Futures Point To Broadly Positive Open For Wall Street

The U.S. trade deficit report for April might get attention on Wednesday.

Asian shares were positive at the closing, while European shares are trading mostly up.

Early cues from the U.S. Futures Index suggest that Wall Street might mostly up.

As of 7.40 am ET, the Dow futures were down 6.00 points, the S&P 500 futures were adding 3.75 points and the Nasdaq 100 futures were progressing 12.00 points.

The U.S. major averages eventually ended Tuesday in positive territory. The Nasdaq climbed 46.99 points or 0.4 percent to 13,276.42, the S&P 500 rose 10.06 points or 0.2 percent to 4,283.85 and the Dow inched up 10.42 points or less than a tenth of a percent to 33,573.28.

On the economic front, the Commerce Department’s International Trade in Goods and Services for April will be revealed at 8.30 am ET. The consensus is for a decline of $76 billion, while it was down $64.2 billion.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the crude oil inventories were up 4.5 million barrels and the gasoline inventories were down 0.2 million barrels.

The Fed’s Consumer Credit for April will be issued at 3.00 pm ET. The consensus is $21 billion, while it was up $26.5 billion in the prior month.

Asian stocks turned in a mixed performance on Wednesday. China’s Shanghai Composite Index finished marginally higher at 3,197.76.

Hong Kong’s Hang Seng index climbed 0.80 percent to 19,252.

Japanese shares tumbled on Wednesday. The Nikkei average slumped 1.82 percent to 31,913.74. The broader Topix index ended 1.34 percent lower at 2,206.30.

Australian stocks edged down slightly. The benchmark S&P/ASX 200 slipped 0.16 percent to 7,118 and the broader All Ordinaries index ended 0.13 percent lower at 7,310.40.

Source: Read Full Article