Wall Street Set For Risk-off Mode

Early indications suggest that Wall Street stocks may open Monday’s session notably lower amid weak global cues. With most Asian markets closed for holidays, the markets that were open in Asia ended mixed. Meanwhile, after a volatile bout in early trading, European stocks have plunged, with a weak investor confidence reading acting as a trigger to the move downside. After trading higher in the Asian session, crude oil is currently lower, although most other commodities are higher. The dollar is mostly weaker. In the absence of any major corporate news, barring any potential M&A news, and economic news, the price of oil is likely to be treated as surrogate for global growth.