Wall Street Poised To Open Upbeat

Wall Street Poised To Open Upbeat

The absolute focus of the market is on Fed Reserve’s interest rate decision scheduled on Wednesday afternoon. Early trading trends from the U.S. Future Index point Wall Street to open in the green zone.

Asian shares finished mostly lower. European shares are trading mostly higher. The slowdown of the Eurozone economy from the previous quarter to 0.4 percent and the GDP data that remained in line with Analysts also are closely watched by investors.

As of 7.15 am ET, the Dow futures were adding 34.00 points, the S&P 500 futures were climbing 3.50 points and the Nasdaq 100 futures were improving 25.00 points.

U.S. stocks closed mixed on Tuesday. The Dow fell 64.10 points or 0.3 percent to 24,099.05, while the Nasdaq advanced 64.44 points or 0.9 percent to 7,130.70 and the S&P 500 rose 6.75 points or 0.3 percent to 2,654.80.
On the economic front, the Federal Open Market Committee or FOMC meeting announcement will be at 2.00 pm ET. The consensus is for increase of 1.625 percent compared to prior target level of 1.50 to 1.75 percent.
Automatic Data Processing or ADP/ Moody’s Analytics report for April will be issued at 8.15 am ET.

The market consensus is for 190,000, down from 241,000 in the prior month.

Three-year, 10-year Treasury Note auction and 30-year Bond auctions will be held at 8.30 am ET.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the previous week, the crude oil inventories were 2.2 million barrels.

In the corporate sector, HUGO BOSS AG reported that its first-quarter net income attributable to equity holders of the parent company increased to 50 million euros from 48 million euros, last year. Earnings per share was 0.72 euros compared to 0.70 euros. At 99 million euros, the operating profit was slightly up compared with the prior year.

First-quarter Group sales increased by 5 percent, totaling 650 million euros. The Group’s own retail business again provided the growth driver, with comp store sales up 7%.

Asian stock closed mostly lower on Wednesday following the lackluster cues overnight from Wall Street. China’s Shanghai composite finished 1.05 points or 0.03 percent at 3,081.18. Hong Kong’s Hang Seng ended 84.57 points or 0.27 percent lower at 30,723.88.

In the Japanese market, technology stocks fared well but the benchmark Nikkei 225 ended marginally down at 22,472.78, down 35.25 points or 0.16 percent.
In the Australian market, the benchmark S&P/ASX 200 ended at a fresh 1-month high, gaining 0.58 percent. The broader All Ordinaries index ended 0.6 percent up.

European shares are mostly progressing. France’s CAC 40 is climbing 5.29 points or 0.10 percent. Germany’s DAX is up 137.28 points or 1.08 percent. FTSE 100 of U.K. is advancing 25.75 points or or 0.34 percent. Swiss Market Index is down 6.90 points or 0.08 percent.

Eurozone’s leading Blue Chip index, Euro Stoxx 50, is progressing 0.39 percent.

by RTTNews Staff Writer

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