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Wall Street Is Set To Bounce Back

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The political disarray after the ouster of U.S. Secretary of State Rex Tillerson seems to be settling down. The early signals from the U.S. Futures Index show that Wall Street might bounce back at the opening.

Asian shares finished in the red, while European shares are trading higher.

The investors are keen to know more about the U.K.'s retaliation plan, probable financial sanctions or asset freeze, against Russia.

Mortgage Applications data and retails sales report are the major economic announcement on Wednesday.

As of 6.30 am ET, the Dow futures were adding 93 points, the S&P 500 futures were up 8.25 points and the Nasdaq 100 futures were gaining 30.50 points.

U.S. stocks closed in negative on Tuesday. The Dow slid 171.58 points or 0.7 percent to 25,007.03, the Nasdaq tumbled 77.31 points or 1 percent to 7,511.01 and the S&P 500 dropped 17.71 points or 0.6 percent to 2,765.31.

On the economic front, the Mortgage Bankers' Association's Mortgage Applications index for the week will be published at 7.00 am ET. The prior week's composite Index was 0.3 percent.

The Producer Price Index - Final Demand for February will be released at 8.30 am ET. The market analysts are looking for consensus of 0.2 percent, down from 0.4 percent in the prior month.

The Commerce Department's Retail Sales report for February is scheduled at 8.30 am ET. The consensus is for increase of 0.4 percent, while it was down 0.3 percent in January.

Atlanta Fed Business Inflation Expectations for March will be published at 10.00 am ET. The previous month's Business Inflation Expectations were up 2.0 percent.

The Commerce Department's Business Inventories for January is expected at 10.00 am ET. The consensus is for 0.5 percent, slightly up from 0.4 percent in the prior month.

The Energy Information Administration or EIA's Petroleum Status report for the week will be revealed at 10.30 am ET. The prior week's Crude oil inventories were 2.4 million barrels, while Gasoline inventories were down 0.8 million barrels.

In the corporate sector, Lennox International Inc. (LII) announced the planned sale of its Australia, Asia, and South America businesses as the company streamlines its Refrigeration portfolio to focus on its strong market position in North America and Europe. For the sale of the Australia and Asia businesses, the company has signed a binding agreement with Beijer Ref AB. The transaction is expected to close in the second quarter of 2018. Separately, Lennox International is in the process of selling real estate in the Sydney area formerly related to its business operations there.

Asian stocks fell across the board on Wednesday. Chinese shares fell as worries about Trump's protectionist trade policies overshadowed encouraging industrial output data. China's industrial output climbed 7.2 percent in the January to February period from a year ago.

The benchmark Shanghai Composite index fell 18.86 points or 0.57 percent to close at 3,291.38 while Hong Kong's Hang Seng index closed down 166.44 points or 0.53 percent in late trade.

Japanese shares lost ground after four straight days of gains. The Nikkei average dropped 190.81 points or 0.87 percent to 21,777.29. The broader Topix index declined 0.45 percent to 1,743.21.

Australian shares fell sharply. The benchmark S&P/ASX 200 index dropped 39.40 points or 0.66 percent to 5,935.30 while the broader All Ordinaries index ended down 34.50 points or 0.57 percent at 6,042.60.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is gaining 12.07 points or 0.23 percent, the German DAX is adding 28.443 points 0.21 percent, the U.K. FTSE 100 Index is up 19.51 points or 0.28 percent and the Swiss Market Index is progressing 27.58 points or 0.32 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.24 percent.

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