logo
Plus   Neg
Share
Email

Wall Street Might Open In Negative Territory

wallstreet-july09-lt.jpg

The congressional testimony of Fed Chairman Jerome Powell will be the highlight on Wednesday.

Asian shares finished mixed, while European shares are trading lower.

In the initial hours, the signals from the U.S. Futures Index suggest that Wall Street might open in negative territory.

Investors are analyzing the situation after the resignation of Britain's U.S. Ambassador Kim Darroch as leaked cables initiated a friction with the White House.

As of 7.50 am ET, the Dow futures were down 55.00 points, the S&P 500 futures were adding 6.25 points and the Nasdaq 100 futures were up 14.50 points.

U.S. stocks closed higher on Tuesday. The major averages showed significant moves to the upside going into the close, with the S&P 500 joining the tech-heavy Nasdaq in positive territory.

Partly offsetting the losses posted in the two previous sessions, the Nasdaq climbed 43.35 points or 0.5 percent to 8,141.73 and the S&P 500 inched up 3.68 points or 0.1 percent to 2,979.63.

Meanwhile, the Dow briefly peeked above the unchanged line but ended the session down 22.65 points or 0.1 percent at 26,783.49.

On the economic front, Atlanta Fed Business Inflation Expectations for July will be issued at 10.00 am ET. In the prior month, the Business Inflation Expectations were up 2.0 percent.

Federal Reserve Chairman Jerome Powell to testify before the House Financial Services Committee in Washington, DC at 10.00 am ET.

Wholesale Trade data for May will be issued at 10.00 am ET. The consensus is for 0.4 percent increase, lower that 0.8 percent growth in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude oil inventories were down 1.1 million barrels and Gasoline inventories were down 1.6 million barrels.

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

St. Louis Federal Reserve Bank President James Bullard to participate in moderated Q&A on monetary policy at the OMFIF Foundation Main Meeting Luncheon in Saint Louis, Missouri.

The Federal Open Market Committee or FOMC issues minutes of its meetings with a lag is expected at 2.00 pm ET.

Asian stocks ended mixed on Wednesday in cautious trade. China's Shanghai Composite index dropped 0.44 percent to 2,915.30 while Hong Kong's Hang Seng index rose 0.31 percent to 28,204.69.

Japanese shares ended lower. The Nikkei average eased 31.67 points or 0.15 percent to 21,533.48, while the broader Topix index closed 0.23 percent lower at 1,571.32.

Australian markets eked out modest gains.. The benchmark S&P/ASX 200 index rose 24.10 points or 0.36 percent to 6,689.80 while the broader All Ordinaries index ended up 27.60 points or 0.41 percent at 6,777.70.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is adding 2.00 points or 0.04 percent. The German DAX is losing 51.10 points or 0.41 percent, the U.K. FTSE 100 Index is declining 3.71 points or 0.05 percent. The Swiss Market Index is down 26.48 points or 0.27 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.11 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>