Wall Street Might Open Broadly Down

Remarks by Fed Chair Jerome Powell at the European Central Bank Forum on Central Banking 2023 in Portugal might get investors’ reaction on Wednesday.

Asian shares finished mostly up, while European shares are trading in green.

Early cues from the U.S. Futures Index suggest that Wall Street might open broadly down.

As of 7.35 am ET, the Dow futures were up 20.00 points, the S&P 500 futures were declining 5.00 points and the Nasdaq 100 futures were sliding 38.50 points.

The U.S. major averages finished at strong gains on Tuesday. The Nasdaq surged 219.89 points or 1.7 percent to 13,555.67, the S&P 500 jumped 49.59 points or 1.2 percent to 4,378.41 and the Dow climbed 212.03 points or 0.6 percent to 33,926.74.

On the economic front, Federal Reserve Chairman Jerome Powell will participate in a panel discussion at the European Central Bank Forum on Central Banking 2023, Sintra, Portugal at 9.30 am ET.

The Census Bureau’s International Trade in Goods – Advance for May will be released at 8.30 am ET. The consensus is for a deficit of $92.5 billion, while the prior revised deficit was $97.1 billion.

The Retail Inventories – Advance for May will be released at 8.30 am ET. In the prior month, the inventories were up 0.2 percent.

The Wholesale Inventories – Advance for May will be revealed at 8.30 am ET. The consensus is 0.0 percent, while it was down 0.2 percent in May.

The State Street Investor Confidence Index for June is scheduled at 10.00 am ET. In the prior month, the Index was at 89.8.

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 3.8 million barrels and the gasoline inventories were up 0.5 million barrels.

The survey of Business Uncertainty report for June will be revealed at 11.00 am ET. In the prior month, the sales growth was up 4.70 percent.

Seven-year Treasury Note auction will be held at 1.00 pm ET. Two-year Floating Rate Note or FRN Note auction will be held at 11.30 am ET.

Asian shares ended mixed on Wednesday. China’s Shanghai Composite Index finished marginally lower at 3,189.38.

China’s industrial profits declined 18.8 percent year-on-year. Hong Kong’s Hang Seng index fluctuated before ending up 0.12 percent at 19,172.05.

Australian stocks rose sharply, lower. The benchmark S&P/ASX 200 rose 1.10 percent to 7,196.50, marking its largest single-day gain since April 11. The broader All Ordinaries index closed 1.15 percent higher at 7,384.10.

European shares are trading higher. CAC 40 of France is progressing 64.56 points or 0.89 percent. DAX of Germany is adding 134.89 points or 0.85 percent. FTSE 100 of England is up 50.01 points or 0.67 percent. Swiss Market Index is gaining 55.81 points or 0.50 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.85 percent.

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