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Wall Street To Open Broadly Lower

wallstreet july22 lt

Investors might be reacting to the Existing Home Sales in June and earnings reports.
Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

Asian shares finished mostly lower, while European shares are down.

As of 8.20 am ET, the Dow futures were down 45.00 points, the S&P 500 futures were declining 3.75 points and the Nasdaq 100 futures were gaining 27.50 points.

The U.S. major averages finished Tuesday broadly higher. The Nasdaq slid 86.73 points or 0.8 percent to 10,680.36, the Dow climbed 159.53 points or 0.6 percent to 26,840.40 and the S&P 500 rose 5.46 points or 0.2 percent to 3,257.30.

On the economic front, the Federal Housing Finance Agency or FHFA's House Price Index or HPI for May will be issued at 9.00 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.2 percent.

National Association of Realtors' Existing-Home Sales for June will be released at 10.00 am ET. The consensus is for an increase of 4.800 million, higher than 3.910 million in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude oil inventories were down 7.5 million barrels, while Gasoline inventories were down 3.1 million barrels.

Asian stock markets are mostly lower on Wednesday. Chinses shares extended gains for the fourth day. The benchmark Shanghai Composite index inched up 12.27 points, or 0.37 percent, to 3,333.16. Hong Kong's Hang Seng index fell 2.25 percent to 25,057.94.

Japanese shares ended lower. The Nikkei average dropped 132.61 points, or 0.58 percent, to 22,751.61, while the broader Topix index closed 0.62 percent lower at 1,572.96.

Australian markets fell sharply due to virus worries. The benchmark S&P/ASX 200 index gave up 81.20 points, or 1.32 percent, to finish at 6,075.10, while the broader All Ordinaries index ended down 76.20 points, or 1.22 percent, at 6,192.60.

European shares are trading lower. CAC 40 of France is losing 44.97 points or 0.88 percent. DAX of Germany is down 36.77 points or 0.28 percent. FTSE 100 of England is declining 41.41 points or 0.66 percent. Swiss Market Index is sliding 9.70 points or 0.10 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.69 percent.

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