Futures Suggests Wall Street To Open Lower

On a lean day of economic announcements, earnings might get special attention on Monday. Manufacturing Index and Farm Prices will be the major announcements today.
The Fed monetary policy decision, manufacturing and service sector activity, labor productivity and factory orders are the major announcements this week.

Following the Fed announcement next Wednesday, the focus is likely to shift to the Labor Department’s monthly jobs report due next Friday.

Russia’s invasion of Ukraine has been creating headaches in the European region and energy price issues across the globe. Adding more trouble, Russia has launched fresh missile strikes. Reports said the strike on Energy sites has resulted in power outages in more than 350 thousand households.

As of 7.45 am ET, the Dow futures were declining 88.00 points, the S&P 500 futures were sliding 11.50 points and the Nasdaq 100 futures were down 55.00 points.

The U.S. major averages reached new highs at the close on Friday. The Dow surged 828.52 points or 2.6 percent to 32,861.80, the Nasdaq shot up 309.78 points or 2.9 percent to 11,102.45 and the S&P 500 jumped 93.76 points or 2.5 percent to 3,901.06.

On the economic front, the ISM – Chicago’s PMI for October will be published at 9.45 am ET. The consensus is for 47.3, while it was up 45.7 in the prior month.

Dallas Fed Manufacturing Survey for October will be issued at 10.30 am ET. The consensus is for decline of 18.0, while it was down 17.2 in September. Production Index in the prior month was up 9.3.

Six-month Treasury Bill auction will be held at 11.30 am ET.

Agriculture Department’s Farm Prices for September will be revealed at 3.00 pm ET.

Asian stocks finished mostly up on Monday. China’s Shanghai Composite index fell 0.77 percent to 2,893.48 while Hong Kong’s Hang Seng index tumbled 1.18 percent to 14,687.02.

Japanese shares rallied. The Nikkei average rallied 1.78 percent to 27,587.46, marking a six-week high. The broader Topix index closed 1.60 percent higher at 1,929.43.

Australian shares climbed on the day. The benchmark S&P ASX 200 rose 1.15 percent to 6,863.50 and posted a 6 percent gain for October. The broader All Ordinaries index ended 1.17 percent higher at 7,054.80.

Across the Atlantic, New Zealand’s benchmark NZX-50 index jumped 1.88 percent to settle at 11,338.43.

U.S. stocks rose sharply on Friday as fresh data pointing to slowing inflation and solid readings on personal income and spending outweighed weak earnings reports from mega-cap technology companies.

The Dow climbed 2.6 percent to hit a two-month closing high and book its longest winning streak since November 2021, while the tech-heavy Nasdaq Composite surged 2.9 percent and the S&P 500 added 2.5 percent.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is declining 3.46 points or 0.06 percent. The German DAX is progressing 37.24 points or 0.29 percent, and the U.K. FTSE 100 Index is gaining 15.10 points or 0.21 percent.

The Swiss Market Index is adding 15.19 points or 0.14 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.17 percent.

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