Wall Street Might Open Broadly In Negative Territory

On a relatively quiet day of economic announcements, investors might be looking for inflation clues.

Major U.S. banks might be reporting their quarterly earnings this week.
European shares are broadly down, while Asian shares finished mostly in negative territory.

As of 7.15 am ET, the Dow futures were down 20.00 points, the S&P 500 futures were adding 1.50 points and the Nasdaq 100 futures were progressing 28.50 points.

The U.S. major averages finished Tuesday mixed. While the Nasdaq inched up 13.94 points or 0.1 percent to 14,857.71, the S&P 500 edged down 7.04 points or 0.2 percent to 4,756.50 and the Dow fell 157.85 points or 0.4 percent to 37,525.16.

On the economic front, the Wholesale Inventories (Preliminary) for November will be released at 10.00 am ET. The consensus is for a decline of 0.1 percent, while it was down 0.4 percent in the previous 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 down 5.5 million barrels, and the gasoline inventories were up 10.9 million barrels.

The ten-year Treasury Note auction will be held at 1.00 pm ET.

New York Fed President John Williams will make keynote remarks at ‘2024 Economic Outlook with New York Fed President John C. Williams’ at 3.15 pm ET.

Asian stocks ended mostly lower on Wednesday. China’s Shanghai Composite index dropped 0.54 percent to 2,877.70. Hong Kong’s Hang Seng index ended down 0.57 percent at 16,097.28.

Japanese markets ended sharply higher. The Nikkei average jumped 2.01 percent to 34,441.72.

The broader Topix index settled 1.30 percent higher at 2,444.48.

Australian markets ended lower. The benchmark S&P ASX 200 fell 0.69 percent to 7,468.50 while the broader All Ordinaries index ended down 0.60 percent at 7,702.70.

European shares are trading mostly lower. CAC 40 of France is edging up 2.08 points or 0.03 percent. DAX of Germany is declining 2.19 points or 0.01 percent. FTSE 100 of England is sliding 15.36 points or 0.20 percent. The Swiss Market Index is down 1.27 points or 0.01 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.0096 percent.

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