Wall Street Sees Red

Wall Street Sees Red

The rush of earnings will be the highlight of the day and investors might be reacting to quarterly reports from the big shots on Wednesday. The continued sharp climb in oil price might be impacting the market.

The U.S.- France summit and the outcome and its repercussions on other global allies are closely monitored by the world.

Asian shares fell sharply, while European shares are trading lower. Early signs from the U.S. Futures suggest that Wall Street might open in the red.

As of 6.30 am ET, the Dow futures were falling 98.00 points, the S&P 500 futures were down 11.75 points and the Nasdaq 100 futures are declining 33.25 points.

U.S. stocks closed lower on Tuesday. The Dow tumbled 424.56 points or 1.7 percent to 24,024.13, the Nasdaq plunged 121.25 points or 1.7 percent to 7,007.35 and the S&P 500 slumped 35.73 points or 1.3 percent to 2,634.56.

Gold prices fell on dollar strength and amid easing geopolitical tensions while oil held stable but below recent highs following reports that the United States and France are close to reaching an agreement to preserve the Iran nuclear deal.

On the economic front, 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 down 1.1 million barrels, while Gasoline inventories dropped down 3.0 million barrels.

The two-year floating rate note auction will be held at 11.30 am ET and five-year treasury Note auction will be held at 1.00 pm ET.

In the corporate sector, Twitter, Inc. reported earnings of $60.99 million in the first quarter, compared to loss of $$61.56 million in the same period last year. On a per share basis, earnings were $0.08 in Q1 compared to loss of $0.09 in a year ago. Excluding items, Twitter, Inc. reported adjusted earnings of $122.99 million or $0.16 per share for the period.

Revenue for the period was $665.00 million, up from $525.35 million a year ago.
ASIANMost Asian stocks fell on Wednesday. Chinese shares fell modestly after reports that the government is considering unveiling new rules to govern the asset management industry. The benchmark Shanghai Composite index slid 10.95 points or 0.35 percent to 3,117.97 while Hong Kong’s Hang Seng index closed down 308.09 points or 1.01 percent at 30,328.15.

Japanese shares fell on worries about higher interest rates and ahead of upcoming earnings results. The Nikkei average shed 62.80 points or 0.28 percent to end at 22,215.32, while the broader Topix index closed 0.11 percent lower at 1,767.73.
Australian and New Zealand markets were closed for ANZAC Day.

European shares are trading lower. The CAC 40 Index of France is down 36.21 points or 0.67 percent, the German DAX is declining 198.10 points or 1.58 percent, the U.K. FTSE 100 Index is down 42.47 points or 0.57 percent and the Swiss Market Index is dropping 43.09 points or 0.49 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.25 percent.

by RTTNews Staff Writer

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