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Wall Street Sees Red


Wall Street might be opening in the red at the opening on Wednesday. Asian shares finished lower, while European shares are trading in negative territory. Mortgage Applications and ADP's Employment report as well as Productivity and Costs index are the major economic announcement on the day.

The market is watching reactions to President Trump's suggestion to recognize Jerusalem as Israel's capital, despite protest from Arabs, Muslims and Europeans.

As of 6.30 am ET, the Dow futures were slipping 42 points, the S&P 500 futures were shedding 3.25 points and the Nasdaq 100 futures were slipping 25.50 points.

U.S. stocks closed mostly in negative. The Dow fell by 109.41 points or 0.5 percent to 24,180.64, the Nasdaq edged down 13.15 points or 0.2 percent to 6,762.21 and the S&P 500 dipped 9.87 points or 0.3 percent to 2,629.57.

On the economic front, the Mortgage Bankers' Association' Mortgage Application data for the week will be issued at 7.00 am ET. In the previous week, the Composite Index declined 3.1 percent.

The Automatic Data Processing or ADP's Employment Report for November will be published at 8.15 am ET. The economists are looking for consensus of 186,000 compared to 235,000 in the previous month.

The Department of Labor's Productivity and Costs for the third quarter is expected at 8.30 am ET. The consensus is for 3.2 percent, while it was 3.00 percent in the previous quarter.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. The crude oil inventories in the previous week recorded a deficit of 3.4 million barrels.

Treasury's Separate Trading of Registered Interest and Principal of Securities or STRIPS auction will be held at 3.00 pm ET.

In the corporate segment, he Home Depot (HD) reaffirmed its sales and earnings per share guidance for fiscal 2017. The company expects sales to increase approximately 6.3 percent for the year, with comparable store sales of approximately 6.5 percent and fiscal earnings per share to grow approximately 14 percent to $7.36.

The company's new long-term, fiscal 2020 financial targets include, total sales ranging from approximately $114.7 billion to approximately $119.8 billion; a compounded annual sales growth rate from the end of fiscal 2017 ranging from approximately 4.5 percent to approximately 6.0 percent.

easyJet Plc reported that its passengers, or the number of earned seats flown, were 5.35 million for the month of November, a growth of 8.1 percent from last year's 4.95 million. Load Factor was 92.3 percent, 2.6 percentage points higher than 89.7 percent a year ago.

Most Asian stocks finished lower at closing. Chinese stocks fell after reports on tightening of monetary policies. The benchmark Shanghai Composite index dropped 9.71 points or 0.29 percent to 3,293.96 while Hong Kong's Hang Seng index fell 618 points or 2.14 percent to finish at 28,224.80.

Japanese shares fell sharply. The Nikkei average slumped 445.34 points or 1.97 percent to 22,177.04, marking its biggest fall in 8 1/2 months. The broader Topix index closed 1.43 percent lower at 1,765.42.

Australian shares retreated and the benchmark S&P/ASX 200 index finished down 26.10 points or 0.44 percent at 5,945.70 to extend losses for a third straight session. The broader All Ordinaries index dropped 0.45 percent to 6,029.90.

European shares are trading lower. The CAC 40 of France is down 32.73 points or 0.61 percent. DAX of Germany is declining 131.59 points or 1.01 percent. FTSE 100 of England is down 8.40 points or 0.11 percent. Swiss Market Index is slipping 29.96 points or 0.32 percent.

Euro Stoxx 50, that provides a Blue-chip representation of supersector leaders in the Eurozone, is currently down 0.82 percent.

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