(MENAFN– ecpulse) Big Tobacco, earnings and geopolitical risks are all that is on investors’ minds on Monday.
Philip Morris International and Reynolds American shares were down sharply in premarket trading after a Florida jury ordered R.J. Reynolds Tobacco to pay a massive $23.6 billion to a widow of a long-time smoker who died due to lung cancer.
This is historically one of the largest fins against a tobacco firm, although the company is looking to avoid the massive payout.
"We plan to file post-trial motions ... and are confident that the court will follow the law and not allow this runaway verdict to stand," said J. Jeffery Raborn, vice president and assistant general counsel for R. J. Reynolds.
Shares in Arabtec fell by nearly 10% in Dubai, before trimming their losses, as investors continue to worry about the future of the construction company.
Shares in Tesco were rising in London after the company announced it was bringing in a new CEO.
Malaysia Airlines stock staged a mild recovery Monday up with shares up 2.5%, though the shares are still down by over 30% this year as two separate disasters raise questions about its ability to survive.
The broader market was looking soft, with U.S. stock futures lower and most global markets also in the red.
On the earnings front, Halliburton, Hasbro and Allergan will report before the opening. Neflix, Crocs and Chipotle will release quarterly results after the close.
-Futures on the Dow Jones Industrial Average fell 0.247% to 16990
-Futures on the S&P 500 Index fell 0.249% to 1966.70
-Futures on the NASDAQ 100 fell 0.146% to 3924.50 . As of 06:57 a.m. ET
U.S. stocks closed higher Friday. The Dow Jones Industrial Average rose 123 points and ended the week up by 0.9%. The S&P 500 moved 1% higher Friday and closed out the week with a gain of 0.5%. The NASDAQ rose by 1.6% Friday and also ended the week higher.
European markets were declining in early trading, with the benchmark Dax index in Germany sliding by 0.7%. Investors are still worrying about the fallout from the downing of Malaysian Airlines flight MH17 in eastern Ukraine.
The main stock market in Russia was down by 1.4% as political leaders around the world call on Russian President Vladimir Putin to use his influence to end the conflict in eastern Ukraine. EU foreign ministers could decide to impose new sanctions on Russia as early as Tuesday.
Markets are also keeping an eye on the intensifying conflict in the Middle East. Sunday was the deadliest day yet in the most recent bloody conflict between Israeli forces and Hamas.
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