Wall Street Might Open On Negative Note
Early signs from the U.S. Futures Index suggest that Wall Street might open lower on Tuesday.
Asian shares finished mixed, while European shares are trading lower.
Concerns on the higher rate of spread of COVID-19 and the slow pace of vaccination are really a concern for investors.
The traders are closely watching the electricity shortage situation in China and the implications that might have on production from that country.
As of 7.35 am ET, the Dow futures were down 143.00 points, the S&P 500 futures were declining 38.00 points and the Nasdaq 100 futures were losing 245.75 points.
The U.S. major averages finished lower on Monday. The Dow, which rose to 35,061 by mid-morning, closed with a gain of 71.37 points or 0.21 percent at 34,869.37. The S&P 500, moved between 4,436.19 and 4,457.30, settled with a loss of 12.37 points or 0.28 percent at 4,443.11, while the Nasdaq settled at 14,969.97, losing 77.73 points or 0.52 percent.
On the economic front, Census Bureau’s International Trade in Goods (Advance) for August will be issued at 8.30 am ET. The consensus is for a deficit of $87.0 billion, while the deficit was $86.4 billion in the prior month.
Retail Inventories (Advance) for August is scheduled at 8.30 am ET. In the prior week, the month-over-month increase was 0.4 percent.
The Commerce Department’s Wholesale Inventories (Advance) for August will be published at 8.30 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.6 percent in the previous month.
The Redbook data for the week is expected at 8.55 am ET. In the prior week, the store sales were up 17.1 percent.
Standard & Poor’s Case-Shiller Home Price Index for July will be issued at 9.00 am ET. The consensus is for an increase of 1.6 percent, while it was up 1.8 percent in the previous month.
The Federal Housing Finance Agency or FHFA House Price Index for July is expected at 9.00 am ET. The consensus is an increase of 1.5 percent, while it was up 1.6 percent in June.
The Conference Board’s Consumer Confidence for September will be revealed at 10.00 am ET. The consensus is for 114.8, while it was up 113.8 in the prior month.
The Richmond Fed Manufacturing Index for September is expected at 10.00 am ET. In the prior month, it was up 9.
The Fed Money Supply data for August will be published at 1.00 pm ET. The M2 money supply was $147.2 billion.
Chicago Federal Reserve Bank President Charles Evans to give welcome remarks before virtual Federal Reserve Bank of Chicago Payments Symposium at 9.00 am ET.
St. Louis Federal Reserve Bank President James Bullard to speak via Webex at Community Banking Research Conference at 1.40 pm ET.
Atlanta Federal Reserve Bank President Raphael Bostic to speak on the economic outlook before virtual Mid-Sized Bank Coalition of America CEO Talks at 3.00 pm ET.
St. Louis Federal Reserve Bank President James Bullard will speak via Webex at Central Bank of the Philippines and Reinventing Bretton Woods Committee event at 7.00 pm ET.
Asian stocks fell broadly on Tuesday. Chinese markets advanced. The benchmark Shanghai Composite index edged up 19.39 points, or 0.54 percent, to settle at 3,602.22. Hong Kong’s Hang Seng ended up 291.61 points, or 1.20 percent, at 24,500.39.
Japanese shares ended slightly lower, dragged down by chipmakers and shippers. The Nikkei average dropped 56.10 points, or 0.19 percent, to 30,183.96. The broader Topix index closed 0.29 percent lower at 2,081.77.
Australian markets fell sharply. The benchmark S&P/ASX 200 fell 108.60 points, or 1.47 percent, to 7,275.60. The broader All Ordinaries index ended down 109.60 points, or 1.43 percent, at 7,581.10.
European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 112.00 points or 1.68 percent. The German DAX is losing 200.56 points or 1.28 percent, the U.K. FTSE 100 Index is declining 24.72 points or 0.35 percent.
The Swiss Market Index is sliding 169.68 points or 1.45 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.62 percent.
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