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Wall Street Sees Red

wallstreet july24 09jul20 lt

Initial cues from the U.S. Futures Index suggest that Wall Street might open lower.

Asian shares declined on Friday, while European shares are progressing.
Ahead of the corporate earnings season, the corporate majors are concerned about the growing coronavirus pandemic.

As of 8.25 am ET, the Dow futures were down 167.00 points, the S&P 500 futures were declining 17.75 points and the Nasdaq 100 futures were sliding 38.50 points.

The U.S. major averages ended Thursday's session mixed. The tech-laden Nasdaq composite index surged up 55.25 points or 0.53 percent to settle at 10,547.75, a record closing high. The Dow slid 361.19 points or 1.39 percent to settle at 15,706.09, while the broader S&P 500 drifted down 17.89 points or 0.56% to 3,152.05.
On the economic front, the Labor Department's Producer Price Index or PPI for June will be issued at 8.30 am ET. The consensus is for an increase of 0.4 percent.
Baker Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 281.

The U.S. Treasury's Budget for June will be released at 2.00 pm ET. In the prior month, the Treasury budget recorded a deficit of $398.8 billion.

Asian stocks declined on Friday. Chinese shares fell. The benchmark Shanghai Composite index fell 67.27 points, or 1.95 percent, to 3,383.32, snapping an eight-day winning streak. Hong Kong's Hang Seng index lost 1.84 percent to finish at 25,727.41.

Japanese shares hit a one-week low. The Nikkei average fell 238.48 points, or 1.06 percent, to 22,290.81. The broader Topix index ended down 1.42 percent at 1,535.20.
Australian markets ended lower. The benchmark S&P/ASX 200 index dropped 36.30 points, or 0.61 percent, to 5,919.20, while the broader All Ordinaries index ended down 38.60 points, or 0.64 percent, at 6,036.30.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 10.87 points or 0.22 percent. The German DAX is adding 49.90 points or 0.40 percent, the U.K. FTSE 100 Index is gaining 20.83 points or 0.35 percent.

The Swiss Market Index is gaining 66.23 points or 0.66 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.38 percent.

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