Wall Street Might Open With A Negative Bias

All eyes are on Congressional testimony of Jerome Powell at 10.00 am ET. The continued worries on U.S-China trade war and the extended decline of oil prices might have an impact on investor’s sentiments.

President Trump attracted criticism for defending Russia during his meeting with President Putin.

Initial trading on U.S. Futures suggest that Wall Street might moderately lower at the opening. Asian shares finished mostly down, while European shares are trading on a negative bias.

As of 7.45 am ET, the Dow futures were down 30.00 points, the S&P 500 futures were declining 2.75 points and the Nasdaq 100 futures were losing 2.50 points.

U.S. stocks closed mixed. The Dow rose 44.95 points or 0.2 percent to 25,064.36, the Nasdaq dipped 20.26 points or 0.3 percent to 7,805.72 and the S&P 500 edged down 2.88 points or 0.1 percent to 2,798.43.

On the economic front, Federal Reserve Chairman Jerome Powell will deliver the semiannual monetary policy testimony before the Senate Banking Committee in Washington at 10.00 am ET.

The Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. The store sales were up 5.2 percent in the prior week.

The National Association of Home Builders/Wells Fargo’s Housing Market Index for July will be issued at 10.00 am ET. The consensus is for 68, unchanged from the prior month.

In the corporate sector, Johnson & Johnson said its earnings for its second quarter climbed $3.95 billion, or $1.45 per share from $3.83 billion, or $1.40 per share last year. Excluding items, Johnson & Johnson reported adjusted earnings of $5.72 billion or $2.10 per share for the period. The company’s revenue for the quarter rose 10.6% to $20.83 billion from $18.84 billion last year.

UnitedHealth Group announced that the company raised its outlook for 2018 net earnings to a range of $11.80 to $12.05 per share and adjusted net earnings to a range of $12.50 to $12.75 per share, and now expects cash flows from operations to approach $15.5 billion.

Boeing lifted its long-term forecast for commercial airplanes to 42,730 new jets – valued at $6.3 trillion – over the next 20 years. The company’s 2018 Commercial Market Outlook, or CMO, projects the total number of airplanes increasing 4.1 percent over the previous forecast. Including airplanes that will be retained, the global fleet is projected to essentially double in size to 48,540 by 2037. The single-aisle segment will see the most growth over the forecast period, with a demand for 31,360 new airplanes, an increase of 6.1 percent over last year.

Asian stocks closed mostly lower on Tuesday. Chinese stocks fell for a third straight session. The benchmark Shanghai Composite index dropped 15.92 points or 0.57 percent to 2,798.13. Hong Kong’s Hang Seng index lost 357.98 points or 1.25 percent to close at 28,181.68.

Japanese shares hit a one-month high. The Nikkei average climbed 100.01 points or 0.44 percent to 22,697.36, while the broader Topix index closed 0.87 percent higher at 1,745.05.

Australian shares fell. The benchmark S&P/ASX 200 index dropped 37.90 points or 0.61 percent to 6,203.60 while the broader All Ordinaries index ended down 38.30 points or 0.61 percent at 6,288.40.

European shares are trading lower. France’s CAC 40 is down 22.36 points or 0.41 percent. Germany’s DAX is losing 22.34 points or 0.18 percent. FTSE 100 of U.K. is falling 10.80 points or 0.14 percent. Swiss Market Index is down 59.43 points or 0.67 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is declining 0.47 percent.

by RTTNews Staff Writer

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