Wall Street Poised To Open Broadly Lower

The Wholesale Inventories report, the Investor Movement Index as well as Fed speeches might be the highlight on Monday.

In this week, inflation data and earnings from major corporates shall get special attention. Financial giants Citigroup (C), JPMorgan Chase (JPM), and Wells Fargo (WFC) have scheduled their quarterly results this week.

Gold and Oil futures prices are under pressure. The dollar gained in European trade.
Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 7.45 am ET, the Dow futures were up 36.00 points, the S&P 500 futures were declining 0.50 points and the Nasdaq 100 futures were down 16.75 points.

The U.S. major averages ended Friday in negative territory. The Dow slid 187.38 points or 0.6 percent to 33,734.88, the Nasdaq edged down 18.37 points or 0.1 percent to 13,660.72 and the S&P 500 dipped 12.64 points or 0.3 percent to 4,398.95.

On the economic front, the Commerce Department’s Wholesale Inventories – Preliminary for May will be published at 10.00 am ET. The consensus is for a decline of 0.1 percent, while it was down 0.1 percent in the prior month.

The Investor Movement Index for June will be released at 12.30 pm ET. In the prior month, the Index was up 5.12.

The Fed Consumer Credit for May is scheduled at 3.00 pm ET. The consensus is $20.0 billion, while it was up $23.0 billion in April.

Federal Reserve Vice Chair for Supervision Michael Barr will participate in a panel discussion at the Bipartisan Policy Center, in Washington DC at 10.00 am ET.

San Francisco Federal Reserve Bank President Mary Daly will join David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, for a fireside chat at 11.00 am ET.

Asian stocks ended Monday’s session on a mixed note. Chinese shares edged up slightly. The benchmark Shanghai Composite index inched up 0.22 percent to 3,203.70 while Hong Kong’s Hang Seng index ended 0.62 percent higher at 18,479.72.

Japanese stocks fell on Monday. The Nikkei average dropped 0.61 percent to 32,189.73 while the broader Topix index ended 0.51 percent lower at 2,243.33.

Australian markets ended lower. The benchmark S&P/ASX 200 index fell 38.30 points, or 0.54 percent, to 7,004.0, marking its lowest level since March 28. The broader All Ordinaries index closed 0.51 percent lower at 7,206.90.

European shares are trading positive. CAC 40 of France is gaining 39.10 points or 0.55 percent. DAX of Germany is adding 78.44 points or 0.50 percent. FTSE 100 of England is progressing 21.81 points or 0.31 percent. The Swiss Market Index is up 57.49 points or 0.53 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is 0.56 percent.

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