Wall Street Poised To Open In Red

Wall Street Poised To Open In Red

The market might be reacting to major economic announcements such as Industrial Production data, Housing Starts and Atlanta Fed Inflation Expectations.

U.S. Futures Index suggest that Wall Street might open in the red.
Asian shares finished broadly lower, while European shares are trading mostly higher.

As of 7.15 am ET, the Dow futures were losing 18.00 points, the S&P 500 futures were down 1.75 points and the Nasdaq 100 futures were declining 1.00 points.

U.S. stocks closed in the downside on Tuesday. Dow slumped 193.00 points or 0.8 percent to 24,706.41, the Nasdaq fell 59.69 points or 0.8 percent to 7,351.63 and the S&P 500 slid 18.68 points or 0.7 percent to 2,711.45.

On the economic front, Commerce and Housing & Urban Development Department’s Housing Starts Data for April will be issued at 8.30 am ET. The market analysts consensus for housing starts is 1.324 million, slightly up from 1.319 million in the prior month. The permits level is expected to be 1.350 million, versus 1.354 million in March.

Atlanta Federal Reserve Bank President Raphael Bostic will deliver an economic update at a fireside chat in August, Georgia, with audience Q&A at 8.30 am ET.

Fed’s Industrial Production data for April will be published at 9.15 am ET. The consensus is for 0.6 percent, up from last month.

Atlanta Fed Business Inflation Expectations for May will be revealed at 10.00 am ET. The prior month’s business inflation expectations was up 2.3 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. The crude oil inventories in the prior week was a deficit of 2.2 million barrels, while gasoline inventories were down 2.2 million barrels.

St. Louis Federal Reserve Bank President James Bullard will provide opening remarks at the Homer Jones Memorial Lecture in St. Louis, Missouri, with audience Q&A at 6.30 pm ET.

In the corporate sector, the General Court of the European Union ordered that the European Commission must re-examine a request made by Lufthansa and Swiss airline concerning the waiver of their pricing commitments for the Zurich-Stockholm route. However, the General Court dismissed Lufthansa’s action so far as the Zurich-Warsaw route is concerned.

Asian stocks ended broadly lower on Wednesday. Chinese stocks closed lower, with the benchmark Shanghai Composite index closing down 22.55 points or 0.71 percent at 3,169.57. Hong Kong’s Hang Seng index was down 41.83 points or 0.13 percent at 31,110.20.

Japanese shares fell. Japanese economy contracted a more than expected 0.6 percent in the January-March period on an annualized basis to suffer its first contraction since 2015.

The Nikkei average dropped 0.44 percent to 22,717.23 while the broader Topix index closed 0.27 percent lower at 1,800.35.

Australian shares eked out modest gains, led by mining stocks and financials. The benchmark S&P/ASX 200 index inched up 9.20 points or 0.15 percent to 6,107 while the broader All Ordinaries index ended up 9.40 points at 6,208.10.

European shares are mostly progressing. France’s CAC 40 is climbing 3.58 points or 0.06 percent. Germany’s DAX is up 55.94 points or 0.43 percent. FTSE 100 of U.K. is advancing 18.06 points or 0.23 percent. Swiss Market Index is down 20.03 points or 0.22 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is declining 0.08 percent.

by RTTNews Staff Writer

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