Wall Street To Open On Negative Tone As Russia-Ukraine War Intensifies

Investors are watching the fighting in Ukraine, as Russia is nearing Kyiv and Ukraine’s atomic plant area.

Initial cues from the U.S. Futures Index suggest that Wall Street might open lower.
Reports said that Russian missiles have hit Ukraine’s northeastern city Kharkiv. The Freedom square and opera house were attacked injuring dozens of people including children. An Indian student living in the city was confirmed to have died. Satellite pictures have shown that Russian vehicles are moving towards the capital city Kyiv.

U.S. President Joe Biden said Americans should not worry about nuclear war. The UK Prime Minister criticized that Russia is using barbaric tactics against Ukraine.

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

As of 7.10 am ET, the Dow futures were losing 248.00 points, the S&P 500 futures were falling 35.50 points and the Nasdaq 100 futures were down 124.25 points.

The U.S. stocks ended a highly volatile session mixed on Monday. The Dow ended with a loss of 166.15 points or 0.49 percent at 33,892.60, after swinging between 33,469.31 and 33,963.62. The S&P 500 ended the session with a loss of 10.71 points or 0.24 percent at 4,373.94, while the Nasdaq settled with a gain of 56.77 points or 0.41 percent at 13,751.40.

On the economic front, the Redbook data for the week will be published at 8.55 am ET. In the prior week, the store sales were up 14.5 percent.

IHS Markit’s Purchasing Managers’ Manufacturing Index or PMI for February will be issued at 9.45 am ET. The consensus is for 57.5.

Institute for Supply Management or ISM Manufacturing Index for February will be released at 10.00 am ET. The consensus is for 58.0, while it was up 57.6 in the previous month.

The Commerce Department’s Construction Spending for January is scheduled at 10.00 am ET. The consensus is for a decline of 0.2 percent, while it was up 0.2 percent in December 2021.

Atlanta Federal Reserve Bank President Raphael Bostic to participate in a moderated conversation, Survey of Business Uncertainty before virtual Atlanta Fed Business Uncertainty Panel Member Economic Briefing and Policy Discussion at 2.00 pm ET.

Asian stocks advanced on Tuesday. Chinese shares rose on the day. The benchmark Shanghai Composite index climbed 26.53 points, or 0.77 percent, to 3,488.83 while Hong Kong’s Hang Seng index edged up 48.69 points, or 0.21 percent, to 22,761.71/
Japanese shares rose sharply despite data showing that manufacturing activity growth slowed to a five-month low in February. The Nikkei average jumped 317.90 points, or 1.20 percent, to 26,844.72, while the broader Topix index ended up 10.24 points, or 0.54 percent, at 1,897.17.

Australian markets rose notably as the Reserve Bank announced no changes to the record low cash rate.

The benchmark S&P/ASX 200 rose 47.40 points, or 0.67 percent, to 7,096.50 while the broader All Ordinaries index ended up 62.10 points, or 0.85 percent, at 7,385.30.

European shares are trading lower. CAC 40 of France is down 201.17 points or 3.02 percent. DAX of Germany is declining 390.85 points or 2.71 percent. FTSE 100 of England is sliding 91.96 points or 1.24 percent. Swiss Market Index is falling 174.48 points or 1.45 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 3.01 percent.

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