August 11, 2015- Stocks Trade Lower on China Devaluation

Early indications suggest that Wall Street stocks may open Tuesday's session notably lower after yesterday's decent rebound. Global cues are negative, as Asian stocks fell across the board, while the European markets are also being blanketed by negativity. A move by China to devalue its currency, an unexpected one, could impact export stocks in the global markets. Meanwhile, the threat of a currency war is also looming large. The dollar is firmer against most currencies, except the euro, which is up on the news of a Greek bailout deal being struck. With little domestic economic catalysts to mull over, the Chinese move could sap the risk appetite of markets. The Dow futures are declining 121 points, the S&P 500 futures are receding 13.75 points and the Nasdaq 100 futures are down 16.25 points. U.S. stocks advanced on Monday, aided by bargain hunting, with the reversal in sentiment towards commodities supporting sentiment.