Wall Street Poised To Open In Negative Territory

Personal Income and Spending, Employment Costs, Consumer Sentiment and Pending home sales are the major economic announcements on the day.

Earnings will be closely watched by investors. Early cues from the U.S. Futures Index suggest that Wall Street might open in negative territory.

As of 8.10 am ET, the Dow futures were declining 18.00 points, the S&P 500 futures were down 18.25 points and the Nasdaq 100 futures were down 98.75 points.

The U.S. major stocks finished mixed on Thursday. The Dow climbed 194.17 points or 0.6 percent to 32,033.28, the Nasdaq tumbled 178.32 points or 1.6 percent to 10,792.67 and the S&P 500 fell 23.30 points or 0.6 percent to 3,807.30.

On the economic front, Personal Income and Outlays for September will be released at 8.30 am ET. The consensus for personal income is for a growth of 0.3 percent, while it was up 0.3 percent in the prior year. While the personal consumption expenditure is expected to increase 0.4 percent.

The Labor Department’s Employment Cost Index for the third quarter is scheduled at 8.30 am ET. The consensus is 1.2 percent, while it was up 1.3 percent in the prior quarter.

The University of Michigan’s Consumer Sentiment for October will be released at 10.00 am ET. The consensus is 59.7, while it was up 59.8 in the prior month.

The National Association of Realtors’ Pending Home Sales Index for September will be published at 10.00 am ET. The consensus is for a decline of 3.8 percent, while it was down 2.0 percent in August.

The Baker Hughes Rig Count for the week will be revealed at 1.00 pm ET. In the prior week, the North America Rig Count was 981, while the U.S. Rig Count was 771.

Asian stocks fell broadly on Friday. China’s Shanghai Composite index tumbled 2.25 percent to 2,915.93.

Hong Kong’s Hang Seng index closed 3.66 percent lower at 14,863.06.

Japanese shares fell notably. The Nikkei average climbed 0.88 percent to 27,105.20 while the broader Topix index closed 0.34 percent lower at 1,899.05.

Australian markets snapped a four-day winning streak. The benchmark S&P/ASX 200 index fell 0.87 percent to 6,785.70 but rose 1.6 percent. The broader All Ordinaries index settled 0.98 percent lower at 6,973.50.

European shares are trading in negative territory. CAC 40 of France is down 5.69 points or 0.09 percent. DAX of Germany is declining 60.26 points or 0.46 percent.

FTSE 100 of England is sliding 21.08 points or 0.30 percent. The Swiss Market Index is declining 1.59 points or 0.01 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.47 percent.

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