The Fed’s monetary policy announcement and ADP’s report on private sector employment might be the highlights on Wednesday. Earnings news from major corporations might get the attention of investors today.
Asian shares finished mostly up, while European shares are trading higher.
Early signs from the U.S. Futures Index suggest that Wall Street might open higher.
As of 8.05 am ET, the Dow futures were up 40.00 points, the S&P 500 futures were adding 54.75 points and the Nasdaq 100 futures were progressing 315.25 points.
The U.S. major averages finished lower on Tuesday. The Nasdaq tumbled 222.78 points or 1.3 percent to 17,147.41, ending the session at its lowest closing level in well over a month. The S&P 500 also fell 27.10 points or 0.5 percent to 5,436.44, while the narrower Dow climbed 203.40 points or 0.5 percent to 40,743.33.
On the economic front, the Employment Cost Index for the second quarter will be published at 8.30 am ET. The consensus is 1.0%, while it was up 1.2 percent in the prior quarter.
The Chicago PMI for July will be released at 9.45 am ET. The consensus is 44.3, while it was up 47.4 in the prior month.
The Pending Home Sales Index for June is expected at 10.00 am ET. The consensus is up 1.1 percent, while it was down 2.1 percent in the prior month.
The Energy Information Administration or EIA’s Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the crude oil inventories were down 3.7 million barrels and the gasoline inventories were down 5.6 million barrels.
The Federal Open Market Committee or FOMC meeting announcement is scheduled at 2.00 pm ET. The consensus is unchanged at 0 bp.
The Fed Chair Press Conference is expected at 2.30 pm ET.
The Agricultural Department’s Farm Prices for June will be published at 3.00 pm ET. In the prior month, the farm prices were up 0.9 percent.
Asian stocks climbed on Wednesday. China’s Shanghai Composite index rallied 2.06 percent to 2,938.75.
Hong Kong’s Hang Seng index jumped 2.01 percent to 17,344.60.
Japanese markets rallied after the country’s central bank hiked its key interest rate to 0.25 percent in a surprise move. The Nikkei average jumped 1.49 percent to 39,101.82 while the broader Topix index settled 1.45 percent higher at 2,794.26.
Australian markets posted strong gains. The benchmark S&P ASX 200 jumped 1.75 percent to 8,092.30, marking another record high. The broader All Ordinaries index gained 1.76 percent to finish at 8,320.40, with buying seen across the board.
New Zealand’s benchmark S&P NZX-50 index edged up 0.11 percent to 12,405.27.
European shares are trading mostly up. CAC 40 of France is gaining 82.63 points or 1.11 percent. DAX of Germany is progressing 85.63 points or 0.47 percent. FTSE 100 of England is progressing 97.11 points or 1.17 percent. The Swiss Market Index is up 55.21 points or 0.45 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.81 percent.
Business News
Wall Street Targets To Open Positive
2024-07-31 12:26:03
