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Wall Street Set For Cautious Start


The defiance of Iran to the latest U.S. sanction after the downing of a surveillance drone is worrying investors. Continued tension is reflected on oil prices also.

Early cues from the U.S. Futures Index suggest that Wall Street might open lower.

Fed Chairman Jerome Powell's address in New York and Home Price Index and Consumer Price Index are the highlights on economic sector.

Asian shares fell on Tuesday, while European shares are trading broadly lower.

As of 7.35 am ET, the Dow futures were down 18.00 points, the S&P 500 futures were losing 3.75 points and the Nasdaq 100 futures were declining 17.50 points.

U.S. stocks were broadly down on Monday. The Dow inched up 8.41 points or less than a tenth of a percent to 26,727.54, the broader Nasdaq and S&P 500 closed modestly lower. The Nasdaq dipped 26.01 points or 0.3 percent to 8,005.70 and the S&P 500 edged down 5.11 points or 0.2 percent to 2,945.35.

On the economic front, Federal Reserve Chairman Jerome Powell will discuss the challenges facing the U.S. economy and the policies of the Federal Reserve in "A Conversation with Jerome H. Powell" interview with New York Times Senior Economics Correspondent Neil Irwin at the Council on Foreign Relations in New York at 1.00 pm.

Standard & Poor's Corelogic Case-Shiller home price index for April will be revealed at 9.00 am ET. The consensus is for an increase of 0.2 percent, up from 0.1 percent in the previous month.

Federal Housing Finance Agency or FHFA's House Price Index for April will be issued at 9.00 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.1 percent in March.

The Commerce and the Housing and Urban Development's New Home Sales data will be reported at 10.00 am ET. The consensus is for 680K, an increase from 673K in the prior month.

The Conference Board's Consumer Confidence for June will be released at 10.00 am ET. The consensus is for 132.0, slightly down from 134.1 in the prior month.

Redbook data for the week will be released at 8.55 am ET. In the prior week, the store sales were up 5.4 percent.

Atlanta Federal Reserve Bank President Raphael Bostic will participate in a panel on "The State of the Nation's Housing 2019 Release" report in Atlanta, GA at 12.00 pm.

New York Federal Reserve Bank President John Williams will deliver opening remarks at the OPEN Finance Forum in New York, at 8.45 am ET.

Two year Treasury Note auction will be held at 1.00 pm ET.

St. Louis Federal Reserve Bank President James Bullard will give welcoming remarks at the Homer Jones Memorial Lecture featuring Carmen Reinhart at the Federal Reserve Bank of St. Louis in St. Louis, Missouri, followed by audience Q&A at 6.30 PM.

Asian stocks finished mostly lower on Tuesday. China's Shanghai Composite index fell 26.07 points or 0.87 percent to 2,982.07 while Hong Kong's Hang Seng index ended down as much as 1.15 percent at 28,185.98.

Japanese shares retreated as the yen rose to a near six-month high versus the dollar and media reports suggested Trump is considering pulling out from the six-decade-old peace treaty with Japan.

The Nikkei average ended down 92.18 points or 0.43 percent at 21,193.81 while the broader Topix index closed 0.27 percent lower at 1,543.49.

Australian markets fluctuated before finishing lower, dragged down by banks. The benchmark S&P/ASX 200 index dropped 7.40 points or 0.11 percent to 6,658 while the broader All Ordinaries index ended down 11 points or 0.16 percent at 6,734.50.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 6.81 points or 0.12 percent, the German DAX is losing 1.33 points or 0.01 percent, the U.K. FTSE 100 Index is falling 9.10 points or 0.12 percent. The Swiss Market Index is progressing 36.69 points or 0.37 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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