Futures Point To Lower Open For Wall Street

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New home sales and Fed Chair Jerome Powell's remark might be the highlight on Tuesday.

Early cues from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished on a negative tone, while European shares are broadly down.

As of 7.35 am ET, the Dow futures were sliding 168 points, the S&P 500 futures were declining 35.50 points and the Nasdaq 100 futures were declining 164.75 points.

The U.S. major averages finished higher on Monday. The Dow surged 618.34 points or 2 percent to 31,880.24, the Nasdaq jumped 180.66 points or 1.6 percent to 11,535.27 and the S&P 500 shot up 72.39 points or 1.9 percent to 3,973.75.

On the economic front, the flash Composite Purchasing Managers' Index or PMI for May will be released at 9.45 am ET. The consensus is 55.5.

The Commerce, Housing and Urban Development department's New Home Sales for April will be published at 10.00 am ET. The consensus is 750k, while it was up 763k in March.

Richmond Fed Manufacturing Index for May will be issued at 10.00 am ET. The consensus is 14, while it was up 14 in the previous month.

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

The Fed Money Supply for April is scheduled at 1.00 pm ET. The M2 Money Supply was $59.4 billion.

Federal Reserve Chairman Jerome Powell will give welcome remarks before the National Center for American Indian Enterprise Development 2022 Reservation Economic Summit at 12.20 pm ET.

In the corporate sector, Best Buy Co. Inc. reported a decline in first-quarter earnings to $341 million or $1.49 per share to $595 million or $2.32 per share in the prior year. On an adjusted basis, earnings were $1.57 per share and analysts were looking for $1.61 per share.

Revenue for the quarter was $10.65 billion, down from $11.64 billion a year ago.
Looking ahead to the full year, the company expects earnings per share in a range of $8.40-$9.00 and revenue between $48.3-$49.9 billion.

Asian stocks fell on Tuesday. China's Shanghai Composite index fell to 3,070.93.
Hong Kong's Hang Seng index closed at 20,112.10, down 1.75 percent
Japanese shares finished lower on the day. The Nikkei average dropped 0.94 percent to 26,748.14 while the broader Topix index ended down 0.86 percent at 1,878.26.

Australian markets ended at 7,373,20, down 25.70 points or 0.35 percent. The benchmark S&P/ASX 200 index slipped 0.28 percent to 7,128.80 while the broader All Ordinaries index dropped 0.35 percent to settle at 7.373.20.

European shares are trading mostly lower. CAC 40 of France is down 45.85 points or 0.72 percent. DAX of Germany is declining 92.60 points or 0.65 percent. FTSE 100 of England is down 11.51 points or 0.15 percent. Swiss Market Index is up 37.90 points or 0.33 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.62 percent.

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