Investors continue to be worried about the tariff war between U.S. and China. The oil price changes and the tension in U.S. – Saudi relations are the other concerns.
New Home Sales report and a slew of Fed speeches are the highlights on Wednesday. The Market expects that the Beige Book might reveal the interest trends in future.
Asian shares closed broadly lower, while European shares are trading on an optimistic note.
Initial signs from the U.S. Futures Index suggest that Wall Street might open broadly higher.
As of 7.55 am ET, the Dow futures were gaining 52.00 points, the S&P 500 futures were down 2.50 points and the Nasdaq 100 futures were up 3.25 points.
U.S. stocks closed in the negative territory on Tuesday. The Dow ended the day down 125.98 points or 0.5 percent at 25,191.43. The Nasdaq fell 31.09 points or 0.4 percent to 7,437.54 and the S&P 500 slid 15.19 points or 0.6 percent to 2,740.69.
On the economic front, the Federal Housing Finance Agency or FHFA’s House Price Index for August will be released at 9.00 am ET. The consensus is for growth of 0.3 percent, up from 0.2 percent in the prior month.
The flash Composite Purchasing Managers’ Index or PMI for October will be published at 9.45 am ET. The consensus is for 54.1, compared to 53.4 last month.
The New Home Sales for September will be revealed at 10.00 am ET. The consensus is for 625K, down from 629K in August.
The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the Crude oil inventories were 6.5 million barrels, while Gasoline inventories were down 2.0 million barrels.
Atlanta Federal Reserve Bank President Raphael Bostic will participate in an armchair discussion at the LSU Energy Summit 2018 at Louisiana State University in Baton Rouge, LA, with audience Q&A at 10.00 am ET.
St. Louis Federal Reserve Bank President James Bullard will give presentation on “The US Economy and Monetary Policy” at the Adam Smith Panmure House Lecture in Edinburgh, followed by audience Q&A at 11.30 am ET.
Cleveland Federal Reserve Bank President Loretta Mester will speak at the “A Conversation with Loretta Mester followed by Q&A” event held by the Forecasters Club of New York, in New York at 12.30 pm ET.
Beige Book, usually issued two weeks prior to the monetory policy meetings of the Federal Open Market Committee, is expected at 2.00 pm ET.
US Federal Reserve Bank Governor Lael Brainard will be honored at the Council for Economic Education’s 2018 Visionary Awards for the promotion of economic and financial literacy at the Council for Economic Education in New York, New York, with moderator Q&A at 7.00 pm ET.
Five-year Treasury Note auction will be held at 1.00 pm ET.
In the corporate segment, AT&T Inc. reported third-quarter net income attributable to AT&T of $4.7 billion, or $0.65 per share, compared to $3.0 billion, or $0.49 per share, in the year-ago quarter. Adjusting for $0.25 of costs for amortization, merger- and integration-related expenses and other items, earnings per share was $0.90 compared to an adjusted $0.74 in the year-ago quarter, a 21.6% increase.
Consolidated revenues totaled $45.7 billion compared to $39.7 billion, prior year, an increase of 15.3 percent, primarily due to the Time Warner acquisition partially offset by the impact of ASC 606 and the netting of approximately $920 million of USF revenues with operating expenses.
Asian stocks ended mostly down on Wednesday. China’s Shanghai Composite index rose 0.33 percent to 2,603.30 after closing more than 2 percent lower on Tuesday. Hong Kong’s Hang Seng index dropped 0.38 percent to 25,249.78.
Japanese shares eked out modest gains. The Nikkei average rose 80.40 points or 0.37 percent to 22,091.18 while the broader Topix index finished marginally higher at 1,652.07.
Australian markets fluctuated before finishing lower as falling energy stocks overshadowed gains in the financial and healthcare sectors. The benchmark S&P/ASX 200 index dropped 14.10 points or 0.24 percent to 5,829, while the broader All Ordinaries index ended down 0.31 percent at 5,926.50.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 64.66 points or 1.32 percent. The German DAX is progressing 107.40 points or 0.94 percent, the U.K. FTSE 100 Index is climbing 82.22 points or 1.18 percent. The Swiss Market Index is up 75.67 points or 0.86 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.31 percent.
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