Wall Street All Set To Bounce Back

Wall Street All Set To Bounce Back

The markets are expected to be back with vigour, shrugging off a period of rough trading days. Early signs from the U.S. Futures Index suggest that Wall Street might open higher.

Asian shares finished higher, while European shares are trading all positive.

The investors are keen on the scheduled panel discussion involving Federal Reserve Chairman Jerome Powell, European Central Bank President Mario Draghi, Bank of Japan Governor Haruhiko Kuroda, and Reserve Bank of Australia Governor Philip Lowe today.

As of 7.45 am ET, the Dow futures were gaining 98.00 points, the S&P 500 futures were adding 6.25 points and the Nasdaq 100 futures were up 18.00 points.

U.S. stocks closed in the red on Tuesday. The Dow tumbled 287.26 points or 1.2 percent to 24,700.21, while the Nasdaq fell 21.44 points or 0.3 percent to 7,725.58 and the S&P 500 slid 11.18 points or 0.4 percent to 2,762.57.

On the economic front, the Commerce Department’s quarterly current account data will be published at 8.30 am ET. The consensus is for a deficit of $129.3 billion, while it reported a deficit of $128.2 billion in the prior week.

Federal Reserve Chair Jerome Powell will participate in a panel discussion with European Central Bank President Mario Draghi, Bank of Japan Governor Haruhiko Kuroda, and Reserve Bank of Australia Governor Philip Lowe on at the 2018 ECB Forum on Central Banking in Sintra Portugal, with audience Q&A at 9.30 am.

National Association of Realtors’ Existing Home Sales for May will be published at 10.00 am ET. The consensus is for 5.500 million, up from 5.460 million last month. In April, the existing home sales were down 2.5 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. The previous week’s Crude Oil Inventories were down 4.1 million barrels, Gasoline recorded a deficit of 2.3 million barrels.

Asian stocks recovered from early losses to closed all green. Chinese stocks closed higher. The benchmark Shanghai Composite index inched up 7.91 points or 0.27 percent to 2,915.73 while Hong Kong’s Hang Seng index rose 264.96 points or 0.90 percent to 29,733.11.

Japanese shares ended a choppy session higher. The Nikkei average recovered from initial losses to end up 276.95 points or 1.24 percent at 22,555.43. The broader Topix index advanced 0.51 percent to 1,752.75.

Australian shares rose sharply to reach a 10-year high. The benchmark S&P/ASX 200 index climbed 70.50 points or 1.16 percent to 6,172.60 while the broader All Ordinaries index ended up 65.70 points or 1.06 percent at 6,274.60.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 13.75 points or 0.26 percent. The German DAX is gaining 24.20 points or 0.19 percent, the U.K. FTSE 100 Index is up 59.72 points or 0.78 percent. The Swiss Market Index is climbing 90.08 points or 1.07 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.40 percent.

by RTTNews Staff Writer

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