Wall Street Sees Red At Open

Investors are keen on the slowing down of the COVID-19 infections and are eager to see if it is real decline of the wave or a temporary calm down.

Trading on Wednesday might be impacted by reaction to payroll processor ADP’s report on private-sector employment in the month of September.

Asian shares finished lower, while European shares are trading down.
Early signs from the U.S. Futures Index suggest that Wall Street might open on a negative note.

As of 7.35 am ET, the Dow futures were down 320.00 points, the S&P 500 futures were declining 47.75 points and the Nasdaq 100 futures were sliding 190.75 points.

The U.S. major averages remained firmly positive on Tuesday. The Dow advanced 311.75 points or 0.9 percent to 34,314.67, the Nasdaq surged 178.35 points or 1.3 percent to 14,433.83 and the S&P 500 jumped 45.26 points or 1.1 percent to 4,345.72.

On the economic front, the ADP Employment Report for September will be issued at 8.15 am ET. The consensus is for an increase of 428,000, while it was up 374,000 in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude oil inventories were up 4.6 million barrels.

Atlanta Federal Reserve Bank President Raphael Bostic to speak on “Rural Economics” before the Georgia Chamber American Rural Prosperity Summit at 9.00 am ET. Raphael Bostic will also moderated conversation on “Public Leadership” before the University of Georgia Mason Public Leadership Lecture event at 11.30 am ET.

Asian stocks fell on Wednesday. Chinese markets remained closed for Golden Week holidays. Hong Kong’s Hang Seng index ended down 137.66 points, or 0.57 percent, at 23,966.49.

Japanese shares fell sharply on concerns over higher interest rates, China’s slowdown and modest approval ratings for the country’s new prime minister.

The Nikkei average fell 293.25 points, or 1.05 percent, to 27,528.87 – closing at a more than six-week low dragged down by heavyweights. The broader Topix index closed 0.30 percent lower at 1,941.91.

Australian markets fell on the day. The benchmark S&P/ASX 200 dropped 41.90 points, or 0.58 percent, to 7,206.50 while the broader All Ordinaries index ended down 40.30 points, or 0.53 percent, at 7,496.20.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 140.52 points or 2.14 percent. The German DAX is declining 314.80 points or 2.07 percent, the U.K. FTSE 100 Index is falling 114.83 points or 1.62 percent.

The Swiss Market Index is declining 147.72 points or 1.27 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.96 percent.

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