Wall Street To Open Slightly Higher

No major Economic announcements are there on Wednesday to influence market sentiments, however, investors are concerned about the new challenges the world facing on coronavirus front.

Initial cues from the U.S. Futures Index suggest that Wall Street might open slightly up on the day.

Asian shares finished mixed, while European shares are down.

As of 8.25 am ET, the Dow futures were adding 18.00 points, the S&P 500 futures were gaining 3.75 points and the Nasdaq 100 futures were up 33.75 points.

The U.S. major averages ended Tuesday’s session near their worst levels of the day. The Dow plunged 396.85 points or 1.5 percent at 25,890.18, the Nasdaq slumped 89.76 points or 0.9 percent to 10,343.89 and the S&P 500 tumbled 34.40 points or 1.1 percent to 3,145.32.

On the economic front, The Energy Information Administration or EIA for the week will be issued at 10.30 am ET. In the prior week, the crude oil inventories were down 7.2 million barrels, while gasoline was up 1.2 million barrels.

Ten-year Treasury Note auction will be held at 1.00 pm ET.
Fed Board’s Consumer Credit report for May will be issued at 3.00 pm ET. The consensus is for a deficit of $18.3 billion, while the deficit was $68.7 billion in the prior month.

Atlanta Federal Reserve Bank President Raphael Bostic will give remarks at a live streaming to the Rotary Club of Columbus on the Fed’s response to Covid-19 at 12.15 pm ET.

Asian stocks turned in another mixed performance on Wednesday. Chinese shares rose for the seventh straight. The benchmark Shanghai Composite Index rallied 58.10 points, or 1.7 percent, to 3,403.44, while Hong Kong’s Hang Seng Index climbed 153.52 points, or 0.6 percent, to 26,129.18.

Japanese shares fell on the day. The Nikkei 225 Index swung between gains and losses before ending down 176.04 points, or 0.8 percent, at 22,438.65. The broader Topix slid 0.9 percent to 1,557.23, dragged down by mining and insurance stocks.

Australian markets fell sharply. The benchmark S&P/ASX 200 Index tumbled 92.60 points, or 1.5 percent, to 5,920.30, while the broader All Ordinaries Index ended down 92.40 points, or 1.5 percent, at 6,034.30.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is progressing 51.52 points or 1.02 percent. The German DAX is losing 77.43 points or 0.59 percent, the U.K. FTSE 100 Index is down 22.37 points or 0.36 percent.

The Swiss Market Index is sliding 26.10 points or 0.26 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.80 percent.

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