Wall Street Awaits Home Sales Data, Might Open Lower

Wall Street Awaits Home Sales Data, Might Open Lower

Existing Home Sales will be the major announcement on Monday. Major corporate companies will be reporting their quarterly earnings this week.

Asian shares finished lower, while European shares are trading down.

The geopolitical developments are a special concern for investors.

As of 7.15 am ET, the Dow futures were down 18.00 points, the S&P 500 futures were declining 1.00 points and the Nasdaq 100 futures were improving1.75 points.

U.S. stocks closed in negative on Friday. The Dow slid 201.95 points or 0.8 percent to 24,462.94, the Nasdaq tumbled 91.93 points or 1.3 percent to 7,146.13 and the S&P 500 slumped 22.99 points or 0.9 percent to 2,670.14.

On the economic front, the Chicago Fed National Activity Index for March will be issued at 8.30 am ET. The consensus is for 0.29, down from 0.88 in February.

The flash Composite Purchasing Managers’ Index or PMI for April will be released at 9.45 am ET. The consensus is for 54.6, slightly up from 54.3 in the prior month.

Existing Home Sales for March will be published at 10.00 am ET. The market consensus is for 5.528 million, compared to 5.540 a month ago.

In the corporate sector, Human Inc. consortium announced a definitive agreement to acquire privately held Curo Health Services, a hospice operator providing care to patients at 245 locations in 22 states, for approximately $1.4 billion, in which Humana will have a 40 percent minority interest.

Inspire Medical Systems, Inc. announced the company has commenced an initial public offering of 5 million shares of its common stock. The IPO price is expected to be between $14.00 and $16.00 per share. All shares of common stock to be sold in the proposed offering will be sold by the company.

Asian stocks ended broadly lower on Monday. Chinese stocks closed on a flat note. The benchmark Shanghai Composite index dipped 0.11 percent to 3,068.01 while Hong Kong’s Hang Seng index was down 0.54 percent in late trade.

Japanese shares retreated. The Nikkei average slid 74.20 points or 0.33 percent to finish at 22,088.04 while the broader Topix index closed marginally lower at 1,750.79.

Australian shares rose, led by miners and banks as commodity prices advanced and investors brushed off concerns of harsher punishments for corporate wrongdoing.

The benchmark S&P/ASX 200 index inched up 17.20 points or 0.29 percent to 5,886, while the broader All Ordinaries index ended up 11.60 points or 0.19 percent at 5,976.

European shares are also down. France’s CAC 40 is declining 11.42 points or 0.09 percent. Germany’s DAX is dropping 10.57 points or 0.08 percent. FTSE 100 of U.K. is down 2.20 points or 0.03 percent. Swiss Market Index is losing 32.61 points or 0.37 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is progressing 0.05 percent.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Related posts