Futures Suggest Wall Street To Open Broadly Lower

Futures Suggest Wall Street To Open Broadly Lower

Beige report and Producer Price Index are the most awaited economic announcements on Wednesday. The investors might be reacting to the PPI.

Asian shares finished broadly down, while European shares might be higher.

The U.S. Futures Index suggest that Wall Street might be broadly down at opening.

As of 7.45 am ET, the Dow futures were losing 14.00 points, the S&P 500 futures were down 1.50 points and the Nasdaq 100 futures were increasing 1.75 points.

U.S. stocks closed in positive territory. The Dow rose 113.99 points or 0.4 percent to 25,971.06, the Nasdaq climbed 48.31 points or 0.6 percent to 7,972.47 and the S&P 500 advanced 10.76 points or 0.4 percent to 2,887.89.

On the economic front, Beige Book, produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be published at 2.00 pm ET.

The Bureau of Labor Statistics’ Producer Price Index or PPI for August will be published at 8.30 am ET. The consensus is for increase of 0.2 percent.

Atlanta Fed Business Inflation Expectations for September will be published at 10.00 am ET. The prior month’s inflation expectations were 2.1 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. The prior week’s crude oil inventories were down 4.3 million barrels, and gasoline inventories were up 1.8 million barrels.

Federal Reserve Board of Governors member Lael Brainard will give a speech on “Economic and Monetary Policy Outlook” at the Detroit Economic Club Luncheon in Detroit, MI, with audience Q&A at 12.45 pm ET.

Ten year Treasury Note auction will be held at 1.00 pm ET.

In the corporate sector, Prudential Financial, Inc. announced the appointment of Charles Lowrey as next CEO and member of the Board, effective December 1, 2018.

Asian stocks ended broadly down on Wednesday. China’s Shanghai Composite index ended down 0.33 percent at 2,656.11 while Hong Kong’s Hang Seng index slipped 77.51 points or 0.29 percent to close at 26,345.04.

Japanese shares fell. The Nikkei average slid 60.08 points or 0.27 percent to 22,604.61 while the broader Topix index closed 0.45 percent lower at 1,691.32.

Australian markets ended little changed. Both the S&P/ASX 200 index and the broader All Ordinaries index finished marginally lower at 6,175.90 and 6,283.90, respectively.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is climbing 23.44 points or 0.44 percent. The German DAX is adding 15.95 points or 0.13 percent, the U.K. FTSE 100 Index is 14.33 points or 0.20 percent. The Swiss Market Index is progressing 23.38 points or 0/26 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.01 percent.

by RTTNews Staff Writer

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