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Futures Suggest Lower Open For Wall Street

wallstreet oct16 lt

Retails Sales report, Atlanta Fed Business Inflation Expectations, the Business Inventories report, Beige Book release and a slew of Fed speeches are expected on Wednesday.

Investors are looking for U.S.- China trade negotiations as well as the ongoing negotiations between European Union and U.K. for a draft Brexit deal. Earnings reports also might be impacting investor sentiments.

Asian shares finished higher, while European shares are mostly down.
The signs from the U.S. Futures Index suggest that Wall Street might open slightly negative.

As of 8.05 am ET, the Dow futures were losing 40.00 points, the S&P 500 futures were down 5.00 points and the Nasdaq 100 futures were declining 19.00 points.

The U.S. major averages ended Tuesday firmly in positive territory. The Dow jumped 237.44 points or 0.9 percent to 27,024.80, the Nasdaq soared 100.06 points or 1.2 percent to 8,148.71 and the S&P 500 surged up 29.53 points or 1 percent to 2,995.68.

On the economic front, the Commerce Department's Retail Sales report September will be published at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was up 0.4 percent in the prior month.

Atlanta Fed Business Inflation Expectations for October will be issued at 10.00 am ET. In the prior month, the Inflation expectations were up 2.0 percent.

Chicago Federal Reserve Bank President Charles Evans will speak about current economic conditions and monetary policy in a moderated discussion at the Greater Peoria Development Council in Peoria, Illinois, with audience and media Q&A at 9.00 am ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak at the Headliners Club in Austin, Texas, with audience and media Q&A at 1.00 pm ET.

The Business Inventories for August will be released at 10.00 am ET. The consensus is for an increase of 0.3 percent, while it was up 0.4 percent in the previous month.
National Association of Home Builders/Wells Fargo's Housing Market Index for October will be revealed at 10.00 am ET. The consensus is for an increase of 68 points, unchanged from the prior month.

Beige Book will be released at 2.00 pm ET.

Federal Reserve Member of the Board of Governors Lael Brainard will speak about current developments in digital currency and policy implications at the "Future of Money in the Digital Age" conference held at the Peterson Institute for International Economics in Washington, DC, with audience Q&A at 3.00 pm ET.

The Treasury International Capital Data for August will be published at 4.00 pm ET. In the prior month, the foreign demand for long term U.S. securities were up $84.3 billion.

In the corporate sector, Cognizant Technology Solutions Corp. agreed to acquire privately-held technology consulting firm Contino. Financial details of the deal were not disclosed.

Bank of America Corp. reported net income of $5.8 billion, or $0.56 per share, for the third quarter of fiscal 2019. Excluding the impairment charge of $2.1 billion or $0.19 per share, net profit was $7.5 billion, or $0.75 per share. In the prior year quarter, net income was $7.2 billion or $0.66 per share.

Third-quarter revenue, net of interest expense, increased modestly to $22.81 billion from $22.72 billion in the previous quarter.

Asian stocks rose on Wednesday. China's Shanghai Composite index edged down 12.33 points, or 0.41 percent, to 2,978.71. Hong Kong's Hang Seng index rose 0.67 percent to 26,688.

Japanese shares hit over 10-month highs. The Nikkei average climbed 265.71 points, or 1.20 percent. The broader Topix index closed 0.7 percent higher at 1,631.51, its highest level in more than 10 months.

Australian markets extended their winning run for a fifth day running. The benchmark S&P/ASX 200 index rose 84.50 points, or 1.27 percent, to 6,736.50 while the broader All Ordinaries index ended up 79.90 points, or 1.18 percent, at 6,843.20.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is falling 6.59 points or 0.12 percent. The German DAX is adding 28.16 points or 0.22 percent, the U.K. FTSE 100 Index is declining 7.25 points or 0.10 percent. The Swiss Market Index is down 6.06 points or 0.07 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.079 percent.

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