Futures Point To Higher Open For Wall Street
FOMC meeting minutes and Existing Home Sales are the highlights on Wednesday. Investors are closely monitoring whether minutes would reveal clues about further interest rate cuts. Retail giants Target and Lowe's are reporting today.
President Trump's toughened stand on China trade deals might be influencing investor sentiments.
Asian shares closed mixed, while European shares are trading positive.
Initial trend on U.S. Futures Index suggest that Wall Street might be opening higher at open.
As of 7.45 am ET, the Dow futures were gaining 150.00 points, the S&P 500 futures were adding 19.00 points and the Nasdaq 100 futures were up 55.00 points.
U.S. stocks ended the session on Tuesday at their worst levels of the day. The Dow slid 173.35 points or 0.7 percent to 25,962.44, the Nasdaq fell 54.25 points or 0.7 percent to 7,948.56 and the S&P 500 slumped 23.14 points or 0.8 percent to 2,900.51.
On the economic front, National Association of Realtors' existing home sales for July 2019 will be issued at 10.00 am ET. The consensus is for 5.380 million, up from 5.270 million in the prior month.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, Crude Oil inventories were up 1.6 million barrels, while Gasoline inventories were down 1.4 million barrels.
The minutes of the Federal Open Market Committee will be published at 2.00 pm ET.
Asian stocks ended mixed on Wednesday. Chinese stocks ended on a flat note. The benchmark Shanghai Composite index ended marginally higher at 2,880.33 while Hong Kong's Hang Seng index edged up 0.15 percent to 26,270.04.
Japanese shares fell slightly. The Nikkei average ended down 58.65 points, or 0.28 percent, at 20,618.57 while the broader Topix index closed 0.61 percent lower at 1,497.51.
Australian markets fell. The benchmark S&P/ASX 200 index dropped 61.70 points, or 0.94 percent, to 6,483.30 while the broader All Ordinaries index ended down 54.80 points, or 0.83 percent, at 6,572.60.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 80.36 points or 1.51 percent, the German DAX is up 135.08 points or 1.16 percent, the U.K. FTSE 100 Index is progressing 75.97 points or 1.05 percent. The Swiss Market Index is climbing 72.02 points or 0.74 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.23 percent.
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