Wall Street Targets To Open Higher

The report on New Home Sales might be the highlight on Wednesday. Only a reduced activity is expected today.

The first Republican presidential primary debate will be held at 9.00 p.m. in Milwaukee. Mike Pence, Ron DeSantis, Nikki Haley, Vivek Ramaswamy, Chris Christie, Asa Hutchinson, Tim Scott and Doug Burgum are the participants of the debate tonight.

Based on the early market cues, the U.S. Futures Index suggests that Wall Street might open in positive territory.

Asian shares finished mostly up, while European shares are trading broadly negative.

As of 7.40 am ET, the Dow futures were up 52.00 points, the S&P 500 futures were adding 7.75 points and the Nasdaq 100 futures were progressing 7.75 points.

The U.S. major averages eventually ended Tuesday mixed. The Nasdaq inched up 8.28 points or 0.1 percent to 13,505.87, the S&P 500 fell 12.22 points or 0.3 percent to 4,387.55 and the Dow slid 174.86 points or 0.5 percent to 34,288.83.

On the economic front, the flash Composite Purchasing Managers’ Index or PMI for August will be issued at 9.45 am ET. The manufacturing consensus is 48.8 and the Services Index is 52.0.

The New Home Sales for July will be released at 10.00 am ET. The consensus is 705K, while it was up 697K in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were down 6.0 million barrels, and the gasoline inventories were down 0.3 million barrels.

Two-year Floating Rate Note or FRN for will be published at 11.30 am ET.
Twenty-year Treasury Bond auction will be held at 1.00 am ET.

Asian stocks ended mixed on Wednesday. Chinese shares tumbled after staging a sudden rally late Tuesday. The benchmark Shanghai Composite index slumped 1.34 percent to 3,078.40.

Hong Kong’s Hang Seng index edged up 0.31 percent to 17,845.92.

Japanese shares advanced. The Nikkei average rose 0.48 percent to 32,010.26.
The broader Topix index ended half a percent higher at 2,277.05.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 index inched up 0.38 percent to 7,148.40 while the broader All Ordinaries index closed 0.29 percent higher at 7,367.60.

European shares are trading mostly lower. CAC 40 of France is down 12.56 points or 0.17 percent. DAX of Germany is declining 14.29 points or 0.09 percent. The FTSE 100 of England is progressing 47.69 points or 0.66 percent. The Swiss Market Index is up 104.86 points or 0.96 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.16 percent.

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