Wall Street To Open Broadly Lower

Housing Starts and Permits and Import and Export for May as well as Fed Chair Press Conferences are the major economic events on the day. Trading activity may remain subdued on Wednesday.

Investors are keenly watching the first meeting of President Joe Biden and Russian President Vladimir Putin in Geneva. The meeting might ensure stability in the relationship between the two countries.

Asian shares finished lower, while European shares are trading broadly higher.

As of 7.45 am ET, the Dow futures were sliding 50.00 points, the S&P 500 futures were down 2.25 points and the Nasdaq 100 futures were gaining 10.25 points.

The U.S. major averages all closed in negative territory on Tuesday. The Nasdaq slid 101.29 points or 0.7 percent to 14,072.86, the Dow fell 94.42 points or 0.3 percent to 34,299.33 and the S&P 500 dipped 8.56 points or 0.2 percent to 4,246.59.

On the economic front, the Commerce and Housing & Urban Development department’s Housing Starts and Permits for May will be issued at 8.30 am ET. The consensus is for 1.630 million, while it was 1.569 million in the prior month.

The Labor Department’s Import and Export for May will be released at 8.30 am ET. The consensus is for an increase 0.7 percent, while it was up 0.7 percent in the prior month.
The Atlanta Fed’s Business Inflation Expectations survey report for June will be published at 10.00 am ET. In the prior month, the inflation expectations were up 2.8 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 5.2 million barrels, while Gasoline Inventories were up 7.0 million barrels.
The Fed Chair Press Conference will be at 2.30 pm ET.

Asian stocks fell broadly on Wednesday. China’s Shanghai Composite index fell 38.23 points, or 1.07 percent, to 3,518.33.

Japanese shares closed lower. The Nikkei average dropped 150.29 points, or 0.51 percent, to 29,291.01, while the broader Topix index finished marginally higher at 1,975.86.

Australian markets ended little changed.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 5.77 points or 0.09 percent. The German DAX is losing 15.00 points or 0.11 percent, the U.K. FTSE 100 Index is gaining 1.17 points or 0.02 percent.

The Swiss Market Index is adding 49.72 points or 0.42 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.14 percent.