Wall Street Poised To Open Moderately Down
On a lean day of economic announcements, the Consumer Price Index for May might get attention on Wednesday.
Trade negotiations between the U.S. Commerce Secretary Howard Lutnick and the Chinese Vice President in London is yet to result in a breakthrough. The delegates said that they have reached a framework to implement the Geneva consensus.
During the Asian trading session, dollar helped lift gold prices higher. Oil prices were little changed.
Asian shares finished positive, while European shares are trading broadly down.
Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
As of 8.15 am ET, the Dow futures were declining 100.00 points, the S&P 500 futures were dipping 9.75 points and the Nasdaq 100 futures were down 25.00 points.
The U.S. major averages finished higher on Tuesday. The Dow climbed 105.11 points or 0.25 percent to finish at 42,866.87, while the NASDAQ gained 123.75 points or 0.63 percent to close at 19,714.99 and the S&P 500 added 32.93 points or 0.55 percent to end at 6,038.81.
On the economic front, the Consumer Price Index or CPI for May will be published at 8.30 am ET. The consensus is 0.2 percent, while it was up 0.2 percent in the prior month.
The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were down 4.3 million barrels and the gasoline inventories were up 5.2 million barrels.
Ten-year Treasury Note auction will be held at 1.00 pm ET.
The Treasury Department’s Statement for May will be issued at 2.00 pm ET. The consensus is for a deficit of $313 billion, while it was a surplus of $258.4 billion in April.
Asian stocks advanced on Wednesday. China’s Shanghai Composite index gained 0.52 percent to close at 3,402.32. Hong Kong’s Hang Seng index jumped 0.84 percent to 24,366.94.
Japanese markets rose. The Nikkei average climbed 0.55 percent to 38,421,19. The broader Topix index settled marginally higher at 2,788.72.
Australian markets ended marginally higher.
European shares are trading broadly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 14.00 points or 0.18 percent. The German DAX is gaining 53.28 points or 0.22 percent, the U.K. FTSE 100 Index is adding 3.07 points or 0.03 percent.
The Swiss Market Index is sliding 9.25 points or 0.07 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.035 percent.
For comments and feedback contact: editorial@rttnews.com