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Stock futures trade cautiously as riots grip America

·3 min read

Stock futures were little changed Monday morning as a weekend of riots spread across the country and China ordered state-run buyers to halt its purchases of some U.S. agriculture products.

SEE PICS: BUSINESSES TARGETED IN VIOLENT RIOTS ACROSS US

All three of the major averages are pointing to little change at the open, erasing overnight losses in excess of 1 percent.

Stocks traded higher for a period overnight, supported by the fact that the conflict between the U.S. and China hasn't escalated.

WHY TWITTER ISN'T FACT-CHECKING ITS CEO'S TWEET OF INCORRECT INFO

Violent riots sprung up in more than a dozen U.S. cities over the weekend, causing the deployment of 5,000 National Guard members in at least 15 states.

CEOs including JPMorgan Chase's Jamie Dimon and Starbucks' Kevin Johnson communicated with employees about "racial injustice" in memos and internal forums.

GEORGE FLOYD KILLING HAS STARBUCKS, JPMORGAN, AT&T ADDRESSING RACIAL INJUSTICE

Meanwhile, Nike and Nordstrom decried the death of George Floyd as many stores were destroyed by looters.

NORDSTROM, NIKE DECRY GEORGE FLOYD KILLING AS RIOTERS LOOT STORES

Target shares will also be in focus Monday morning after the big-box retailer announced the temporary closure of 175 stores in 13 states due to the violence.

Trump, in response to the unrest, announced via a tweet America will be designating the left-wing political activist group Antifa as a “terrorist organization."

Investors have also had to grapple with a Bloomberg report out Monday morning, confirmed by FOX Business, that said Beijing has ordered state-run buyers to stop their purchases of U.S. agricultural products, including soybeans and pork, in response to President Trump taking action on Friday to punish Beijing for its aggression in Hong Kong.

China's Congress passed a national security bill last week that bypassed Hong Kong’s legislature, effectively ending the “one country, two systems” governing principle that was guaranteed for the 50 years following Great Britain’s 1997 handover to China.

CLICK HERE TO READ MORE ON FOX BUSINESS

Investors will also focus on space-related stocks and exchange-traded funds after the successful SpaceX and NASA astronaut launch.

SPACEX NASA ASTRONAUTS BOARD INTERNATIONAL SPACE STATION IN HISTORIC MISSION

In Asian markets on Monday, Japan's Nikkei traded higher by 0.84 percent, Hong Kong's Hang Seng added 3.36 percent and China's Shanghai Composite rose 2.21 percent.

In Europe, London's FTSE rose 1.23 percent and France's CAC added 1.29 percent. German markets were closed for a holiday.

Elsewhere, West Texas Intermediate crude oil futures are down 0.51 percent at $35.31 per barrel.

Energy sector research firm Energy Intelligence reported OPEC+ will consider the 9.7 million barrel per day production cut by an additional one to two months. The size of the cut is scheduled to be reduced to 8 million barrels per day beginning in July.

Oil is coming off its best month ever with a gain of 88 percent.

On Monday, the state of the U.S. economy will be in focus when key reports on U.S. manufacturing are released, including Manufacturing PMI and ISM manufacturing, as well as data on construction.

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