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Wall Street Sees Red

wallstreet march02 lt

Early signs from the U.S. Futures Index suggest that Wall Street might open lower on Tuesday.

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

The fear of a new highly contagious COVID-19 variant is growing and that might torpedo the current gain in tackling the progression of the infection. The U.S. is recording around 2000 deaths per day. Meanwhile, a new single-dose vaccine is cleared for a national rollout.

As of 7.25 am ET, the Dow futures were declining 14.00 points, the S&P 500 futures were down 5.00 points and the Nasdaq 100 futures were sliding 18.75 points.

All the major averages ended the session on Monday with handsome gains. The Dow moved up 603.14 points or 1.95 percent to settle at 31,535.51, the S&P 500 climbed 90.67 points or 2.38 percent to 3,901.82, and the Nasdaq closed stronger by 396.48 points or 3.01 percent at 13,588.83.

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 up 2.9 percent.

Federal Reserve Board Governor Lael Brainard will speak on the U.S. economic outlook and monetary policy before virtual Council of Foreign Relations "A Conversation With Lael Brainard" at 1.00 pm ET.

San Francisco Federal Reserve Bank President Mary Daly will speak before the virtual event of the Economic Club of New York, via Webinar at 2.00 pm ET.

Asian stocks fell broadly on Tuesday. Chinese markets finished lower. The benchmark Shanghai Composite index ended down 42.81 points, or 1.21 percent, at 3,508.59 while Hong Kong's Hang Seng index fell 356.71 points, or 1.21 percent, to 29,095.86.

Japanese shares ended lower. The Nikkei average dropped 255.33 points, or 0.86 percent, to 29,408.17, while the broader Topix index closed 0.40 percent lower at 1,894.85.

Australian markets erased early gains to end lower. The benchmark S&P/ASX 200 ended down 27.30 points, or 0.40 percent, at 6,762.30. The broader All Ordinaries index dropped 32.80 points, or 0.47 percent, to 7,009.90.

European shares are trading higher. Among the major indexes in the region, the German DAX is progressing 80.10 points or 0.58 percent, the U.K. FTSE 100 Index is gaining 40.17 points or 0.61 percent.

The Swiss Market Index is adding 114.95 points or 1.07 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.48 percent.

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