Wall Street Foresees Lower Opening

The resurgence of coronavirus infections in several countries is a concern for investors.

Asian shares finished mixed, while European shares are trading lower.

Initials signs from the U.S. Futures Index suggest that Wall Street might open lower.
This week’s trading may be impacted by reaction to reports on consumer prices, retail sales, industrial production, and housing stocks.

Fed’s Beige Book, a compilation of economic evidence from the twelve Fed districts also is scheduled this week.

Goldman Sachs (GS), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Morgan Stanley (MS) and other major corporates will report their earnings this week.

As of 7.55 am ET, the Dow futures were losing 62.00 points, the S&P 500 futures were down 7.50 points and the Nasdaq 100 futures were sliding 41.50 points.

The U.S. major averages ended Friday’s session near their best levels of the day. The Dow jumped 297.03 points or 0.9 percent to 33,800.60, the Nasdaq rose 70.88 points or 0.5 percent to 13,900.19 and the S&P 500 climbed 31.63 points or 0.8 percent to 4,128.80.

On the economic front, Three-year Treasury Note auction will be held at 11.30 am ET. Ten-year Treasury Note auction will be held at 1.00 pm ET.

The Treasury Department’s Treasury Statement for March will be released at 2.00 pm ET. The consensus is for a deficit of $685.0 billion, while the deficit was $310.9 billion in the prior month.

Boston Federal Reserve Bank President Eric Rosengren will speak on the economic outlook before virtual event hosted by the Newton-Needham Regional Chamber at 1.00 pm ET.

Asian stocks closed mixed on Monday. Chinese shares fell. The benchmark Shanghai Composite index fell 37.73 points, or 1.09 percent, to 3,412.95.

Hong Kong’s Hang Seng index ended down 245.52 points, or 0.86 percent, at 28,453.28.
Japanese shares fell notably. The Nikkei average gave up 229.33 points, or 0.77 percent, to close at 29,538.73, while the broader Topix index ended 0.25 percent lower at 1,954.59.

Australian markets ended lower. The benchmark S&P/ASX 200 index dropped 21.20 points, or 0.30 percent, to 6,974, while the broader All Ordinaries index ended down 27.10 points, or 0.37 percent, at 7,225.20.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 25.81 points or 0.43 percent. The German DAX is gaining 20.54 points or 0.13 percent, the U.K. FTSE 100 Index is declining 23.41 points or 0.34 percent.

The Swiss Market Index is losing 38.67 points or 0.35 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.11 percent.