Wall Street Aims To Open Broadly Lower

Reports on home prices, consumer confidence, and Chicago-area business activity might be the focus on Tuesday.

Asian stocks finished mixed, while European shares are lower.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 7.50 am ET, the Dow futures were down 7.00 points, the S&P 500 futures were sliding 1.50 points and the Nasdaq 100 futures were declining 1.75 points.

The U.S. major averages closed broadly up on Monday. The S&P 500 rose 19.42 points or 0.4 percent to 4,528.79 and the Nasdaq climbed 136.39 points or 0.9 percent to 15,265.89. Meanwhile, the narrower Dow edged down 55.96 points or 0.2 percent to 35,399.84.

On the economic front, the Redbook will be released at 8.55 am ET. In the prior week, the Store Sales were up 16.6 percent.

Standard & Poor’s Case-Shiller Home Price Index for June will be issued at 9.00 am ET. The consensus is for an increase of 1.7 percent, while it was up 1.8 percent.

Federal Housing Finance Agency or FHFA House Price Index for June will be released at 9.00 am ET. The consensus is for an increase of 1.8 percent, while it was up 1.7 percent in the previous month.

Market News International’s Chicago PMI for August will be revealed at 9.45 am ET will be published at 9.45 am ET. The consensus is for 69.8, while it was up 73.4.

The Conference Board’s Consumer Confidence for August will be issued at 10.00 am ET. The consensus is for 123.0, while it was up 129.1 in the previous month.

The Farm Prices for July is expected at 3.00 pm ET. In the previous month, the prices were up 0.9 percent.

Asian stocks rose on Tuesday. Chinese stocks recovered from an early slide to finish higher. The benchmark Shanghai Composite index rose 15.79 points, or 0.45 percent, to 3,543.94 while Hong Kong’s Hang Seng index climbed 1.33 percent to 25,878.99.

Japanese shares rose sharply to hit a three-week high. The Nikkei average jumped 300.25 points, or 1.08 percent, to 28,089.54, closing above the 28,000 level for the first time since Aug. 12. The broader Topix index closed 0.54 percent higher at 1,960.70.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 index inched up 30.40 points, or 0.41 percent, to 7,534.90, marking its highest close since Aug. 16. The broader All Ordinaries index ended up 34.70 points, or 0.45 percent, at 7,823.30.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 20.28 points or 0.30 percent. The German DAX is losing 26.86 points or 0.16 percent, the U.K. FTSE 100 Index is declining 36.91 points or 0.51 percent.

The Swiss Market Index is losing 22.89 points or 0.18 percent.

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

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