Futures Point To Lower Open For Wall Street
Tuesday’s trading might be influenced by the latest U.S. economic data, including reports on New Home Sales and Consumer Confidence reports.
Early trends on the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished in a negative zone, while European shares are trading mostly down.
As of 7.50 am ET, the Dow futures were down 129.00 points, the S&P 500 futures were declining 18.25 points and the Nasdaq 100 futures were sliding 67.00 points.
The U.S. major averages gained at the close of Monday’s trading. The Nasdaq climbed 59.51 points or 0.5 percent to 13,271.32, the S&P 500 rose 17.38 points or 0.4 percent to 4,337.44 and the Dow inched up 43.04 points or 0.1 percent to 34,006.88.
On the economic front, the Case-Shiller Home Price Index for July will be published at 9.00 am ET. The consensus is for an increase of 0.6 percent, while it was up 0.9 percent in the prior month.
The Federal Housing Finance Agency or FHFA House Price Index for July is scheduled at 9.00 am ET. In the prior month, the Price Index was up 0.3 percent.
The Conference Board’s Consumer Confidence for September will be published at 10.00 am ET. The consensus is for 105.9, while it was up 106.1 in the previous month.
The New Home Sales for August will be published at 10.00 am ET. The annual rate consensus is up 699K, while it was up 714K in July.
The Richmond Fed Manufacturing Index for September will be released at 10.00 am ET. In the prior month, the index was negative 7.
The two-year Treasury Note auction will be held at 1.00 pm ET.
The Fed Money Supply for August is expected at 1.00 pm ET. The M2 Level was $20,902.7 billion.
Federal Reserve Board Governor Michelle Bowman will give welcome remarks on Post-Pandemic Challenges and Strategies for Addressing Rental Housing Affordability before the “FedCommunities – Keys to Opportunity in the Housing Market: Research on Strategies for Preserving and Expanding Rental Housing Affordability” event at 1.30 pm ET.
Asian stocks retreated on Tuesday. Chinese markets closed lower. China’s Shanghai Composite index dropped 0.43 percent to 3,102.27.
Hong Kong’s Hang Seng index fell 1.48 percent to 17,466.90 on lingering economic and geopolitical worries.
Japanese markets fell sharply. The Nikkei average slumped 1.11 percent to 32,315.05 while the broader Topix index settled 0.57 percent lower at 2,371.94.
Australian markets ended lower. The benchmark S&P/ASX 200 slipped 0.54 percent to 7,038.20 ahead of August inflation retail sales data due on Wednesday. The broader All Ordinaries index settled 0.49 percent lower at 7,242.90.
Across the Tasman, New Zealand’s benchmark S&P/NZX 50 index closed down 0.30 percent at 11,342.87.
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