Wall Street Poised To Open In Negative Zone

The Labor Department’s Consumer Price Inflation report for October might be the focus on Wednesday.

The new policies of the U.S. President-elect Trump are eagerly watched by investors. Trump has scheduled a sit-down with President Joe Biden at the White House today.

Trump had not hosted Biden last time and had skipped the swearing in ceremony.

In the Asian trading session, oil edged up slightly.

Asian shares were in red at the close, while European shares are mostly lower.

Early signs from the U.S. Futures Index suggest that Wall Street might open in negative territory.

As of 7.35 am ET, the Dow futures were slumping 110.00 points, the S&P 500 futures were declining 12.50 points and the Nasdaq 100 futures were sliding 57.25 points.

The U.S. major averages finished lower on Tuesday. The Dow slumped 382.15 points or 0.9 percent to 43,910.98. The S&P 500 dipped 17.36 points or 0.3 percent to 5,983.99 and the tech-heavy Nasdaq edged down 17.36 points or 0.1 percent to 19,281.40.

On the economic front, the Consumer Price Index or CPI for October will be issued at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.2 percent in the prior month.

The U.S. Treasury Department’s Buyback announcement is scheduled at 11.00 am ET.

The 4-month Treasury bill auction will be held at 11.30 am ET.

The Treasury Statement for October is scheduled at 2.00 pm ET. In the prior month, Balance was $64.263 billion.

Asian stocks hit two-month lows on Wednesday, while Chinese markets were mixed.
China’s Shanghai Composite index rose. Hong Kong’s Hang Seng index dipped 0.12 percent to 19,823.45.

Japanese markets tumbled. The Nikkei average fell 1.66 percent to 38,721.66. The broader Topix index settled 1.21 percent lower at 2,708.42.

Seoul stocks lost ground. The Kospi average fell 2.64 percent to 2,417.08.

Australian markets fell on Wednesday. The benchmark S&P/ASX 200 dropped 0.75 percent to 8,193.40. The broader All Ordinaries index closed 0.76 percent lower at 8,450.90.

European shares are trading mostly lower. CAC 40 of France is down 34.97 points or 0.48 percent. DAX of Germany is declining 30.68 points or 0.16 percent. FTSE 100 of England is sliding 17.01 points or 0.21 percent. The Swiss Market Index is falling 39.98 points or 0.34 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.21 percent.

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