Asian shares were mostly higher Monday and U.S. futures fell as U.S. tech giants prepared to release their latest earnings after the recent spate of market turmoil brought on by President Donald Trump's trade war.
The future for the S&P 500 slipped 1.1% and that for the Dow industrials was down 0.9%. Oil prices fell more than $1 a barrel.
Many world markets and Wall Street were closed Monday for Easter holidays.
U.S. President Donald Trump's trade war remains a source of deep uncertainty. Economists worry his use of sharp tariff hikes could cause a recession if fully implemented and left in place for a while.
A recent drop in the dollar has economists worried that it might reflect something more ominous than the usual ups and downs as Trump tries to reshape global trade: a loss of confidence in the U.S. as a safe haven for investments.
The U.S. dollar bought 140.76 Japanese yen, its weakest level since September, down from 141.80 yen. The euro rose to $1.1473 from $1.1404.
’’One thing that’s absolutely clear — and no longer debatable — is that the reputational hit to the U.S. brand is real, and it’s not fading quietly into the next news cycle,” Stephen Innes of SPI Asset Management said in a commentary.
Big Tech’s “Magnificent Seven” companies, a group consisting of Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms kick off their earnings season this week. Since Trump’s inauguration, their combined market value had plunged by $3.8 trillion, or 22%, as of April 20.
Tesla, which makes its electric vehicles in Shanghai, is scheduled to release its full financial report Tuesday after already revealing that its first-quarter car sales dropped by 13% from the same time last year.
Tokyo's Nikkei 225 index lost 1.3% Monday to 34,279.92 in the absence of signs of significant progress toward a trade deal with Trump. Japanese automakers, in particular, are facing 25% tariffs on exports to the U.S. of autos and auto parts.
The Shanghai Composite index gained 0.5% to 3,291.73, while the Kospi in South Korea added 0.2% to 2,488.42.
Taiwan's Taiex lost 1.5%, while the Sensex in India climbed 1.1%.
Markets were closed in Hong Kong and Australia.
U.S. markets were shut on Friday. On Thursday, the Dow industrials sank 1.3%, while the S&P 500 edged up 0.1%. The Nasdaq composite shed 0.1%.
Also early Monday, U.S. benchmark crude oil sank $1.24 to $62.77 per barrel. Brent crude, the international standard, gave up $1.23 to $67.02 per barrel.
Bitcoin was up nearly 3.5% at about $87,580.
In the bond market, the yield on the 10-year Treasury rose to 4.36% from 4.32% late Thursday.