Wall Street Set To Open Lower

Early cues from the U.S. Futures Index suggest that Wall Street might open lower.
The Labor Department’s jobs report is scheduled to be released this Friday when the markets will be closed for Good Friday.

Trading activity is likely to be somewhat subdued this Easter weekend. Fear of a new coronavirus uptick in the U.S. is adding pressure on investor sentiments. The European Commission has warned that the European Union is at the start of a third wave of the pandemic.

As of 8.00 am ET, the Dow futures were declining 158.00 points, the S&P 500 futures were down points and the Nasdaq 100 futures were sliding 26.75 points.

The U.S. major averages accelerated to the upside going into the close on Friday. The Dow surged up 453.40 points or 1.4 percent to 33,072.88, the Nasdaq jumped 161.05 points or 1.2 percent to 13,138.73 and the S&P 500 spiked 65.02 points or 1.7 percent to 3,974.54.

On the economic front, the Federal Reserve Bank of Dallas’ Manufacturing Survey report for March will be issued at 10.30 am ET. The consensus is for 12.5, while it was up 17.2 in the previous month.

Six-month Treasury Bill Auction will be held at 11.30 am ET.

Federal Reserve Governor Christopher Waller will speak virtually on “Federal Reserve Independence” in a Peterson Institute for International Economics discussion at 11.00 am ET.

Asian stocks ended mixed on Monday. Chinese shares gained ground on economic optimism. The benchmark Shanghai Composite index inched up 16.97 points, or 0.50 percent, to 3,435.30, while Hong Kong’s Hang Seng index finished marginally higher at 28,338.30.

Japanese shares advanced. The Nikkei average rose 207.82 points, or 0.71 percent, to 29,384.52, while the broader Topix index closed 0.46 percent higher at 1,993.34.

Australian markets fell modestly. The benchmark S&P/ASX 200 ended down 24.70 points, or 0.36 percent, at 6,799.50, giving up early gains. The broader All Ordinaries index dropped 26.70 points, or 0.38 percent, to 7,036.40.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 24.38 points or 0.41 percent. The German DAX is gaining 68.97 points or 0.45 percent, the U.K. FTSE 100 Index is gaining 52.96 points or 0.95 percent.

The Swiss Market Index is losing 36.12 points or 0.32 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.47 percent.