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Initial Trends In U.S. Futures Suggest Wall Street To Open In Red

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Business Inventories data as well as Housing Market Index are the major economic announcements on Tuesday, apart from a slew of Fed speeches.

In the global scenario, the uncertainty in U.S. - Chinese trade is closely monitored by the investors.

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

Initial trading on U.S. Futures Index clearly shows that Wall Street might be opening lower.

As of 7.15 am ET, the Dow futures were declining 101.00 points, the S&P 500 futures were down 8.50 points and the Nasdaq 100 futures were losing 29.00 points.

U.S. stocks closed modestly higher on Monday. The Dow rose 68.24 points or 0.3 percent to 24,889.41, the Nasdaq inched up 8.43 points or 0.1 percent at 7,411.32 and the S&P 500 crept up 2.41 points or 0.1 percent to 2,730.13.

On the economic front, the New York Fed's Empire State Manufacturing Survey for May will be published at 8.30 am ET. The consensus is for 15.5 versus 15.8 last month.

Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. The Store Sales were up 4.2 percent.

The Commerce Department's Business Inventories for March will be published at 10.00 am ET. The consensus is for an increase of 0.2 percent, while it grew 0.6 percent in February.

National Association of Home Builders/Wells Fargo's Housing Market Index for May will be issued at 10.00 am ET. The consensus is for 69, unchanged from last year.

Dallas Federal Reserve Bank President Robert Kaplan will participate in a moderated Q&A at the C. Peter McColough Series on International Economics in New York, with audience and media Q&A at 8.00 am ET.

San Francisco Federal Reserve Bank President John Williams will speak at the Economic Club of Minnesota in Minneapolis, with audience Q&A at 1.10 pm ET.

Treasury International Capital data for March will be released at 4.00 pm ET. The Foreign Demand for Long-Term U.S. Securities was $49.0 billion.

In the corporate sector, the Home Depot, Inc. revealed an increase in profit for its first quarter to $2.40 billion, or $2.08 per share from $2.01 billion, or $1.67 per share last year. The company's revenue for the quarter rose 4.4% to $24.95 billion from $23.89 billion last year.

Asian stocks closed mostly lower on Tuesday. China's Shanghai Composite index rose 18.09 points or 0.57 percent to 3,192.12.

Chinese industrial output grew 7.0 percent year-on-year in April, the National Bureau of Statistics said. That topped expectations for an increase of 6.4 percent and was up from 6.0 percent in March. Retail sales advanced an annual 9.4 percent - missing forecasts for 10.0 percent and down from 10.1 percent in the previous month.

Hong Kong's Hang Seng index dropped 389.07 points or 1.23 percent and finished at 31,152.03.

Japanese shares ended modestly lower. The benchmark Nikkei slid 47.84 points or 0.21 percent to 22,818.02 while the broader Topix index closed marginally lower at 1,805.15.

Australian shares closed lower. The benchmark S&P/ASX 200 index dipped 37.50 points or 0.61 percent to 6,097.80 while the broader All Ordinaries index ended down 36.30 points or 0.58 percent at 6,198.70.

European shares are mostly progressing. France's CAC 40 is climbing 6.55 points or 0.12 percent. Germany's DAX is up 3.16 points or 0.02 percent. FTSE 100 of U.K. is advancing 17.75 points or 0.23 percent. Swiss Market Index is down 3.87 points or 0.05 percent.

Eurozone's leading Blue Chip index,Euro Stoxx 50, is progressing 0.08 percent.

by RTTNews Staff Writer

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