start the Week Lower
US stock futures pointed to a negative start of the week, with the major indices all drifting lower, as investors kept risk appetite to a minimum ahead of congressional midterm elections on Tuesday. Meanwhile, shares in Europe and Asia were trading mixed, as investors remained cautious amid ongoing uncertainty around the US-China trade dispute.
Americans will go to the polls tomorrow, 6 November, to elect members for each of the 435 House seats and 35 of the 100 Senate seats in Congress. Donald Trump and the Republicans will hope to maintain their majority in both houses during these midterm elections. Strength of the US economy could support President Trump and the Republicans. The data published on Friday, showed that the growth rate of employment in the United States increased sharply in October, and wages recorded the highest annual growth for 9-1/2 years.
Investors are also focused on the US service sector data for October. ISM Non-Manufacturing PMI is expected to drop to 59.3 points.