Futures Point To Significantly Lower Open For Wall Street

Initial signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mixed, while European shares are trading down.

The rage of coronavirus pandemic across the globe is worrying investors.
As of 8.15 am ET, the Dow futures were down 433.00 points, the S&P 500 futures were sliding 43.50 points and the Nasdaq 100 futures were declining 222.75 points.

The U.S. Futures Index closed higher on Thursday. The Nasdaq surged up 159.00 points or 1.4 percent to 11,326.51, its best closing level in nearly a month. The Dow posted a more modest gain, inching up 35.20 points or 0.1 percent to 27,816.90, while the S&P 500 climbed 17.80 points or 0.5 percent at 3,380.80.

On the economic front, the Labor Department’s Employment Situation report for September will be revealed at 8.30 am ET. The consensus for non-farm payrolls was 894,000, while it was 1,371,000 in the previous month. The consensus for unemployment rate is 8.2 percent, while it was up 8.4 percent in August.

The Michigan University’s Consumer Sentiment for September will be issued at 10.00 am ET. The consensus is for 79.0, while it was 78.9 in the prior month.

The Commerce Department’s Factory Orders for August will be released at 10.00 am ET. The consensus is for an increase of 1.0 percent, while it grew 6.4 percent in July.
The Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, the North America Rig Count was 332 and the U.S. Rig Count was 261.

Philadelphia Federal Reserve Bank President Patrick Harker will speak about “Inclusive Workforce Recovery” at “A New Kind of Back to Work: Talent, Recovery, and the Future of Greater Philadelphia” webinar event at 9.00 am ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak about “Racial and economic disparities in education” at a University of St. Thomas “October First Friday with Neel Kashkari” event at 1.00 pm ET.

Asian stocks ended mixed on Friday. Chinese markets were closed for a holiday.

Japanese stocks closed lower. The Nikkei average ended down 155.22 points, or 0.67 percent, at 23,029.90. The broader Topix index closed 1 percent lower at 1,609.22.
Australian markets fell notably. The benchmark S&P/ASX 200 dropped 81.40 points, or 1.39 percent, to 5,791.50, while the broader All Ordinaries index ended down 86.20 points, or 1.42 percent, at 5,983.20.

European shares are trading lower. CAC 40 of France is losing 94.389 points or 1.96 percent. DAX of Germany is down 170.10 points or 1.33 percent. FTSE 100 of England is declining 222.36 points or 4.29 percent. Swiss Market Index is sliding 344.32 points or 3.99 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 3.91 percent.

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