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Wall Street Set For A Weak Start

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There are no major announcements on the U.S. economic front on Tuesday, except the Redbook data. Earnings and cues from global development are closely watched by the investors.

Asian shares closed broadly higher, while European shares are trading lower.

Early signs from the U.S. futures suggest that Wall Street might open lower.

As of 6: 40 am ET, the Dow futures were down 184 points, the S&P 500 futures were shedding 17.50 points, and the Nasdaq 100 futures were loosing 48.00 points.

U.S. stocks closed sharply higher. The Dow soared 410.37 points or 1.7 percent to 24,601.27, the Nasdaq jumped 107.47 points or 1.6 percent to 6,981.96 and the S&P 500 surged up 34.65 points or 1.4 percent to 2,656.00.

On the economic front, the Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. The stores sales in the prior week was up 3.0 percent.

Cleveland Federal Reserve Bank President Loretta Mester will speak at the Dayton Area Chamber of Commerce Government Affairs Breakfast Series in Dayton, Ohio, with audience and media Q&A.

In the corporate sector, PepsiCo Inc. reported fourth quarter loss of $0.50 per share or core earnings of of $1.31 per share. Organic revenue growth for the quarter was 2.3 percent. Looking aheadto full year 2018, the company expects core earnings per share of $5.70, up nine percent from the 2017.

Asian stocks closed broadly higher on Tuesday. Chinese shares rebounded as the global rout faded and data from the People's Bank of China revealed that China's banks lent a record amount of new yuan loans in January.

The benchmark Shanghai Composite index jumped 30.83 points or 0.98 percent to 3,184.96 while Hong Kong's Hang Seng index was up 30.83 points or 0.98 percent at 3184.96 in the last.

Japanese shares gave up initial gains to end lower as traders returned to their desks after a long holiday weekend.

The benchmark Nikkei dropped 137.94 points or 0.65 percent to 21,244.68. The broader Topix index shed 15.19 points or 0.88 percent to close at 1,716.78.

Australian shares bounced back in thin trade after Wall Street's three major indexes rose for the second day on Monday. The benchmark S&P/ASX 200 index rose 35.20 points or 0.60 percent to 5,855.90 despite some underwhelming earnings reports. The broader All Ordinaries index ended up 37.30 points or 0.63 percent at 5,957.

European shares are trading down. The CAC 40 Index of France is down 25.43 points or 0.49 percent, the German DAX is losing 67.54 points or 0.54 percent, the U.K. FTSE 100 Index is slipping 2.89 points or 0.23 percent and the Swiss Market Index is declining 22.99 points or 0.26 percent.

The Euro Stoxx 50 Index is down 0.67 percent.

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