Wall Street Might Open Positive Ahead Of Fed’s Rate Decision

All eyes are on Fed’s interest-rate decision with a projected increase of 75-bps. The FOMC statement and the press conference of Fed Chair Jerome Powell will have its repercussion on the market.

Earnings reports from Corporate heavyweights such as Qualcomm, Meta are the major announcements on the day.
Traders are likely to keep an eye on reports on durable goods orders and pending home sales.

As of 7.45 am ET, the Dow futures were gaining 146.00 points, the S&P 500 futures were up 33.50 points and the Nasdaq 100 futures were gaining 167.75 points.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.

The U.S. major averages climbed off their worst levels on Tuesday to close lower. The Nasdaq tumbled 220.09 points or 1.9 percent to 11,562.57, the S&P 500 slumped 45.79 points or 1.2 percent to 3,921.05 and the Dow slid 228.50 points or 0.7 percent to 31,761.54.

On the economic front, the Commerce Department’s Durable Goods Orders for June will be released at 8.30 am ET. The consensus is for a growth of 0.8 percent, while it was up 0.7 percent in the prior month.

Census Bureau’s International Trade in Goods (Advance) for June will be published at 8.30 am ET. The consensus is for a deficit of $103.2 billion, while the prior month revised deficit was $104.0 billion.

The Pending Home Sales Index for June is scheduled at 10.00 am ET. The consensus is for a decline of 1.0 percent, while it was up 0.7 percent in the previous month.

The State Street Investor Confidence Index for July will be published at 10.00 am ET. In the prior month, the Index was 94.6.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be revealed at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 0.4 million barrels and the Gasoline Inventories were up 3.5 million barrels.

The FOMC meeting announcement is expected at 2.00 pm ET. The consensus is in a range of 2.25 to 2.50 percent while the prior range was 1.50-1.75 percent. The Fed is expected to be increased the rate by 75 basis points.

The Fed Chair Press Conference is scheduled at 2.30 pm ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index closed marginally lower. Hong Kong’s Hang Seng index fell 1.13 percent to 20,670.04.

Japanese markets rose modestly. The Nikkei average inched up 0.22 percent to 27,715.75 while the broader Topix index closed 0.13 percent higher at 1,945.75.
Australian shares gained on the day. The benchmark S&P/ASX 200 index gained 0.23 percent to settle at 6,823.20, while the broader All Ordinaries index ended 0.18 percent higher at 7,038.10.

European shares are trading broadly higher. CAC 40 of France is adding 15.96 points or 0.26 percent. DAX of Germany is progressing 40.51 points or 0.31 percent. FTSE 100 of England is gaining 46.99 points or 0.65 percent. Swiss Market Index is sliding 20.37 points or 0.18 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.53 percent.

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