Wall Street Targets Broadly Lower Open

wallstreet aug11 lt

Reactions to Consumer Price Inflation might be the focus on Wednesday. Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

Asian shares finished mixed, while European shares are trading broadly up.
As of 7.55 am ET, the Dow futures were up 8.00 points, the S&P 500 futures were down 4.50 points and the Nasdaq 100 futures were sliding 29.75 points.

The U.S. major averages moved higher on Tuesday. The Dow closed up 162.82 points or 0.5 percent to 35,264.67. The S&P 500 fluctuated over the course of the session but managed to inch up 4.40 points or 0.1 percent to 4,436.75.

On the economic front, the Labor Department's Consumer Price Index or CPI for July will be published at 8.30 am ET. The consensus is for an increase of 0.5 percent, while it was up 0.9 percent in the previous month.

Atlanta Fed Business Inflation Expectations for August will be issued at 10.00 am ET. In the prior month, the inflation expectations were up 2.8 percent.

A ten-year Treasury Note Auction will be held at 1.00 pm ET.

The Treasury Department's Statement for July will be revealed at 2.00 pm. The consensus is for a deficit of $255.0 billion, while the deficit was $174.2 billion in June 2021.

Atlanta Federal Reserve Bank President Raphael Bostic to give a lecture, "The Federal Reserve's Role in Making This an Economy That Works for Everyone" at the Chautauqua Institution, in partnership with the African American Heritage House of Chautauqua at 10.30 am ET.

Kansas City Federal Reserve Bank President Esther George to speak on "A View from the Federal Reserve Bank of Kansas City" before National Association for Business Economics Virtual 18th Annual NABE Economic Measurement Seminar at 12.00 pm ET.

Asian stocks ended mixed on Wednesday. Chinese shares ended on a flat note. Hong Kong's Hang Seng index edged up 0.2 percent to finish at 26,660.16.

Japanese shares extended gains for the fourth straight session. The Nikkei average rose 182.36 points, or 0.65 percent, to 28,070.51, closing above 28,000 for the first time since July 16. The broader Topix index gained 0.92 percent to end at 1,954.08.

Australian markets hit a record high. The benchmark S&P/ASX 200 index rose 21.70 points, or 0.29 percent, to 7,584.30 while the broader All Ordinaries index ended up 24.20 points, or 0.31 percent, at 7,854.60.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 15.81 points or 0.23 percent. The German DAX is losing 7.12 points or 0.04 percent, the U.K. FTSE 100 Index is gaining 31.88 points or 0.44 percent.

The Swiss Market Index is adding 22.27 points or 0.18 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.15 percent.

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