Here are the top 5 most important things to know for today
1. Dollar sinks to 7-week low
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down around 0.5% at 100.25 by 10:55 GMT, after falling to 100.17 earlier, a level not seen since December 8.
The dollar sold off amid disappointment that U.S. President Donald Trump’s inauguration speech on Friday proved light on detail over his plans for economic stimulus.
Against the yen, the dollar was down about 1% at 113.51, edging back toward a seven-week low of 112.57.
Meanwhile, the euro gained around 0.4% to 1.0741, its highest since December 8.
Elsewhere, the British pound firmed almost 0.8% to 1.2469, its strongest level since December 19.
Looking ahead, there is expected broad market caution as President Trump will likely start rolling out executive orders in coming days.
Trump said Sunday he would start talks with Mexico and Canada to renegotiate the North American Free Trade Agreement (NAFTA). Additionally, Trump said he would pull the U.S. out of the Trans-Pacific Partnership (TPP).
2. Global stocks slump after Trump's remarks
U.S. stock market futures pointed to a lower open on Monday morning, after U.S. President Donald Trump struck a protectionist tone in his inaugural address on Friday, disappointing investors who hoped to hear further details on his promises of tax cuts and other stimulus.
Meanwhile, European equities pushed lower in morning trade, after newly sworn-in U.S. President Donald Trump announced plans to implement a protectionist agenda.
Earlier, in Asia, markets ended mostly lower, with the Shanghai Composite in China closing up around 0.6%, while Japan's Nikkei slumped 1.3%.
3. McDonald's, Yahoo earnings ahead
Dow component McDonald's is set to report fourth quarter earnings ahead of Monday's opening bell. Analysts expect the fast food giant to report earnings of about $1.41 per share on $5.99 billion in revenue.
After the bell, Yahoo is scheduled to release its latest round of quarterly and full-year earnings. Analysts on average expect Yahoo to report earnings of 11 cents a share. After adjustments for stock-based compensation and other factors, analysts project profit of 21 cents a share.
4. Gold rallies to 2-month highs
Gold prices rallied to the strongest level in around two months on Monday, as the U.S. dollar tumbled amid uncertainty around the economic policies of new U.S. President Donald Trump.
Prices of the yellow metal touched a session high of $1,219.40 a troy ounce, a level not seen since November 22. It was last at $1,214.50, up almost $10.00, or 0.8%.
5. Oil lower on Monday
Oil prices declined during European morning hours on Monday, as prospects of rising U.S. production weighed on the market.
U.S. crude was down 75 cents, or about 1.4%, to $52.48, while Brent lost 65 cents, or nearly 1.2%, to $54.84 a barrel.
Oilfield services provider Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. last week jumped by 29 to 551, the largest weekly increase since a recovery in the rig count began in June and the highest level in around 14 months.
The data raised concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.