Wall Street Might Open In Negative Zone

wallstreet oct01 20mar23 lt

Chinese Premier Xi Jinping is in Russia for a three-day visit. Xi is expected to discuss the Ukraine invasion with Putin in view of the International Criminal Court's issuance of a warrant to arrest Putin.

Investors are worried about the banking crisis in the U.S. as two banks collapsed recently. Assurances and rescue deals are on to save other vulnerable financial institutions.

The Fed's interest rate decision might get special attention this week.

As of 8.00 am ET, the Dow futures were down 21.00 points, the S&P 500 futures were sliding 2.50 points and the Nasdaq 100 futures were down 10.50 points.

The U.S. major averages finished Friday's session firmly negative. The Dow tumbled 384.57 points or 1.2 percent to 31,861.98, the Nasdaq slid 86.76 points or 0.7 percent to 11,630.51 and the S&P 500 slumped 43.64 points or 1.1 percent to 3,916.64.

On the economic front, the three-month and six-month Treasury bill auction will be held at 11.30 am ET.

Asian stocks tumbled on Monday. Chinese stocks fluctuated today, while the Shanghai Composite dropped 0.48 percent to 3,234.91.

Hong Kong's Hang Seng index plunged 2.65 percent to close at 19,000.71.

Japanese shares fell sharply. The Nikkei average tumbled 1.42 percent to 26,945.67 while the broader Topix index closed 1.54 percent lower at 1,929.30.

Australian markets opened the week lower. The benchmark S&P/ASX 200 index fell 1.38 percent to 6,898.50 while the broader All Ordinaries index settled 1.43 percent lower at 7,085.10.

European shares are trading mostly higher. CAC 40 of France is gaining 51.02 points or 0.74 percent. DAX of Germany is adding 80.91 points or 0.31 percent. FTSE 100 of England is up 23.90 points or 0.33 percent. Swiss Market Index is down 14.59 points or 0.14 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.77 percent.

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