Futures Point To Lower Open For Wall Street

Initial signs from the U.S. Futures Index point to a lower opening for Wall Street.
Asian shares finished mostly lower, while European shares are trading down.
As the Senate passed the $1.9 trillion Covid stimulus bill on Saturday, along with cheer, there is a fear that central banks might tighten policy.

This week’s trading might be impacted by economic reports, especially the Consumer and Producer prices in the month of February.

As of 7.40 am ET, the Dow futures were down 44.00 points, the S&P 500 futures were declining 26.00 points and the Nasdaq 100 futures were sliding 200.00 points.
The U.S. major indices gained on Friday. The tech-heavy Nasdaq tumbled to its lowest intraday level in nearly three months before rebounding to end the day up 196.68 points or 1.6 percent at 12,920.15. The Dow also jumped 572.16 points or 1.9 percent to 31,496.30 and the S&P 500 surged up 73.47 points or 2 percent to 3,841.94.

The Commerce Department’s Wholesale Preliminary Inventories for January will be issued at 10.00 am ET. The consensus is for an increase of 1.3 percent, while it was up 0.3 percent in the previous month.

The Investor Movement Index or IMX for February will be released at 12.30 pm ET. In the prior month, the Index was 6.91.

Asian stocks ended mostly lower in choppy trade on Monday.

Chinese shares led to regional losses. The benchmark Shanghai Composite index fell 80.57 points, or 2.30 percent, to 3,421.41 while Hong Kong’s Hang Seng index ended down 557.46 points, or 1.92 percent, to 28,540.83.

Japanese shares fell for a third consecutive session. The Nikkei average slid 121.07 points, or 0.42 percent, to 28,743.25 while the broader Topix index closed 0.14 percent lower at 1,893.58.

Australian markets ended off their day’s highs. The benchmark S&P/ASX 200 ended up 28.80 points, or 0.43 percent, at 6,739.60, while the broader All Ordinaries index rose 28.60 points, or 0.41 percent, to 6,971.60.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 49.97 points or 0.86 percent. The German DAX is gaining 186.30 points or 1.34 percent, the U.K. FTSE 100 Index is progressing 10.83 points or 0.16 percent.

The Swiss Market Index is adding 132.58 points or 1.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.07 percent.

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