Wall Street Might Open Negative

The minutes of the latest Fed meeting, which might give a picture of the interest rates might be the highlight on Wednesday.

The initial trend on the U.S. Futures Index suggests that Wall Street might open lower.

As of 7.45 am ET, the Dow futures were down 217.00 points, the S&P 500 futures were declining 16.00 points and the Nasdaq 100 futures were losing 128.75 points.

The U.S. major averages ended mixed on Tuesday. The Dow climbed 239.57 points or 0.7 percent to 34,152.01 and the S&P 500 edged up 8.06 points or 0.2 percent to 4,305.20. Meanwhile, the Nasdaq recovered from its early lows but still closed down 25.50 points or 0.2 percent at 13,102.55.

On the economic front, the Commerce Department’s Retail Sales report for July will be published at 8.30 am ET. The consensus is for an increase of 0.1 percent, while it was up 1.0 percent in the prior month.

The Commerce Department’s Business Inventories for June will be released at 10.00 am ET. The consensus is for an increase of 1.4 percent, while it was up 1.4 percent in the previous month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 5.5 million barrels and the Gasoline Inventories were down 5.0 million barrels.

20-year Treasury Bond auction will be held at 1.00 pm ET.

The Federal Open Market Committee or FOMC minutes is expected at 2.00 pm ET.

Federal Reserve Board Governor Michelle Bowman will speak on Technology, Innovation and Financial Services before the VenCent Fintech Conference at 9.30 am ET. The Governor will speak on COVID-19 and the Role of Women in the U.S. Economy before the Arkansas Women’s Commission Meeting at 2.20 pm ET.

Asian stocks gained broadly on Wednesday. China’s Shanghai Composite index rose 0.45 percent to 3,292.53. Hong Kong’s Hang Seng index closed 0.46 percent higher at 19,922.45.

Japanese shares led to regional gains. The Nikkei average jumped 1.23 percent to 29,222.77, while the broader Topix index closed 0.78 percent higher at 1,997.42.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.31 percent to 7,127.70 while the broader All Ordinaries index ended 0.26 percent higher at 7,381.10.

European shares are trading mostly down. CAC 40 of France is declining 35.95 points or 0.55 percent. DAX of Germany is declining 162.83 points or 1.16 percent. FTSE 100 of England is sliding 26.90 points or 0.36 percent. Swiss Market Index is up 24.71 points or 0.22 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.73 percent.

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