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Wall Street To Open Broadly Lower

wallstreet aug14 lt

The Commerce Department's Retail Sales for July, the Labor Department's Productivity and Costs report, the Fed's Industrial Production for July as well as the Commerce Department's Business Inventories for June are the major economic announcements on Friday.

Investors are likely to keep a close eye on COVID-19 situations.

Asian shares finished broadly positive, while European shares are trading lower.
The early signs from the U.S. Futures Index suggest that Wall Street might open mostly lower.

As of 7.45 am ET, the Dow futures were down 75.00 points, the S&P 500 futures were declining 2.00 points and the Nasdaq 100 futures were progressing 36.50 points.

The U.S. major indices declined on Thursday. The Dow dipped 80.12 points or 0.3 percent to 27,896.72 and the S&P 500 edged down 6.92 points or 0.2 percent to 3,373.43. Meanwhile, the tech-heavy Nasdaq pulled back off its best levels but still closed up 30.27 points or 0.3 percent at 11,042.50.

On the economic front, the Commerce Department's Retail Sales for July will be issued at 8.30 am ET. The consensus is for an increase of 2.0 percent, while it was up 7.5 percent in the prior month.

The Labor Department's Productivity and Costs report for the second quarter will be released at 8.30 am ET. The consensus is for an increase of 1.0 percent, compared to a decline of 0.9 percent in the prior quarter.

The Fed's Industrial Production for July will be revealed at 9.15 am ET. The consensus for production is for 3.0 percent, lower than 5.4 percent in the prior month.

The Commerce Department's Business Inventories for June will be published at 10.00 am ET. The consensus is for a decline of 1.2 percent, narrower than 2.3 percent in the prior month.

The Baker Hughes North American rig count for the week is expected at 1.00 pm ET. In the prior week, the North American Rig Count was 294 and U.S. Rig Count was 247 in the prior week.

Dallas Federal Reserve Bank President Robert Kaplan will speak in a moderated Q&A at the Dallas Friday Group 10.00 am ET.

Asian stocks turned in mostly positive on Friday. Chinese shares rose sharply. The benchmark Shanghai Composite index climbed 39.37 points, or 1.19 percent, to 3,360.10, while Hong Kong's Hang Seng index ended down 47.66 points, or 0.19 percent, at 25,183.01.

China's industrial production grew 4.8 percent on a yearly basis in July. Retail sales dropped 1.1 percent from last year.

Japanese shares finished slightly higher. The Nikkei average edged up 39.75 points, or 0.17 percent, to 23,289.36, while the broader Topix index closed marginally lower at 1,623.38 amid U.S. stimulus uncertainty.

Australian markets rose notably. The benchmark S&P/ASX 200 rose 35.20 points, or 0.58 percent, to 6,126.20, while the broader All Ordinaries index ended up 37.80 points, or 0.61 percent, at 6,261.70.

European shares are trading lower. CAC 40 of France is declining 86.47 points or 1.72 percent. DAX of Germany is sliding 135.51 points or 1.04 percent. FTSE 100 of England is down 101.48 points or 1.64 percent. Swiss Market Index is declining 98.54 points or 0.96 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.44 percent.

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