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Wall Street Likely To Open Flat

wallstreet sept11 06nov19 lt

U.S. stocks look headed for a flat start on Wednesday with traders looking for fresh direction and tracking trade-related news and quarterly earnings reports.

On the economic front, data on labor productivity for the third quarter and real time compensations are due out at 8.30 AM ET.

According to reports, U.S. President Donald Trump says the U.S. and China are looking for a location to sign a partial trade deal.

However, comments from U.S. Treasury Secretary Larry Summers that "we'll be kidding ourselves if we thought we were one signing ceremony away from some kind of economic nirvana. There are deeper and larger issues that are holding back rapid global expansion," may weigh on sentiment and limit market's upside.

Asian stocks ended mixed in cautious trade on Wednesday after reports suggested that Beijing wants Washington to lift punitive tariffs as part of a truce in a trade war.

European stocks were edging higher with investors making cautious moves, tracking corporate earnings reports and following the developments on the trade front.

On Tuesday, the major averages finished on opposite sides of the unchanged line. While the S&P 500 edged down 3.65 points or 0.1 percent at 3,074.62, the Dow ticked up 30.52 points or 0.1 percent to 27,492.63 and the Nasdaq inched up 1.48 points or less than a tenth of a percent to 8,434.68.

The early strength on Wall Street came amid continued optimism about a potential U.S.-China trade deal. However, stocks gave back ground as buying interest turned subdued as the day progressed as traders waited for more concrete developments before continuing to buy stocks following the recent run to record highs.

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