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Wall Street Headed To Open Lower

wallstreet sep28 lt

Pending home sales reports might be important amidst a long list of economic announcements on Wednesday. The remarks by Federal Reserve Chair Jerome Powell also will get attention.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares were down, and European shares are trading broadly lower.

As of 7.45 am ET, the Dow futures were down 116.00 points, the S&P 500 futures were declining 21.50 points and the Nasdaq 100 futures were sliding 122.25 points.

The U.S. major Index finished mixed on Tuesday. The Nasdaq closed 26.58 points or 0.3 percent up to 10,829.50.
The Dow fell 125.82 points or 0.4 percent to 29,134.99 after surging by nearly 400 points in early trading, while the S&P 500 edged down 7.75 points or 0.2 percent to 3,647.29.

On the economic front, the Census Bureau's International Trade in Goods for August will be released at 8.30 am ET. The consensus is negative $88.7 billion while it was negative $90.2 billion in the prior month.

Retail Inventories (Advance) for August will be published at 8.30 am ET. In the prior month, the inventories were up 1.1 percent.

Wholesale Inventories (Advance) for August will be issued at 8.30 am ET. The consensus is 0.4 percent, while it was up 0.6 percent in July.

National Association of Realtors' Pending Home Sales Index for August is scheduled at 10.00 am ET. The consensus is down 0.8 percent, while it was down 1.0 percent in the previous month.

The State Street Investor Confidence Index for September is scheduled at 10.00 am ET. In the prior month, the Index was at 107.3.

The Energy Information Administration or EIA's Petroleum Status Report for the week is expected at 10.30 am ET. In the previous week, the Crude Oil Inventories were 1.1 million barrels and the Gasoline Inventories were 1.6 million barrels.

Survey of Business Uncertainty will be released at 11.00 am ET. In the prior month, the sales growth was 4.73 and the employment growth was 5.44.

A two-year floating rate note or FRN auction will be held at 11.30 am ET. Seven-year Treasury Note auction will be held at 1.00 pm ET.

Asian stocks tumbled on Wednesday. Chinese markets fell sharply. The benchmark Shanghai Composite index dropped 1.58 percent to 3,045.07 while Hong Kong's Hang Seng index plunged 3.41 percent to 17,250.88.

Japanese stocks ended lower. The Nikkei average slumped 1.50 percent to 26,173.98, while the broader Topix index closed 0.95 percent lower at 1,855.15.

Australian markets ended at fresh three-month lows. The benchmark S&P ASX 200 dropped 0.53 percent to 6,462. The broader All Ordinaries index slipped 0.55 percent to settle at 6,659.80.

European shares are trading mostly lower. CAC 40 of France is down 75.75 points or 1.32 percent. DAX of Germany is declining 170.33 points or 1.39 percent. FTSE 100 of England is down 54.45 points or 0.78 percent. Swiss Market Index is up 4.13 points or 0.7004 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.40 percent.

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