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Wall Street Might Open Moderately Lower

wallstreet jul28 lt

After an aggressive increase in Federal interest rates, in an effort to ease inflation, the market might open on a negative tone.

The second quarter GDP, Weekly Jobless Claims Data as well as earnings reports might be the highlight on Thursday.

Ford, Meta Platforms, and Qualcomm are among the companies releasing their quarterly results after the close on the day.

Pfizer reported a sharp increase in second-quarter earnings that beat estimates. The company also lifted low end of full-year adjusted earnings per share and maintained its revenue view.

As of 7.35 am ET, the Dow futures were losing 37.00 points, the S&P 500 futures were losing 9.50 points and the Nasdaq 100 futures were down 80.00 points.

The U.S. major averages recorded strong gains on Wednesday. The Nasdaq spiked 469.85 points or 4.1 percent to 12,032.42, the S&P 500 surged 102.56 points or 2.6 percent to 4,023.61 and the Dow jumped 436.05 points or 1.4 percent at 32,197.59.

On the economic front, the Gross Domestic Product or GDP for the second quarter will be released at 8.30 am ET. The consensus is an increase of 0.5 percent, while it was down 1.6 percent in the prior quarter.

The Jobless Claims for the week will be issued at 8.30 am ET. The consensus is 249K, while it was up 251K in the previous week.

The Energy Information Administration or EIA's Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the gas stock was 10.30 am ET.

The Fed's balance sheet is scheduled at 4.30 pm ET. In the prior week, the level was at $8.899 trillion.

The Seven-year Treasury Note auction will be held at 1.00 pm ET.

Asian stocks advanced on Thursday. Chinese shares gained. The benchmark Shanghai Composite index edged up 0.21 percent to 3,282.58 while Hong Kong's Hang Seng index closed 0.23 percent lower at 20,622.68.

Japanese shares eked out modest gains. The Nikkei average closed 0.36 percent higher at 27,815.48. The broader Topix index slipped 0.16 percent to 1,948.85.

Australian markets posted strong gains. The benchmark S&P/ASX 200 index climbed 0.97 percent to 6,889.70. The broader All Ordinaries index closed 1.11 percent higher at 7,115.90.

European shares are trading mostly up. Among the major indexes in the region, the CAC 40 Index of France is gaining 2.43 points or 0.04 percent. The German DAX is adding 2.82 points or 0.02 percent, the U.K. FTSE 100 Index is declining 11.47 points or 0.15 percent.

The Swiss Market Index is gaining 37.28 points or 0.34 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.13 percent.

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