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Futures Suggest Wall Street To Open Broadly Down

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As one-third of the world's population or 2.5 billion people are in quarantine to curb the spread of deadly coronavirus infection. The 2020 Summer Olympics in Tokyo has been officially postponed until 2021.

The New Home Sales for January, Durable Good Orders, State Street Investor Confidence Index for March are the major economic announcements on Wednesday.

Asian shares finished mostly higher, while European shares are trading up.

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

Meanwhile, China has reported a drop in new imported coronavirus cases and no locally transmitted infections. As per reports, one-fifth of American companies in China are back to normal operations.

As of 8.05 am ET, the Dow futures were adding58.00 points, the S&P 500 futures were down 17.25 points and the Nasdaq 100 futures were sliding 47.50 points.

The U.S. major ended Tuesday just off their highs of the session. The Dow skyrocketed 2,112.98 points or 11.3 percent to 20,704.91, the Nasdaq spiked 557.18 points or 8.1 percent to 7,417.86 and the S&P 500 soared 209.93 points or 9.4 percent to 2,447.33.
On the economic front, the Commerce Department's Durable Goods Orders for February will be issued at 8.30 am ET. The consensus is for a decline of 0.7 percent, while it was down 0.2 percent in the prior month.

The Federal Housing Finance Agency or FHFA for January will be released at 9.00 am ET. The consensus is for an increase of 0.4 percent. It was up 0.6 percent in the prior month.
State Street Investor Confidence Index for March will be issued at 10.00 am ET. In the prior month, the Index was at 77.9.

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 2.0 million barrels, while Gasoline inventories were down 6.2 million barrels.
Survey of Business Uncertainty for March will be published at 11.00 am ET. In the prior month, the Business Uncertainty Index was up 113.6. Business Expectations Index was up 104.5.

Two year Floating rate note or FRN Note auction will be held at 11.30 am ET. The five year Treasury note auction will be held at 1.00 pm ET.

Asian stocks rallied on Wednesday. China's Shanghai Composite index rose 2.17 percent to 2,781.59. Hong Kong's Hang Seng index jumped 3.81 percent to 23,527.19.

Japanese shares posted strong gains. The Nikkei average jumped as much as 1,454.28 points, or 8.04 percent, to 19,546.63, marking its biggest daily gain since the peak of the global financial crisis in October 2008.

The broader Topix index closed 6.87 percent higher at 1,424.62.

Australian markets ended sharply higher amid a broad-based rally on optimism over the U.S. stimulus. The benchmark S&P/ASX200 index temporarily broke through the 5,000 level before finishing the session up 262.40 points, or 5.54 percent, at 4,998.10. The broader All Ordinaries index ended up 252.90 points, or 5.32 percent, at 5,006.20.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 35.63 points or 0.84 percent. The German DAX is losing136.33 points or 1.45 percent, the U.K. FTSE 100 Index is gaining 52.96 points or 0.95 percent.

The Swiss Market Index is adding 77.90 points or 0.83 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.46 percent.

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