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Futures Point To Lower Open For Wall Street


Beige Book release is expected to reveal economic conditions in the Fed districts. U.S.-China trade deal is closely observed by the investors, especially when the schedule is set for preliminary trade deal. Earnings report also is important for the day.

Asian shares closed mostly lower on Wednesday, while European shares are trading lower.

The signals from initial stock movements on U.S. Futures Index suggest that Wall Street might open mostly lower.

As of 8.00 am ET, the Dow futures were losing 24.00 points, the S&P 500 futures were slipping 0.75 points and the Nasdaq 100 futures were up 9.00 points.

The U.S. major shares finished mixed on Tuesday. The Dow reached a record intraday high but pulled back off its best levels to end the day up just 32.62 points or 0.1 percent at 28,939.67.

Meanwhile, the Nasdaq and the S&P 500 pulled back off Monday's record closing highs. The Nasdaq slipped 22.60 points or 0.2 percent to 9,251.33 and the S&P 500 edged down 4.98 points or 0.2 percent to 3,283.15

On the economic front, the Labor Department's Producer Price Index for December will be published at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was stable in the prior month.

Empire State Manufacturing Survey for January will be issued at 8.30 am ET. The consensus is for an increase of 3.6, slightly up from 3.5 in December, 2019.

Atlanta Fed Business Inflation Expectations for January will be released at 10.00 am ET. In the previous month, the inflation expectations were up 1.9 percent.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were up 1.2 million barrels and Gasoline inventories increased 9.1 million barrels.

Beige Book, released two weeks before each FOMC meeting, is expected today at 2.00 pm ET.

Philadelphia Fed President Patrick Harker and Dallas Fed President Robert Kaplan will make public speeches at 11.00 am and 12.00 respectively.

In the corporate segment, Goldman Sachs Group Inc. announced a profit of $1.72 billion or $4.69 per share for fourth quarter, compared to $2.32 billion or $6.04 per share in the prior year. The revenue for the quarter rose 23.3 percent to $9.96 billion from $8.08 billion last year.

Asian stocks turned in lower on Wednesday. Chinese shares fell after it emerged that the preliminary trade deal scheduled to be signed in Washington will not include a rollback of tariffs imposed on Chinese goods.

The benchmark Shanghai Composite index gave up 16.78 points, or 0.54 percent, to end at 3,090.04, while Hong Kong's Hang Seng index slid 0.39 percent to 28,773.59.

Japanese shares slipped on the day. The Nikkei average dropped 108.59 points, or 0.45 percent, to 23,916.58. The broader Topix index closed 0.54 percent lower at 1,731.06.

Australian markets scaled new highs. The benchmark S&P/ASX 200 index rose 32.60 points, or 0.47 percent, to 6,994.80, while the broader All Ordinaries index ended up 35.50 points, or 0.50 percent, at 7,113.50.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 10.30 points or 0.18 percent, the German DAX is losing 10.54 points or 0.17 percent, the U.K. FTSE 100 Index is adding 11.92 points or 0.16 percent. The Swiss Market Index is adding 21.79 points or 0.21 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is declining 0.17 percent.

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