Futures Points To Broadly Lower Open For Wall Street

Asian shares finished mostly higher, while European shares are trending down.
Early signs from the U.S. Futures Index suggest that Wall Street might open mostly lower.

A slew of Fed talks, and economic announcements might get special attention on Tuesday.

As of 8.00 am ET, the Dow futures were declining 143.00 points, the S&P 500 futures were down 14.50 points and the Nasdaq 100 futures were adding 0.25 points.

The U.S. major averages remained in positive territory on Monday. The Dow rose 103.23 points or 0.3 percent to 32,731.20, the Nasdaq jumped 162.30 points or 1.2 percent to 13,377.54 and the S&P 500 climbed 27.49 points or 0.7 percent to 3,940.59.

On the economic front, the Commerce Department’s Current Account for the fourth quarter will be released at 8.30 am ET. The consensus is for a deficit of $186.4 billion, while in the previous quarter the deficit was $178.5 billion.

Federal Reserve Chairman Jerome Powell will give virtual testimony on the Coronavirus Aid, Relief, and Economic Security Act before the House Financial Services Committee at 12.00 pm ET.

New York Federal Reserve Bank President John Williams will participate in virtual roundtable with central New York business leaders to discuss how the central New York economy is faring amid the pandemic, via videoconference at 2.45 pm ET.

Lael Brainard to speak virtually on climate change at the Ceres Conference 2021 at 1.25 pm ET.

St. Louis Federal Reserve Bank President James Bullard will participate in “Wither the Dollar?” discussion before virtual National Association for Business Economics 2021 NABE Policy Conference to Explore Post-COVID Economic Policy Challenges at 4.20 pm ET.

The Redbook data for the week will be published at 8.55 am ET. In the prior week, the Store Sales were up 8.5 percent.

The Commerce, The Housing and Urban Development department’s New Home Sales report for February will be published at 10.00 am ET. The consensus is for 875K, while it was up 923K in the previous month.

Rich Fed Manufacturing Index for March is scheduled at 10.00 am ET. The consensus is for 15, while it was up 14 in February.

Two-year Treasury Note Auction will be held at 12.00 pm ET.

The Fed Money Supply for February will be released at 1.00 pm ET. In the prior month, M2 Money Supply was $305.8 billion.

St. Louis Federal Reserve Bank President James Bullard will give a presentation on the U.S. economy and monetary policy before the virtual London School of Economics Central Banking Society Series: Perspectives Across the Atlantic, via Zoom at 9.00 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak at Recording of Clark Atlanta University’s Innovators Podcast in Zoom webinar on “African American and minority business-driven innovation and successful diversity, equity and inclusion initiatives” at 10.10 am ET.

Richmond Fed President Thomas Barkin will speak virtually to Greenville County (S.C.) United Way at 11.00 am ET.

Asian stocks finished broadly higher on Tuesday. China’s Shanghai Composite index dropped 31.93 points, or 0.93 percent, to 3,411.51. Hong Kong’s Hang Seng index ended down 387.96 points, or 1.34 percent, at 28,497.38.

Japanese shares gave up early gains to end notably lower. The Nikkei average fell 178.23 points, or 0.61 percent, to 28,995.92, while the broader Topix index closed 0.94 percent lower at 1,971.48.

Australian markets ended slightly lower amid growing tensions between China and the west. The benchmark S&P/ASX 200 slipped 7.10 points, or 0.11 percent, to 6,745.40, while the broader All Ordinaries index ended down 8.40 points, or 0.12 percent, at 6,986.60.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is losing 20.88 points or 0.35 percent. The German DAX is declining 13.89 points or 0.09 percent, the U.K. FTSE 100 Index is down 15.39 points or 0.23 percent.

The Swiss Market Index is adding 26.01 points or 0.24 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.13 percent.