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Wall Street Aims To Open Positive

wallstreet march24 lt

The global markets are largely reflecting a sudden change to a positive turn in reaction to U.S. Federal Reserve's announcement to purchase an unlimited amount of Treasury and mortgage backed securities. The COVID-19 pandemic continues to be rampant across the globe and the investors are looking ahead to economic strains and global recession.

Spike in death toll is prompting most of the countries to implement lockdown and tighter restrictions. Japan has agreed to delay the Tokyo Olympics by one year.

Trading on Tuesday may be impacted by reaction to the latest developments in Washington, as lawmakers continue to try to negotiate an agreement on a fiscal stimulus bill.

Asian shares finished higher, while European shares are all set to trade higher.
As of 8.20 am ET, the Dow futures were adding 813.00 points, the S&P 500 futures were up 99.25 points and the Nasdaq 100 futures were gaining 301.25 points.
The U.S major averages all closed in negative territory, although the Nasdaq posted a relatively modest loss. The Nasdaq fell 18.84 points or 0.3 percent to 6,860.67, the Dow plunged 582.05 points or 3 percent to 18,591.93 and the S&P 500 plummeted 67.52 points or 2.9 percent to 2,237.40.

On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were up 8.5 percent.
PMI Composite Flash report for March will be released at 9.45 am ET. The consensus is for a growth of 44.2, while it was up 49.6 in the prior week.

The U.S. Commerce and Housing & Urban Development's New Home Sales for February will be revealed at 10.00 am ET. The consensus is for 743K, while it grew 764K in the previous month.
Richmond Fed Manufacturing Index for March is scheduled at 10.00 am ET. The consensus is for minus 10, while it was minus 2 in the prior month.

The 52-week Treasury bill auction will be held at 11.30 am ET. The Two year Treasury Note auction will be held at 1.00 pm ET.

St. Louis Federal Reserve Bank President James Bullard will speak at the Global Interdependence Center's even at the Banque de France in Paris at 9.45 am ET.

Asian stocks posted strong gains on Tuesday. China's Shanghai Composite index rose by 62.27 points, or 2.34 percent, to 2,722.44. Hong Kong's Hang Seng index ended up 4.46 percent at 22,663.49.
Japanese shares posted their biggest single-day gain since February 2016. The Nikkei average soared 1,204.57 points, or 7.13 percent, to 18,092.35. The broader Topix index gained 3.18 percent to finish at 1,333.10.

The latest survey from Nikkei revealed that the manufacturing sector in Japan continued to contract, and at a faster pace, with a preliminary manufacturing PMI score of 44.8, down from 47.8 in February.

Australian markets rebounded from a near eight-year. The benchmark S&P/ASX 200 climbed 189.70 points, or 4.17 percent, to 4,735.70, while the broader All Ordinaries index ended up 189.20 points, or 4.15 percent, at 4,753.30.

European shares are trading positive. Among the major indexes in the region, the CAC 40 Index of France is adding 33.39 points or 0.82 percent. The German DAX is progressing 522.94 points or 5.99 percent, the U.K. FTSE 100 Index is up 211.25 points or 4.26 percent.

The Swiss Market Index is rising 398.07 points or 4.84 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 4.99 percent.

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