Reports on weekly Jobless Claims, the U.S. trade deficit and Service sector activity are the major economic announcements on Wednesday. Investors might continue to react to President Donald Trump’s new reciprocal import tariff announcements.
In the Asian trading session, the dollar slid broadly, while oil prices fell more than 3 percent.
Initial cues from the U.S. Futures Index suggest that Wall Street might open significantly lower.
As of 8.15 am ET, the Dow futures plunged 1180.00 points, the S&P 500 futures were declining 188.25 points and the Nasdaq 100 futures were tumbling 765.50 points.
The U.S. major averages closed positive. The Nasdaq advanced 151.16 points or 0.9 percent to 7,601.05, the S&P 500 climbed 37.90 points or 0.7 percent to 5,670.97 and the Dow rose 235.36 points or 0.6 percent to 42,225.32.
On the economic front, the International Trade in Goods and Services for February will be issued at 8.30 am ET. The consensus is for a deficit of $122.7 billion, compared to deficit of $131.4 billion in January.
The Jobless Claims for the week will be published at 8.30 am ET. The consensus is for an increase of 226K, while it was up 224K in the prior week.
The PMI Composite Final for March will be revealed at 9.45 am ET. In the prior month, the Composite Index was at 51.6. The Services Index is expected to be 54.3.
The ISM Services Index for March will be released at 10.00 am ET. The consensus is 53.0, while it was up 53.5 in the previous month.
The Energy Information Administration or EIA’s Natural Gas Report for the week is scheduled at 10.30 am ET. In the prior week, the gas stock was up 37 bcf.
The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $6.74 trillion.
Fed Vice Chair Philip Jefferson will speak on ‘U.S. Economic Outlook and Central Bank Communications’ before the Conference on Financial Intermediaries, Markets and Monetary Policy hosted by the Fed Reserve of Atlanta and the University of Virginia at 12.30 pm ET.
Fed Governor Lisa Cook will speaks on the economic outlook before the University of Pittsburgh 2025 McKay Lecture event at 2.30 pm ET.
Asian stocks tumbled on Thursday. China’s Shanghai Composite index dipped 0.24 percent to 3,342.01. Hong Kong’s Hang Seng fell 1.52 percent to 22,849.81.
Japanese markets finished lower. The Nikkei average plunged 2.77 percent to 34,735.93 while the broader Topix index settled 3.08 percent lower at 2,568.61.
Australian markets declined. The benchmark S&P/ASX 200 dropped 0.94 percent to 7,859.70 while the broader All Ordinaries index closed down 0.99 percent at 8,052.70.
Business News
Wall Street Sees Red At Open
2025-04-03 12:40:55
