Wall Street Poises For A Bounce Back

Wall Street Poises For A Bounce Back

Early signs from the U.S. Futures Index suggest that Wall Street might bounce back on Tuesday opening. Consumer spending might be the focus of the day as there are no major economic announcement for the Asian shares finished mostly lower, while European shares are trading in the red.

As of 6.40 am ET, the Dow futures were gaining 95.00 points, the S&P 500 futures were adding 14.00 points and the Nasdaq 100 futures were up 40.75 points.

U.S. stocks closed lower on Monday. The Dow slumped 458.92 points or 1.9 percent to 23,644.19, the Nasdaq plunged 193.33 points or 2.7 percent to 6,870.12 and the S&P 500 tumbled 58.99 points or 2.2 percent to 2,581.88.
On the economic front, Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be released on 8.55 am ET. The store sales in the prior week was up 3.6 percent.

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a moderated Q&A at the Regional Economic Indicators Forum in Duluth, Minnesota, with audience Q&A at 9.30 am ET.

In the corporate sector, Mardoch’s 21st Century Fox is reportedly planning to get approval for the planned acquisition of Sky News.

Ryder System, Inc. announced the acquisition of MXD Group for approximately $120 million. Ryder has acquired 109 MXD e-commerce fulfillment facilities across the U.S. and Canada, including 21 MXD-operated cross dock hubs, 16 dedicated operations, and a network of 72 third-party agent facilities

Asian stocks ended mostly lower on Tuesday. China’s Shanghai Composite index fell 26.55 points or 0.84 percent to 3,136.63 on concerns that the Chinese retaliatory tariffs could dampen market confidence and hurt economic growth. Hong Kong’s Hang Seng index finished up 86.72 points or 0.29 percent at 30,180.63.

Japanese shares closed lower. The Nikkei average dropped 96.29 points or 0.45 percent to 21,292.29 while the broader Topix index closed 0.29 percent lower at 1,703.80.

Australian shares fell slightly as the Reserve Bank of Australia left its key interest rate unchanged at a record low, as widely expected. The benchmark S&P/ASX 200 index dropped 7.50 points or 0.13 percent to 5,751.90, extending losses for a third straight session. The broader All Ordinaries index slid 0.17 percent to finish at 5,859.10.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is falling 31.00 points or 0.60 percent. The German DAX is loosing 137.38 points or 1.10 percent, the U.K. FTSE 100 Index is declining 27.27 points or 0.38 percent. The Swiss Market Index is down 94.66 points or 1.08 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.58 percent.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Related posts