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Wall Street Sees Red As World Fights Back Against Covid 19

wallstreet march26 lt

Coronavirus pandemic continues to be the real concern for the investors. Countries across the globe are introducing unprecedented measures to contain the deadly outbreak, including complete lockdown. U.S. death toll is near 1000, with more than 65000 infected people, while California and New York are hit hardly. Several countries are finding it difficult to test the infected patients effectively and the shortage of masks and ventilators are worsening the situation.

Initial signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mixed, while European shares are trading on a negative note.
GDP for the fourth quarter, Jobless Claims for the week, International Trade in Goods data for February as well as Corporate Profits are the major economic announcements for the day.

As of 8.00 am ET, the Dow futures were losing 366.00 points, the S&P 500 futures were down 48.00 points and the Nasdaq 100 futures were sliding 121.25 points.

The U.S. major averages finished Wednesday's session mixed. While the Nasdaq fell 33.56 points or 0.5 percent to 7,384.30, the Dow surged up 495.64 points or 2.4 percent to 21,200.55 and the S&P 500 jumped 28.23 points or 1.2 percent to 2,475.56.

On the economic front, the GDP for the fourth quarter will be issued at 8.30 am ET. The consensus is for an increase of 2.1 percent, unchanged from the prior year. GDP price index is expected to be 1.3 percent.

Census Bureau's International Trade in Goods for February will be published at 8.30 am ET. The consensus is for a deficit of $63.8 billion, while it was a deficit of $63.8 billion in the prior month.

The Labor Department's Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 1000K, significantly higher than 281K in the prior week.
The Corporate Profits for the fourth quarter will be issued at 8.30 am ET. In the prior year, the after tax profits was down 1.1 percent.

The Energy Information Administration or EIA's Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the gas stock was down 9 bcf.
The seven year Treasury Note auction will be issued at 1.00 pm ET.
The Fed Balance Sheet will be released at 4.30 am ET. In the prior week, the level was up $4.668 trillion.

The Fed's Money Supply for the week will be issued at 4.30 am ET. In the prior week, the M2 weekly change was $68.0 billion.

Asian stocks ended mixed on Thursday. Chinese shares ended lower after two days of strong gains. The benchmark Shanghai Composite index slid 16.68 points, or 0.6 percent, to 2,764.91. Hong Kong's Hang Seng index ended down 0.74 percent at 23,352.34.

Japanese shares fell sharply. The Nikkei average fell 882.03 points, or 4.51 percent, to 18,664.60 following three days of massive gains. The broader Topix index dropped 1.78 percent to 1,399.32.

Australian markets rose for the third day. The benchmark S&P/ASX 200 rose 2.3 percent to 5,113.30.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is down 64.48 points or 1.43 percent. The German DAX is losing 157.99 points or 1.60 percent, the U.K. FTSE 100 Index is sliding 85.39 points or 1.51 percent.

The Swiss Market Index is down 62.74 points or 0.70 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.49 percent.

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