The swift surge in crude oil prices and the resultant impact on all segments across the globe is worrying the investors. Russia is continuing with airstrikes even in civilian areas of Ukraine. The U.N. estimates that around two million refugees are trying to get out of Ukraine.
Meanwhile, reports on the U.S. trade deficit and wholesale inventories might get special attention on the day.
Asian shares finished mostly lower, while European shares are trading broadly up.
Early cues from the U.S. Futures Index suggest that Wall Street might open moderately positive.
As of 7.20 am ET, the Dow futures were up170.00 points, the S&P 500 futures were adding 23.75 points and the Nasdaq 100 futures were progressing 49.25 points.
The U.S. major averages saw further downside on Monday, ending the session at their worst levels of the session. The Dow plunged 797.42 points or 2.4 percent to 32,817.38, the Nasdaq plummeted 482.48 points or 3.6 percent to 12,830.96 and the S&P 500 tumbled 127.78 points or 3 percent to 4,201.09.
On the economic front, the Commerce Department’s International Trade in Goods and Services for January will be published at 8.30 am ET. The consensus is for a deficit of $84.0 billion, while the deficit in the prior month was $84.0 billion.
The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores for the week will be issued at 8.55 am ET. In the prior week, the store sales were up 13.4 percent.
The Wholesale Inventories (Preliminary) for January will be published at 10.00 am ET. The consensus is for 0.8 percent, while it was up 2.2 percent in the prior month.
A three-year Treasury Note auction will be held at 1.00 pm ET.
Asian stocks fell broadly on Tuesday. Chinese stocks tumbled amid concerns over inflation. The benchmark Shanghai Composite index dropped 79.33 points, or 2.35 percent, to 3,293.53 while Hong Kong’s Hang Seng index fell 291.76 points, or 1.39 percent, to 20,765.87.
Japanese shares hit a 16-month low amid worries that higher input costs may weigh on profit margins in the near term. The Nikkei average fell 430.46 points, or 1.71 percent, to 24,790.95. The broader Topix index ended 1.90 percent lower at 1,759.86.
Australian markets ended notably lower.
The benchmark S&P/ASX 200 shed 58.30 points, or 0.83 percent, to close at 6,980.30 while the broader All Ordinaries index closed 0.93 percent lower at 7,252.90.
European shares are trading mostly higher. CAC 40 of France is down 277.91 points or 4.33 percent. DAX of Germany is adding 219.66 points or 1.67 percent. FTSE 100 of England is progressing 41.53 points or 0.60 percent. Swiss Market Index is declining 40.10 points or 0.36 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is gaining 1.81 percent at 3,574.96.
Business News
Wall Street Set To Open Moderately Positive
2022-03-08 12:53:04
