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Futures Suggest Significantly Lower Open For Wall Street

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As the world markets are discussing a fall off from the coronavirus pandemic and the recession, the early signs from the U.S. Futures suggest that Wall Street might open significantly lower.

Institute for Supply Management's Manufacturing Index for Marc, h
PMI Manufacturing Index for March and Construction Spending for February are the major economic announcements on Wednesday.

Asian shares finished mostly lower, while European shares are trading down.
As of 8.00 am ET, the Dow futures were down 774.00 points, the S&P 500 futures were declining 90.25 points and the Nasdaq 100 futures were tumbling 228.00 points.

The U.S. major averages all finished Tuesday in negative territory. The Dow plunged 410.32 points or 1.8 percent to 21,917.16, the Nasdaq slumped 74.05 points or 1 percent to 7,700.10 and the S&P 500 tumbled 42.06 points or 1.6 percent to 2,584.59.
On the economic front, Markit Economics' PMI Manufacturing Index for March will be issued at 9.45 am ET. The consensus is for 48.4, down from 50.7 in the prior month.

Institute for Supply Management's Manufacturing Index for March will be released at 10.00 am ET. The consensus is for 44.00, a decline from 50.1 in the previous month.

The Commerce Department's Construction Spending for February will be revealed at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it grew 1.8 percent in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. Crude oil inventories in the prior week were up 1.6 million barrels, while Gasoline inventories were down 1.5 million barrels.

Asian stocks ended mostly lower on Wednesday. Chinese shares ended lower. The benchmark Shanghai Composite index dropped 15.77 points, or 0.57 percent, to 2,734.52, while Hong Kong's Hang Seng index fell 2.19 percent to 23,085.79.

Japanese stocks plunged. The Nikkei average tumbled over 1,000 points at one point before recovering some lost ground to end the session down 851.60 points, or 4.50 percent, at 18,065.41. The broader Topix index closed 3.70 percent lower at 1,351.08.

Australian markets posted strong gains. The benchmark S&P/ASX 200 rallied 181.80 points, or 3.58 percent, to 5,258.60, while the broader All Ordinaries index ended up 180.10 points, or 3.52 percent, at 5,290.70.

European shares are trading lower. CAC 40 of France is losing171.62 points or 3.90 percent. DAX of Germany is down 362.28 points or 3.64 percent. FTSE 100 of England is declining 198.00 points or 3.49 percent. Swiss Market Index is sliding 205.47 points or 2.21percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 3.67 percent.

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