Consumer Price Inflation report and the second monetary policy testimony of Fed Chairman Jerome Powell will be the highlights on Wednesday. The trading activity might be somewhat subdued.
In the Asian trading session, gold ticked higher while oil extended declines for a fourth day.
Early cues from the U.S. Futures Index suggest that Wall Street might open higher.
As of 8.05 am ET, the Dow futures were up 31.00 points, the S&P 500 futures were adding 14.75 points and the Nasdaq 100 futures were progressing 84.50 points.
The U.S. major averages finished mostly up on Tuesday. The Dow edged down 52.82 points or 0.1 percent to 39,291.97, the Nasdaq inched up 25.55 points or 0.1 percent to 18,429.29 and the S&P 500 crept up 4.13 points or 0.1 percent to 5,576.98
On the economic front, the Wholesale Inventories (Preliminary) for May will be issued at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it was up 0.6 percent in the prior month.
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 12.2 million barrels and the gasoline inventories were down 2.2 million barrels.
Fed Chairman Jerome Powell will deliver semi-annual monetary policy testimony before the House Financial Services Committee at 10.00 am ET.
Fed Governor Lisa Cook will speak on Global Inflation and Monetary Policy Challenges before the 2024 Australian Conference of Economists at 7.30 pm ET.
Chicago Fed President Austan Goolsbee and Fed Governor Michelle Bowman will give opening remarks before hybrid event, ‘FedListens: Exploring Challenges Facing the Childcare Industry, Working Parents, and Employers’ at 2.30 pm ET.
Asian shares ended mixed on Wednesday. China’s Shanghai Composite index fell 0.68 percent to 2,939.36.
Japan’s Nikkei average rose 0.61 percent to 41,831.99. The broader Topix index settled 0.47 percent higher at 2,909.20.
Australian markets ended slightly lower. The benchmark S&P/ASX 200 slipped 0.16 percent to 7,816.80 while the broader All Ordinaries index eased 0.21 percent to close at 8,058.30.
European shares are trading higher. CAC 40 of France is progressing 49.17 points or 0.65 percent. DAX of Germany is adding 120.89 points or 0.66 percent. FTSE 100 of England is 51.22 points or 0.63 percent. The Swiss Market Index is gaining 36.31 points or 0.30 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.69 percent.
Business News
Wall Street Targets To Open Higher
2024-07-10 12:31:53
