Futures Points To Slightly Higher Open For Wall Street

Wednesday trading might be influenced by earnings reports from major corporates. Consumer price inflation reports and the geopolitical situation also might be influencing the market sentiments. The ban on Russian coal by the European Union will be effective by today.

Early signs from the U.S. Futures Index suggest that Wall Street might open slightly up.

Asian shares finished lower, while European shares are trading broadly down.
As of 7.45 am ET, the Dow futures were up 66.00 points, the S&P 500 futures were adding 11.25 points and the Nasdaq 100 futures were progressing 50.00 points.

The U.S. major averages all moved to the downside at the close on Tuesday. The Nasdaq tumbled 150.53 points or 1.2 percent to 12,493.93 and the S&P 500 fell 17.59 points or 0.4 percent to 4,122.47. Meanwhile, the Dow posted a more modest loss, edging down 58.13 points or 0.2 percent to 32,774.41.

On the economic front, the Consumer Price Index for July will be issued at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 1.3 percent in the previous month.

The Atlanta Fed’s Business Inflation Expectations survey report for August will be published at 10.00 am ET. In the prior month, the expectations were up 3.7 percent.

The Commerce Department’s Wholesale Inventories (Preliminary) for June is scheduled at 10.00 am ET. The consensus is for an increase of 1.9 percent, while it was up 1.8 percent in April.

The Energy Information Administration’s Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 4.5 million barrels and the Gasoline Inventories were up 0.2 million barrels.

Ten-year Treasury Note auction will be held at 1.00 pm ET.

The Treasury Statement for July will be published at 2.00 pm ET. The consensus is for a deficit of $162.0 billion, while it was down $88.8 billion in June.

Chicago Federal Reserve Bank President Charles Evans to speak on current economic conditions or monetary policy at 11.00 am ET.

Asian stocks fell on Wednesday. Chinese shares closed lower, with the benchmark Shanghai Composite falling 0.54 percent to 3,230.02.

Hong Kong’s Hang Seng index slumped 1.96 percent to 19,610.84.

Japanese shares retreated on the day. The Nikkei average fell 0.65 percent to 27,819.33, while the broader Topix index ended 0.17 percent lower at 1,933.65.

Australian markets ended lower. The benchmark S&P/ASX 200 index dropped 0.53 percent to 6,992.70 while the broader All Ordinaries index closed 0.55 percent lower at 7,238.70.

European shares are trading mostly lower. CAC 40 of France is down 8.83 points or 0.14 percent. DAX of Germany is adding 23.31 points or 0.17 percent. FTSE 100 of England is progressing 3.00 points or 0.04 percent. Swiss Market Index is sliding 47.87 points or 0.42 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.059 percent.

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