Wall Street Poised To Open In Negative Territory

All eyes were on Friday are likely to be on the Labor Department’s employment reports for July.

Major corporates sch as Amazon (AMZN), Apple (AAPL) and Intel (INTC) have scheduled to report their quarterly results after the close of trading today.

The market is still in recession worries in view of the weak U.S. manufacturing and labor market data.

Geopolitical development, especially in the Middle East is also worrying investors.
During the Asian trading hours, gold prices reached higher, while oil prices recovered.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.

As of 8.10 am ET, the Dow futures were down 328.00 points, the S&P 500 futures were sliding 57.75 points and the Nasdaq 100 futures were falling 312.00 points.

The U.S. major averages finished lower on Thursday. The tech-heavy Nasdaq plunged 405.25 points or 2.3 percent to 17,194.15, the S&P 500 tumbled 75.62 points or 1.4 percent to 5,446.68 and the Dow slumped 494.82 points or 1,2 percent to 40,347,97

On the economic front, the employment Situation for July will be published at 8.30 am ET. The consensus is 180,000, while it was up 206,000 in the prior month. The Unemployment rate is expected to be up 4.1 percent, and the private payrolls is projected to increase 155,000. In the prior month the payrolls were up 136,000.

Manufacturing monthly payrolls is expected to decline by 2000, while it was down 8000 in June.

The Factory Orders for June is scheduled at 10.00 am ET. The consensus is for a decline of 3.0 percent, while it was down 0.5 percent in May.

The Baker Hughes Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North America rig count was 800 and the U.S. rig count was 589. Canada recorded a rig count of 211 in the prior week.

Asian stocks fell on Friday, as Japanese markets led regional losses. China’s Shanghai Composite index fell 0.92 percent to 2,905.34. Hong Kong’s Hang Seng index tumbled 2.08 percent to 16,945.51.

Japanese markets suffered their biggest losses since 2020. The Nikkei average plunged 5.81 percent to 35,909.70. The broader Topix index closed 6.14 percent lower at 2,537.60 amid across the board selling.

Seoul stocks tumbled, with the Kospi average falling 3.65 percent to 2,676.19, dragged down by tech and semiconductor stocks. Samsung Electronics lost 4.2 percent and SK Hynix nosedived 10.4 percent.

Australian markets fell sharply. The benchmark S&P/ASX 200 dipped 2.11 percent to 7,943.20. The broader All Ordinaries index fell 2.08 percent to 8,170.40.

European shares are trading lower. CAC 40 of France is down 48.28 points or 0.66 percent. DAX of Germany is declining 258.05 points or 1.43 percent. FTSE 100 of England is down 11.19 points or 0.14 percent. The Swiss Market Index is falling 309.78 points or 2.51 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.48 percent.

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