U.S. equity markets opened lower in pre-market trading on Sunday. E-mini DOW futures opened lower by 42 points (- 0.21%). The DOW traded as low as 19,936 on Sunday - a drop of more than 70 points when measured against the market close on Friday, while S&P 500 E-mini futures started trading lower by approximately 7 points (-0.31%).
Currency markets opened on Sunday with minor gaps. The biggest gap was on the EUR/USD pair, which opened higher by 23 pips at 1.07205.
American equity markets were driven lower on Sunday night as investors began to digest the economic implications of President Trump’s executive orders on halting immigration from several Muslim countries.
The unexpected ban unleashed chaos at airports across the United States over the weekend, with multiple protests taking place at airports in Los Angeles, Philadelphia, Dallas and Detroit.
Trump’s executive orders have have drawn fierce opposition from many civil rights groups like the ACLU, which filed a legal challenge against the immigration ban. Many Silicon Valley tech companies also voiced concerns over how these new policies will affect employees that are currently traveling abroad.
Google issued a statement over the weekend:
“We’re concerned about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that create barriers to bringing great talent to the U.S.”In a post on LinkedIn, Microsoft CEO Satya Nadella stated how beneficial immigration is to his company and the United States, “As an immigrant and as a CEO, I’ve both experienced and seen the positive impact that immigration has on our company, for the country, and for the world. We will continue to advocate on this important topic,” writes Nadella.