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Wall Street Might Open Broadly Lower

wallstreet aug13 lt

The COVID-19 death count is soaring with 20,405,695 confirmed cases with 743,487 deaths as reported by the World Health Organization. The U.S. recorded 163,340 deaths. Investors might continue to react to the pandemic.

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

Labor Department's weekly jobless claims report as well as the Import and Export Prices for July are the major economic announcement on Thursday.

Asian shares finished mixed, while European shares trading mostly lower.

As of 7.50 am ET, the Dow futures were down 35.00 points, the S&P 500 futures were declining 4.00 points and the Nasdaq 100 futures were gaining 18.25 points.

The U.S. major averages closed firmly positive on Wednesday. The Dow jumped 289.93 points or 1.1 percent to 27,976.84, the Nasdaq soared 229.42 points or 2.1 percent to 11,012.24 and the S&P 500 surged up 46.66 points or 1.4 percent to 3,380.35.

On the economic front, the Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 1150, compared to 1,186K in the prior week.

The Import and Export Prices for July will be released at 8.30 am ET. The consensus is for an increase of 0.6 percent, while it was up 1.4 percent a year ago.

The Energy Information Administration or EIA's Natural Gas Report for the week is scheduled at 10.30 am ET. In the prior week, the change was up 33 bcf.

Twenty-year Treasury Bond announcement and 30-year Treasury Inflation protected Securities or TIPS will be announced at 11.00 am ET.

Thirty-year Treasury Bond auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week will be issued at 4.30 am ET. In the prior week, the level was at $6.945 trillion.

The Fed Money Supply for the week will be revealed at 4.30 am ET. In the previous week, the M2 weekly change was a deficit of $31.9 billion.

Atlanta Federal Reserve Bank President Raphael Bostic will speak at the National League of Cities Constituency Groups Virtual Summit on "Equitable Solutions for the Future of Cities" at 11.00 am ET.

Asian stocks ended mixed on Thursday. Chinese shares ended on a flat note. The benchmark Shanghai Composite index finished marginally higher at 3,320.73, while Hong Kong's Hang Seng index slipped marginally to close at 25,230.67.

Japanese shares hit a six-month high. The Nikkei average climbed 405.65 points, or 1.78 percent, to 23,249.61, marking the highest level since Feb. 21. The broader Topix index closed 1.16 percent higher at 1,624.15, closing in on its June peak.

Australian markets fell notably. The benchmark S&P/ASX 200 dropped 41 points, or 0.67 percent, to 6,091. The broader All Ordinaries index ended down 33.10 points, or 0.53 percent, at 6,223.90.

Australia's unemployment data for July showed an uptick in the unemployment rate as well as a surge in employment.

European shares are trading mostly lower. CAC 40 of France is losing 4.11 points or 0.08 percent. DAX of Germany is down 21.90 points or 0.16 percent. FTSE 100 of England is declining 55.67 points or 0.88 percent. Swiss Market Index is adding 3.80 points or 0.03 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.11 percent.

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