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Wall Street Sees Red

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The spread of the COVID-19 variant might continue to attract attention on Tuesday. Investors are also likely to keep an eye on a report on consumer confidence and Congressional testimony by Federal Reserve Chair Jerome Powell.

Asian shares finished mostly lower, while European shares are trading down.
Early signs from the U.S. Futures Index suggest that Wall Street might open in negative territory.

As of 6.55 am ET, the Dow futures were down 398.00 points, the S&P 500 futures were declining 45.25 points and the Nasdaq 100 futures were falling 95.50 points.

The U.S. major averages closed firmly positive on Monday. The Dow climbed 236.60 points or 0.7 percent to 35,135.94, the Nasdaq spiked 291.18 points or 1.9 percent to 15,782.83 and the S&P 500 jumped 60.65 points or 1.3 percent to 4,655.27.

On the economic front, the Redbook data for the week will be released at 8.55 am ET. In the prior week, the Store Sales were up 15.3 percent.

Standard & Poor's Case-Shiller Home Price Index for September will be issued at 9.00 am ET. The consensus is for an increase of 1.1 percent, while it was up 1.4 percent in the prior month.

The Institute For Supply Management - Chicago's Purchase Manager's Index or PMI for November will be published at 9.45 am ET. The consensus is for 68.4, while it was up 68.4 in the previous month.

The Conference Board's Consumer Confidence report for November is scheduled at 10.00 am ET. The consensus is for 110.7, while it was up 113.8 in October.

The Agriculture Department's Farm Prices for October will be released at 3.00 pm ET. In the prior month, the farm prices were down 0.7 percent.

The Federal Reserve Chairman Jerome Powell to testify before a Senate Banking Committee hybrid hearing, CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy at 10.00 am ET.

New York Federal Reserve Bank President John Williams to give opening remarks before event, Combating Food Insecurity: What's Working and What's Scalable at 10.30 am ET.

Asian stocks gave up much of the gains in Tuesday's early trade after warnings by Moderna CEO on the efficacy of vaccines against Omicron rattled sentiment.
China's Shanghai Composite Index gained 1.19 points or 0.0.03 percent to finish at 3,563.89.

The Japanese benchmark Nikkei 225 shed 462.16 points or 1.63 percent to end Tuesday's trading at 27,821.76.

The Hang Seng Index of the Hong Kong Stock Exchange lost 376.98 points or 1.58 percent from the previous close to finishing trading at 23,475.26. The day's high was at 23,888.37 and low at 23,175.37.

Australia's S&P/ASX200 closed trading at 7,256.00 after gaining 16.20 points or 0.22 percent. The index is currently 4.94 percent below its 52-week high of 7632.80.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 79.72 points or 1.17 percent. The German DAX is losing 208.42 points or 1.36 percent, the U.K. FTSE 100 Index is declining 64.29 points or 0.92 percent.

The Swiss Market Index is sliding 107.91 points or 0.89 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.44 percent.

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