Wall Street To Open In Red

Wall Street To Open In Red

The investors are watching latest developments in U.S.-North Korea discussions. In an unexpected turn of events, North Korea revealed that its Vice Chairman Kim Yong Chol will visit U.S, reviving hope for a historic Trump-Kim summit soon. Oil prices are also closely monitored

Asian shares closed broadly lower, while European shares finished in the red.

Early signs from the U.S. Futures index suggest that Wall Street will open in negative.

As of 7.30 am ET, the Dow futures were losing 167.00 points, the S&P 500 futures were down 18.50 points and the Nasdaq 100 futures were declining 37.75 points.

U.S. stocks closed mostly down on Friday. The tech-heavy Nasdaq inched up 9.42 points or 0.1 percent to 7,433.85, the Dow dipped 58.67 points or 0.2 percent to 24,753.09 and the S&P 500 slipped 6.43 points or 0.2 percent to 2,721.33.

On the economic front, Standard and Poor’s S&P Corelogic Case-Shiller home price index for March will be published at 9.00 am ET. The consensus is for a growth of 0.7 percent, compared to 0.8 percent growth last month.

The Conference Board’s Consumer Confidence report for May is projected to be 128.1 slightly down from 128.7 in the previous month.

State Street Investor Confidence Index for May is scheduled at 10.00 am ET. The prior month’s State Street Investor Confidence Index was 114.5.

Dallas Fed Manufacturing index for May will be revealed at 10.30 am ET. The consensus is for 23.2 up from 21.8 in April.

In the corporate sector, BMC Software and KKR announced a definitive agreement under which KKR will acquire BMC. The company is being acquired from a private investor group led by Bain Capital Private Equity and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management.

Asian stock markets ended mostly lower on Tuesday as investors. Chinese stocks fell for a fifth straight session on concerns about rising credit risks in the country. The benchmark Shanghai Composite index slid 14.62 points or 0.47 percent to 3,120.46 while Hong Kong’s Hang Seng index fell 307.68 points or 1.00 percent at 30,484.58.

Japanese shares hit a one-month low. The Nikkei average dropped 122.66 points or 0.55 percent to
22,358.43, while the broader Topix index ended down 0.48 percent at 1,761.85.

In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in April, the Ministry of Communications and Internal Affairs said. That was in line with expectations and unchanged from the March reading.

Australian shares finished modestly higher as banks rebounded from recent string of losses. The benchmark S&P/ASX 200 index inched up 9.60 points or 0.16 percent to 6,013.60 while the broader All Ordinaries index ended up 8.10 points or 0.13 percent at 6,121.70.

European shares are trading in the red. Among the major indexes in the region, the CAC 40 Index of France is losing 80.98 points or 1.45 percent, the German DAX is declining 172.92 points or 1.34 points, the U.K. FTSE 100 Index is down 107.05 points or 1.38 percent and the Swiss Market Index is tumbling 106.89 points or 1.38 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.62 percent.

by RTTNews Staff Writer

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