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Wall Street Might Open In Negative Territory

wallstreet july23 18aug22 lt

On a lean day of economic announcements, investors are closely watching geopolitical developments. Earnings reports also might get special attention.

Chinese Premier Xi Jingping and Russian President Vladimir Putin will participate in the Group of 20 Summit in Bali in November. The summit is projected to be important in the backdrop of Russia's invasion of Ukraine. Earlier, the U.S. warned that China will face consequences if China continues to support Russia.

Initial trends from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mixed on Friday, while European shares are trading mostly lower.

As of 7.45 am ET, the Dow futures were losing 248 points, the S&P 500 futures were down 39.50 points and the Nasdaq 100 futures were declining 138.25 points.

The U.S. major averages finished Thursday's session modestly higher. The Dow inched up 18.72 points or 0.1 percent to 33,999.04, the Nasdaq rose 27.22 points or 0.2 percent to 12,965.34 and the S&P 500 edged up 9.70 points or 0.2 percent to 4,283.74.

On the economic front, E-Commerce Retail Sales for the second quarter will be issued at 10.00 am ET. In the prior quarter, the retail sales were up 2.4 percent.

The Quarterly Services Survey for the second quarter is scheduled at 10.00 am ET. In the prior quarter, the Selected Services Revenue were up 1.4 percent, while the Information revenues for the quarter were down 3.1 percent.

The Baker Hughes Rig Count for the week will be issued at 1.00 PM. In the prior week, the North America Rig Count was 964 and the U.S. Rig Count was 763.

Richmond Fed President and Federal Open Market Committee or FOMC member Thomas Berkin will speak at 9.00 am ET.

In the corporate sector, Deere & Company Friday reported an increase in third-quarter profit compared to the prior year. Earnings increased to $1.884 billion or $6.16 per share from $1.667 billion or $5.32 per share last year. Net Sales were up 22 percent to $14.102 billion, from $11.527 billion in the previous year.

Specialty athletic retailer Foot Locker Inc. (FL) reported a sharp decline in second-quarter profit compared to the same quarter last year. Quarterly profit was $94 million or $0.99 per share compared to $430 million or $4.09 per share last year.
Total sales for the quarter declined to $2.065 billion from $2.275 billion a year ago.

The company now expects sales down 6 to 7 percent, while it was projecting sales to be at the upper end of down 4 to 6 percent. Adjusted earnings per share is expected in the lower end of the original range of $4.25-$4.60.

Asian stocks ended mixed on Friday. China's Shanghai Composite index closed 0.59 percent or 19.47 points lower at 3,258.08. Hong Kong's Hang Seng index ended marginally higher at 19,773.03.

Japanese shares ended little changed. The Nikkei average finished 11.81 points or 0.04 percent lower at 28,930.33 while the broader Topix index edged up 0.2 percent to 1,994.52.

Australian markets finished lower. Energy stocks surged on the day.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is falling 49.94 points or 0.78 percent. The German DAX is sliding 132.59 points or 0.97 percent, the U.K. FTSE 100 Index is declining 6.67 points or 0.08 percent. The Swiss Market Index is progressing 28.56 points or 0.26 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.95 percent.

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