Wall Street Might Open Broadly Lower

The latest earnings reports and economic announcements might be the focus on Wednesday. Investors are keen on the private sector employment, the third quarter GDP and pending home sales.

There is a caution ahead of key U.S. economic data due this week. The markets await the Presidential election to be held next week.

In the Asian trading session, gold hit a fresh record, while oil recovered some ground after two days of declines.

Early trends on the U.S. Futures Index suggest that Wall Street might open mostly lower.

As of 8.15 am ET, the Dow futures were declining 83.00 points, the S&P 500 futures were down 0.25 points and the Nasdaq 100 futures were adding 11.50 points.

The U.S. major averages finished broadly higher. The Nasdaq climbed 145.56 points or 0.8 percent to 18,712.75, extending its winning streak to four days. The S&P 500 also rose 9.40 points or 0.2 percent to 5,832.92, but the Dow fell 154.52 points or 0.4 percent to 42,233.05.

On the economic front, the Gross Domestic Product or GDP for the third quarter will be released at 8.30 am ET. The consensus is for an increase of 3.0 percent, while it was up 3.0 percent in the prior quarter.

Ten-year Treasury Note auction and Three-year Treasury Note auction will be held at 8.30 am ET.

The pending Home Sales Index for September is scheduled at 10.00 am ET. The consensus is for an increase of 1.0 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 published at 10.30 am ET. In the prior week, the crude oil inventories were up 5.5 million barrels and the gasoline inventories were up 0.9 barrels.

Survey of Business Uncertainty for October is expected at 11.00 am ET. In the prior month, the sales growth were 3.87 percent.

Asian stocks ended broadly lower on Wednesday. China’s Shanghai Composite Index dipped 0.6 percent to 3,266.24. Hong Kong’s Hang Seng Index tumbled 1.6 percent to 20,380.64.

Japanese markets posted strong gains. The Nikkei 225 Index jumped 1.0 percent to 39,277.39, while the broader Topix Index closed 0.8 percent higher at 2,703.72.

Australian markets ended lower. The benchmark S&P/ASX 200 Index slid 0.8 percent to 8,180.40, while the broader All Ordinaries Index settled 0.8 percent lower at 8,439.50.

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