Wall Street Might Open In Negative Territory

Investors are closely watching earnings reports and as well geopolitical developments on Wednesday. The New Home Sales for June and PMI Composite Flash for July are important for the day.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.

Asian shares finished mostly lower, while European shares are in the negative territory.

In the Asian trading session, gold consolidated above $2,400 per ounce.

As of 7.55 am ET, the Dow futures were losing 159.00 points, the S&P 500 futures were losing 40.50 points and the Nasdaq 100 futures were falling 220.00 points.

The U.S. major averages eventually ended Tuesday modestly lower. The Dow slipped 57.35 points or 0.1 percent to 40,358.09, the Nasdaq edged down 10.22 points or 0.1 percent to 17,997.35 and the S&P 500 dipped 8.67 points or 0.2 percent to 5,555.74.

On the economic front, the PMI Composite Flash for July will be issued at 9.45 am ET. In the prior month, the service index was at 54.8.

The New Home sales for June will be released at 10.00 am ET. The consensus is for 640K, while it was up 619K 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 4.9 million barrels. The Gasoline inventories gained 3.3 million barrels and the distillate inventories were up 3.5 million barrels.

The Survey of Business Uncertainty for July is expected at 11.00 am ET. In the prior month, the sales growth was 3.77 percent.

Two-year Floating Rate Note or FRN auction will be held at 11.30 am ET. Five-year Treasury Note auction will be held at 1.00 pm ET.

Asian stocks closed mostly lower on Wednesday. China’s Shanghai Composite index dipped 0.46 percent to 2,901.95.

Hong Kong’s Hang Seng index fell 0.91 percent to 17,311.05. Taiwan financial markets were closed.

Japanese markets led the regional losses. The Nikkei average fell 1.11 percent to 39,154.85 while the broader Topix index settled 1.42 percent lower at 2,793.12.
Australian markets ended a choppy session marginally lower.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is falling 73.64 points or 0.97 percent. The German DAX is losing 122.39 points or 0.66 percent, the U.K. FTSE 100 Index is declining 2.24 points or 0.03 percent.

The Swiss Market Index is declining 56.39 points or 0.47 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.85 percent.

Business News