Wall Street Might Open Mostly Lower; Biden To Address Bank Collapse

wallstreet oct03 13mar23 lt

Early signs from the U.S. Futures Index suggest that Wall Street might open mostly lower on Monday.

Asian shares finished mixed, while European shares are trading in negative territory.
Investors have been concerned about the fallout of the Silicon Valley bank and Silvergate Capital sell-off.

To restore confidence, President Joe Biden will make an address on the issue of the U.S. banking system at 9.00 am ET.

As of 8.00 am ET, the Dow futures were declining 82.00 points, the S&P 500 futures were down 2.25 points and the Nasdaq 100 futures were progressing 72.50 points.

The U.S. major averages finished lower on Friday. The Dow ended down 345.22 points or 1.07 percent at 31,909.64. The S&P 500 closed lower by 56.73 points or 1.45 percent at 3,861.59, while the Nasdaq dropped 199.47 points or 1.76 percent to settle at 11,138.89.

On the economic front, the 3-month and 6-month treasury bills auction will be held at 11.30 am ET.

Asian stocks ended mixed on Monday. China's Shanghai Composite Index jumped 1.2 percent to 3,268.70.

Hong Kong's Hang Seng index rallied 2.0 percent to 19,695.97, led by technology stocks.

Japanese shares fell sharply and the Nikkei 225 Index closed down 1.1 percent at 27,832.96. The broader Topix ended 1.5 percent lower at 2,000.99.

Australian markets ended lower, dragged down by tech and financial stocks. The benchmark S&P/ASX 200 hit a nearly two-month low before closing half a percent lower at 7,108.80. The broader All Ordinaries Index slipped 0.5 percent to 7,311.

European shares are trading lower. CAC 40 of France is down 157.95 points or 2.19 percent. DAX of Germany is declining 352.27 points or 2.29 percent. FTSE 100 of England is sliding 148.89 points or 1.91 percent. The Swiss Market Index is down 146.70 points or 1.35 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 2.59 percent.

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