Wall Street To Open On A Negative Note

U.S. is all set to face one of the most difficult periods, fighting the unprecedented COVID-19 outbreak. The death toll has crossed 3000 and the authorities are expecting death of 82,000 people by August. Corporates have swung into action for the mass production of ventilators. Pharma giant Johnson & Johnson is planning to make available Covid-19 vaccine by early next year.

Consumer confidence and Chicago-area business activity in the month of March are the major announcements on Tuesday.

Asian shares finished mostly lower, while European shares are trading down.
Early signs from the U.S. Futures Index suggest that Wall Street might open in the red.

As of 8.05 am ET, the Dow futures were losing169.00 points, the S&P 500 futures were down 23.00 points and the Nasdaq 100 futures were sliding 32.75 points.

The U.S. major averages closed Monday just off their highs of the session. The Dow surged up 690.70 points or 3.2 percent to 22,327.48, the Nasdaq soared 271.77 points or 3.6 percent to 7,774.15 and the S&P 500 jumped 85.18 points or 3.4 percent to 2,626.65.

On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior year the Store Sales were up 9.1 percent.

Standard and Poor’s Corelogic Case-Schileller Home Price Index for January will be released at 9.00 am ET. The consensus is for an increase of 0.4 percent, unchanged from the prior month.

Market News International’s Chicago PMI for March will be revealed at 9.45 am ET. The consensus is for growth of 40.0, down from the previous level of 49.0.

Consumer Confidence report for March is expected at 10.00 am ET. The consensus is for 110.00, while it was up 130.7 in the previous month.

The Agriculture Department’s Farm Prices for February will be released at 3.00 pm ET. In the prior month, the Farm Prices were down 2.2 percent.

In the corporate sector, automaker Ford said it would join with GE to produce 50,000 ventilators for coronavirus victims.

Asian stocks ended mostly higher on Tuesday. Chinese stocks finished marginally higher. The benchmark Shanghai Composite index inched up 3.08 points, or 0.11 percent, to 2,750.30, while Hong Kong’s Hang Seng index rose 1.85 percent to 23,603.48.

Japanese shares ended lower. The Nikkei average ended a choppy session down 167.96 points, or 0.88 percent, at 18,917.01. The broader Topix index closed 2.26 percent lower at 1,403.04.

Australian markets ended sharply lower for the day. The benchmark S&P/ASX200 ended down 104.06 points, or 2.02 percent, at 5,076.80 after rallying as much as 3.5 percent earlier in the day. The broader All Ordinaries index dropped 83.40 points, or 1.61 percent, to 5,110.60.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 33.74 points or 0.79 percent. The German DAX is losing 30.86 points or 0.30 percent, the U.K. FTSE 100 Index is adding 14.21 points or 0.26 percent.

The Swiss Market Index is up 17.74 points or 0.19 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.65 percent.

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