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Wall Street Aims To Open Lower

wallstreet oct05 27jul20 lt

Traders are keeping an eye on Consumer Confidence data for July and major earnings report.

The Federal Reserve's monetary policy decision is expected on Wednesday.
Asian shares finished mixed, while European shares are trading lower.

Initial signs from the U.S. Futures Index suggest that Wall Street might open in the red.

despite a flurry of positive news flow, ranging from hopes about additional fiscal stimulus in the U.S. to the launch of late-stage trials of experimental vaccines against Covid-19.

While a weak U.S. dollar sparked re-balancing in asset portfolios around the globe, gains were tempered by escalating U.S.-China tensions and the increase in Covid-19 infections from China to Spain and Germany.

As of 8.10 am ET, the Dow futures were down 128.00 points, the S&P 500 futures were declining 12.00 points and the Nasdaq 100 futures were sliding 53.75 points.

The U.S. major averages all closed in positive territory on Monday. The Nasdaq surged 173.09 points or 1.7 percent to 10,536.27, the Dow rose 114.88 points or 0.4 percent to 26,584.77 and the S&P 500 climbed 23.78 points or 0.7 percent to 3,239.41.

On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store sales were down 7.5 percent.

Standard & Poor's Corelogic Case-Shiller home price index for May will be issued at 9.00 am ET. The consensus is for 0.5 percent, while it was up 0.3 percent in the prior month.

The Conference Board's Consumer Confidence report for July will be published at 10.00 am ET. The consensus is for 95.7, slightly down from 98.1 in the prior month.

Richmond Fed Manufacturing Index for July will be released at 10.00 am ET.

Two-year and seven-year floating rate note or FRN Note auction will be held at 1.00 pm ET.

Asian stocks ended mixed on Tuesday. Chinese shares advanced on signs of economic recovery. The benchmark Shanghai Composite index rose 22.73 points, or 0.71 percent, to 3,227.96. Hong Kong's Hang Seng index ended up 0.69 percent at 24,772.76.

Japanese shares ended lower. The Nikkei average slid 58.47 points, or 0.26 percent, to 22,657.38, while Nissan Motor shares slumped 4.3 percent. The broader Topix index closed 0.48 percent lower at 1,569.12.

Australian markets gave up early gains to end lower. The benchmark S&P/ASX 200 index dropped 23.70 points, or 0.39 percent, to 6,020.50, while the broader All Ordinaries index ended down 22.80 points, or 0.37 percent, at 6,146.80.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 42.64 points or 0.86 percent, the German DAX is down 73.55 points or 0.57 percent, the U.K. FTSE 100 Index is sliding 9.19 points or 0.15 percent. The Swiss Market Index is lower 37.22 points or 0.36 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.58 percent.

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