Wall Street Poised To Open Significantly Lower

Early signs from the U.S. Futures Index suggest that Wall Street might open lower. Asian shares finished lower, while European shares are trading in negative territory.
Investors are keen on geopolitical developments today.

China has declared that it would take an impartial stand on the Ukraine war issue. After a peace talk in Saudi Arabia, China said it wants to work strategically.

A strong storm is thrashing the East Coast. Reports said more than 400,000 have left their homes.

As of 7.51 am ET, the Dow futures were down 234.00 points, the S&P 500 futures were declining 33.50 points and the Nasdaq 100 futures were sliding 124.00 points.

The major U.S. averages all closed higher on Monday. The Dow settled at 35,473.13, gaining 407.51 points or 1.16 percent. The S&P 500 ended with a gain of 40.41 points or 0.9 percent at 4,518.44, while the Nasdaq climbed 85.16 points or 0.61 percent to 13,994.40.

On the economic front, the Commerce Department’s Wholesale Inventories -Preliminary for June will be issued at 10.00 am ET. The consensus is for a decline of 0.3 percent, compared to 0.0 percent in the prior month.

The International Trade in Goods and Services for June will be published at 8.30 am ET. The consensus is a deficit of $65.4 billion, while the deficit was $69.0 billion in May.

The 52-week Treasury Bill auction will be held at 11.30 am ET.

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

Asian stocks ended Tuesday’s session on a mixed note. Chinese and Hong Kong stocks fell.
China’s Shanghai Composite index dropped 0.25 percent to 3,260.62 while Hong Kong’s Hang Seng plummeted 1.81 percent to 19,184.17.

Japanese shares eked out modest gains. The Nikkei average rose 0.38 percent to 32,377.29 while the broader Topix index ended 0.34 percent higher at 2,291.73.

Australian markets ended on a flat note, with the benchmark S&P/ASX 200 ending with a positive bias at 7,311.10. The broader All Ordinaries index finished marginally lower at 7,519.70.

European shares are trading lower. CAC 40 of France is down 84.53 points or 1.15 percent. DAX of Germany is declining 216.87 points or 1.36 percent. FTSE 100 of England is progressing 53.58 points or 0.71 percent. The Swiss Market Index is sliding 37.53 points or 0.34 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.57 percent.

Source: Read Full Article