The Beige Book report, the U.S. trade deficit report, and Fed speeches scheduled on the day might have an influence on investor sentiments on Wednesday.
Earlier cues from the U.S. Futures Index suggest that Wall Street might tumble at the start of the day.
Asian shares finished mostly down, while European shares are on a negative tone.
As of 7.40 am ET, the Dow futures were down 23.00 points, the S&P 500 futures were declining 3.50 points and the Nasdaq 100 futures were 19.50 points.
The U.S. major averages finished lower on Tuesday. The Dow fell 173.14 points or 0.6 percent to 31,145.30, the Nasdaq slid 85.96 points or 0.7 percent to 1,544.91 and the S&P 500 dipped 16.07 points or 0.4 percent to 3,908.19.
On the economic front, the Commerce Department’s International Trade in Goods and Services report will be published at 8.30 am ET. The consensus is a deficit of $70.5 billion, while the deficit was $79.6 billion last year.
The Beige Book released two weeks before each FOMC meeting, is scheduled at 2.00 pm ET.
Cleveland Federal Reserve Bank President Loretta Mester will speak on the U.S. Economy and Federal Reserve Policy before a Market News International webcast at 10.00 am ET.
Federal Reserve Vice Chair Lael Brainard will speak before the Clearing House/Bank Policy Institute Annual Conference at 11.55 am ET.
Federal Reserve Vice Chair for Supervision Michael Barr will speak on Making the Financial System Safer and Fairer before the hybrid Brookings Institution event at 2.00 pm ET.
Asian stocks finished lower on Wednesday. Chinese trade data missed expectations, adding to headwinds for the world’s second-largest economy.
China’s Shanghai Composite index ended marginally higher. Hong Kong’s Hang Seng index fell 0.83 percent to 19,044.30.
Japanese shares fell notably. The Nikkei average dropped 0.71 percent to 27,430.30 while the broader Topix index closed 0.57 percent lower at 1,915.65.
Australian markets fell sharply to end at a nearly seven-week low. The benchmark S&P/ASX 200 declined 1.42 percent to 6,729.30 while the broader All Ordinaries index closed 1.37 percent lower at 6,959.30.
European shares are trading lower. CAC 40 of France is down 35.65 points or 0.58 percent. DAX of Germany is declining 66.49 points or 0.51 percent. FTSE 100 of England is sliding 47.87 points or 0.66 percent. Swiss Market Index is tumbling 65.04 points or 0.60 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.49 percent.
Business News
Wall Street Poised To Open In Negative Territory
2022-09-07 12:10:40
