Wall Street Might Open Mostly Lower

wallstreet jun08 lt

Ukraine is expecting the most difficult winter as Russia is continuing its onslaught.
Oil prices are on an upsurge. Brent Crude futures for August is up 22 cents or 0.2 percent at $120.79.

The spread of COVID-19 pandemic is another concern.

On a lean day of economic announcements, the U.S. Futures Index suggests that Wall Street might open mostly lower.

Asian shares ended the day mostly higher, while European shares are down.

As of 7.35 am ET, the Dow futures were declining 95.00 points, the S&P 500 futures were down 6.50 points and the Nasdaq 100 futures were progressing 3.00 points.

The U.S. major averages all finished with solid gains. The Dow, which dropped to 32,641.85 at the start, ended the session with a gain of 264.36 points or 0.8 percent at 33,180.14, nearly 30 points off the day's high of 33,207.45.

On the economic front, the Commerce Department's Wholesale Inventories for April will be released at 10.00 am ET. The consensus is for increase of 2.1 percent, while it was up 2.3 percent in March.

The Energy Information Administration or EIA's Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 5.1 million barrels, and the Gasoline Inventories were down 0.7 million barrels.
Ten year Treasury Note Auction will be held at 1.00 pm ET.

Asian stocks finished slightly up on Wednesday. Chinese stocks ended notably higher for the day.

The benchmark Shanghai Composite index rose 0.68 percent to 3,263.79 while Hong Kong's Hang Seng index surged as much as 2.24 percent to close at 22,014.59.

Japanese shares rose to end at a 2-1/2-month high. The Nikkei average climbed 1.04 percent to 28,234.29 after data showed the country's Q1 GDP fell less than initially estimated. The broader Topix index closed 1.18 percent higher at 1,969.98.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.36 percent to 7,121.10 while the broader All Ordinaries index ended up 0.39 percent at 7,347.

European shares are trading lower. CAC 40 of France is down 45.88 points or 0.71 percent. DAX of Germany is declining 75.59 points or 0.52 percent. FTSE 100 of England is sliding 43.50 points or 0.57 percent. Swiss Market Index is losing 70.98 points or 0.62 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.31 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT