Wall Street Set To Open Higher

The housing starts and industrial production reports might be important on Tuesday. Fed Chair Jerome Powell and other Fed speeches scheduled today are closely watched by investors.

In the Asian session, Gold dipped in Asian trading. Oil ticked higher.

Early cues from the U.S. Futures Index suggest that Wall Street might open higher.

As of 7.50 am ET, the Dow futures were up 259.00 points, the S&P 500 futures were adding 15.50 points and the Nasdaq 100 futures were progressing 38.25 points.

The U.S. major averages all closed firmly in the red on Monday. The Nasdaq plunged 290.08 points or 1.8 percent to 15,885.02, the S&P 500 tumbled 61.59 points or 1.2 percent to 5,061.82 and the Dow slid 248.13 points or 0.7 percent to 37,735.11.

On the economic front, the Housing Starts and Permits for March will be released at 8.30 am ET. The consensus is 1.480 million, while it was up 1.521 million in the prior month.

The Industrial Production for March will be issued at 9.15 am ET. The consensus is for 0.4 percent, while it was up 0.1 percent. The manufacturing output is projected to increase 0.3 percent.

The 52-week Treasury Bill auction will be held at 11.30 am ET.

Fed Reserve Vice Chair Philip Jefferson will speak before the International Research Forum on Monetary Policy hosted by the Federal Reserve at 9.00 am ET.

New York Fed President John Williams will moderate a discussion before the Economic Club of New York 12.30 pm ET.

Fed Chairman Jerome Powell will participate in a moderated discussion before the Washington Forum on the Canadian Economy at 1.15 pm ET.

Richmond Fed President Thomas Barkin will speak on the economic outlook before the Rotary Club of Winston-Salem at 1.00 pm ET.

Asian stocks tumbled on Tuesday. Chinese markets fell sharply. China’s benchmark Shanghai Composite Index slumped 1.7 percent to 3,007.07, while Hong Kong’s Hang Seng Index plummeted 2.1 percent to 16,248.97.

Japanese stocks lost ground to hit an eight-week low. The Nikkei 225 Index plunged 1.9 percent to 38,471.20, while the broader Topix Index settled 2.0 percent lower at 2,697.11.

Australian markets fell sharply. The benchmark S&P ASX 200 Index slid 1.8 percent to 7,612.50, while the broader All Ordinaries Index ended down 1.8 percent at 7,862.30.

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