Fed Chair Jerome Powell’s testimony, JOLTS report and other economic announcement will be the highlights on Wednesday.
Early cues from the U.S. Futures Index suggest that Wall Street might open positive.
As of 8.00 am ET, the Dow futures were adding 107.00 points, the S&P 500 futures were up 22.75 points and the Nasdaq 100 futures were progressing 141.00 points.
The major averages remained firmly negative on Tuesday. The Nasdaq plunged 267.92 points or 1.7 percent to 15,939.59, the S&P 500 tumbled 52.30 points or 1.0 percent to 5,078.65 and the Dow slumped 404.64 points or 1.0 percent to 38,585.19.
On the economic front, The Labor Department’s Job Openings and Labour Turnover Survey or JOLTS for January will be released at 10.00 am ET. The consensus is for 8.9 million, while it was up 9.026 million.
Wholesale Inventories (Preliminary) for January will be issued at 10.00 am ET. The consensus is for a decline of 0.1 percent, while it was up 0.4 percent in the prior month.
The Beige Book, published around two weeks before the monetary policy meeting of FOMC is expected at 2.00 pm ET.
San Francisco Fed President Mary Daly to speak before the 2024 National Interagency Community Reinvestment Conference at 12.00 pm ET.
Minneapolis Fed President Neel Kashkari to participate in Q&A session hosted before the Wall Street Journal CFO Network Summit at 4.15 pm ET.
Federal Reserve Chairman Jerome Powell will deliver semiannual monetary policy testimony before the House Financial Services Committee at 10.00 am ET.
Asian stocks ended mixed on Wednesday. China’s Shanghai Composite index dropped 0.26 percent to 3,039.93 while Hong Kong’s Hang Seng index rallied 1.70 percent to 16,438.09.
Japanese markets finished on a flat note. The Nikkei average finished marginally lower at 40,090.78. The broader Topix index settled 0.39 percent higher at 2,730.67.
Australian markets ended slightly higher. The benchmark S&P/ASX 200 index ended a choppy session up 0.12 percent at 7,733.50 while the broader All Ordinaries index finished marginally higher at 7,990.30.
Market Analysis
Wall Street Aims To Open Positive
2024-03-06 13:30:16
