Wall Street Sees Red
Early signs from the U.S. Futures Index suggest that Wall Street might open in negative.
The surge in coronavirus cases and the U.S. Presidential elections are the focus on Friday.
The Personal Income and Outlays for September and Consumer Sentiment report might attract market attention.
Asian shares were down, while European shares are trading lower.
As of 8.15 am ET, the Dow futures were down 302.00 points, the S&P 500 futures were down 36.50 points and the Nasdaq 100 futures were sliding 159.25 points.
The U.S. major averages pulled back off their best levels on Thursday but remained firmly positive. The Dow climbed 139.16 points or 0.5 percent to 26,659.11, the Nasdaq jumped 180.72 points or 1.6 percent to 11,185.59 and the S&P 500 surged up 39.08 points or 1.2 percent at 3,310.11.
On the economic front, the Personal Income and Outlays for September will be issued at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was down 2.7 percent in the prior month.
Employment Cost Index for the third quarter will be published at 8.30 am ET. The consensus is for 0.6 percent, while it was up 0.5 percent in the previous month.
Market News International’s Chicago PMI for October will be revealed at 9.45 am ET. The consensus is for 58.0, while it was 62.4 in the prior month.
University of Michigan’s Consumer Sentiment for October will be published at 10.00 am ET. The consensus is for 81.2, while it was up 81.2.
The Baker Hughes North American rig count for the week will be issued at 1.00 pm ET. In the prior week, the North American Rig Count was 370 and the U.S. Rig Count was 287.
The Farm Prices for September will be revealed at 3.00 pm ET.
Asian stocks closed lower on Friday. Chinese shares retreated. The benchmark Shanghai Composite index fell 48.19 points, or 1.47 percent, to 3,224.53, while Hong Kong’s Hang Seng index plummeted 1.95 percent to 24,107.42.
Japanese stocks ended lower. The Nikkei average gave up 354.81 points, or 1.52 percent, to close at 22,977.13 while the broader Topix index ended 1.96 percent lower at 1,579.33. The Nikkei fell 2.3 percent for the week, marking its biggest weekly loss since July 31.
Australian markets ended a choppy session lower and suffered their worst weekly fall since April. The benchmark S&P/ASX 200 fell 32.70 points, or 0.55 percent, to 5,927.60. The broader All Ordinaries index ended down 34.80 points, or 0.56 percent, at 6,133.20.
European shares are trading in negative. Among the major indexes in the region, the CAC 40 Index of France is sliding 159.54 points or 3.37 percent. The German DAX is losing 54.99 points or 0.47 percent, the U.K. FTSE 100 Index is declining 16.40 points or 0.30 percent.
The Swiss Market Index is down 24.47 points or 0.26 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.20 percent.
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