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Wall Street Might Open Broadly Lower

wallstreet oct29 lt

On Thursday, the coronavirus updates are likely to be the highlight. The latest batch of earnings news and reports on initial jobless claims and pending home sales also might attract investor attention.

Asian shares finished lower, while European shares are trading lower.

Early signs from the U.S. Futures Index point to broadly lower open for Wall Street.
As of 8.15 am ET, the Dow futures were losing 88.00 points, the S&P 500 futures were down 0.50 points and the Nasdaq 100 futures were adding 37.00 points.

The U.S. major averages finished lower on Wednesday. The Dow tumbled 943.24 points or 3.4 percent to 26,519.95, the Nasdaq plunged 426.48 points or 3.7 percent to 11,004.87 and the S&P 500 plummeted 119.65 points or 3.5 percent to 3,271.03.

On the economic front, the GDP for the third quarter will be issued at 8.30 am ET. The consensus is for an increase of 30.9 percent, while it was negative 31.4 percent in the prior quarter.

The Labor Department's Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 758K, down from 787K in the previous week.
National Association of Realtors' Pending Home Sales Index for September is scheduled at 10.00 am ET. The consensus is for an increase of 3.5 percent, while it grew 8.8 percent in August.

The Energy Information Administration or EIA's Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the gas stock was up 49 bcf.

Seven-year Treasury Note auction will be held at 1.00 pm ET.

Fed Balance Sheet for the week will be revealed at 4.30 pm ET. In the prior week, the level was at $7.177 trillion.

Fed Money Supply for the week will be issued at 4.30 pm ET. In the prior week, the M2 weekly change was $106.30 billion.

Asian stocks fell on Thursday. Chinese shares ended slightly higher. The benchmark Shanghai Composite index inched up 3.49 points, or 0.11 percent, to 3,272.73. Hong Kong's Hang Seng index dropped 0.49 percent to 24,586.60.

Japanese shares extended losses for the fourth straight session. The Nikkei average slipped 86.57 points, or 0.37 percent, to 23,331.94, while the broader Topix index closed 0.10 percent lower at 1,610.93.

Australian markets hit a fresh three-week low. The benchmark S&P/ASX 200 index tumbled 97.40 points, or 1.61 percent, to 5,960.30, while the broader All Ordinaries index ended down 93.80 points, or 1.50 percent, at 6,168.

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