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Wall Street Targets Positive Open

wallstreet aug03 lt

Earnings for the day as well as the Commerce Departments' factory orders for June might get special attention on Tuesday.

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

Initial cues from the U.S Futures Index suggest that Wall Street might open positive.

As of 8.00 am ET, the Dow futures were adding 164.00 points, the S&P 500 futures were gaining 16.25 points and the Nasdaq 100 futures were progressing 23.00 points.

U.S. major averages finished broadly higher on Monday. After reaching a record intraday high in early trading, the Dow fell 97.31 points or 0.3 percent to 34,838.16. The S&P 500 also dipped 8.10 points or 0.2 percent to 4,387.16, while the Nasdaq inched up 8.39 points or 0.1 percent to 14,681.07.

On the Economic front, the Redbook data for the week, a measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. In the prior week, the store sales were up 16.0 percent.

The Commerce Department's Factory Orders for June will be released at 10.00 am ET. The consensus is for 0.8 percent, while it was up 1.7 percent in the previous month.

Federal Reserve Board Governor Michelle Bowman will give welcome remarks before virtual "Toward an Inclusive Recovery: Improving Labor Force Attachment and Financial Security Among Low-Income and Marginalized Workers" research seminar sponsored by the Board of Governors of the Federal Reserve System at 2.00 pm ET.

Asian stocks turned in a mixed performance on Tuesday. China's Shanghai Composite index fell 16.29 points, or 0.47 percent, to 3,447.99. Hong Kong's Hang Seng index ended down 40.98 points, or 0.16 percent, at 26,194.82.

Japanese shares fell after Prime Minister Yoshihide Suga flagged growing COVID-19 infections among Japanese in their 20s and 30s. The Nikkei average slipped 139.19 points, or 0.50 percent, to close at 27,641.83 as the country grappled with its own fifth wave, centered on Tokyo. The broader Topix index ended down 8.91 points, or 0.46 percent, at 1,931.14.

Australian markets ended lower. The benchmark S&P/ASX 200 ended down 16.90 points, or 0.23 percent, at 7,474.50, retreating from the previous session's record close. The broader All Ordinaries index dropped 10 points, or 0.13 percent, to 7,750.50.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 69.97 points or 1.05 percent. The German DAX is adding 34.71 points or 0.22 percent, the U.K. FTSE 100 Index is 28.46 points or 0.40 percent.

The Swiss Market Index is adding 20.55 points or 0.17 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.28 percent.

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