Wall Street Might Bounce Back At Open
The Producer Price Index – Final Demand for August as well as Inflation data might be the highlights on Wednesday.
U.S. stocks tanked on Tuesday on higher-than-expected inflation reports. The market was anxious about a probable Fed decision to raise interest rates.
However, the U.S. markets Futures Index suggests that Wall Street might open slightly up.
Asian shares finished in the red, while European shares are trading lower.
As of 7.45 am ET, the Dow futures were up 21.00 points, the S&P 500 futures were adding 5.00 points and the Nasdaq 100 futures were progressing 12.50 points.
The U.S. major averages recorded steep losses at the close on Tuesday. Dow plunged 1,276.37 points or 3.9 percent to 31,104.97, the Nasdaq dove 632.84 points or 5.2 percent to 11,633.57 and the S&P 500 plummeted 177.72 points or 4.3 percent to 3,932.69.
On the economic front, the Producer Price Index – Final Demand for August will be published at 8.30 am ET. The consensus is for a decline of 0.1 percent, while it was down 0.5 percent in the previous month.
Atlanta Fed Business Inflation Expectations for September will be revealed at 10.00 am ET. In the prior month, the inflation expectations were up 3.5 percent.
The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the crude oil inventories were up 8.8 million barrels.
Asian stocks fell on Wednesday. Chinese stocks closed lower. The benchmark Shanghai Composite index dropped 0.80 percent to 3,237.54 while Hong Kong’s Hang Seng index fell 2.48 percent to 18,847.10.
Japanese stocks slumped. The Nikkei average ended 2.78 percent lower at 27,818.62 while the broader Topix index closed 1.97 percent lower at 1,947.46.
Australian markets fell the most in three months. The benchmark S&P/ASX 200 index fell 2.58 percent to 6,828.60, snapping a four-session winning streak. The broader All Ordinaries index ended 2.51 percent lower at 7,071.80.
European shares are trading lower. CAC 40 of France is down 39.62 points or 0.63 percent. DAX of Germany is declining 118.30 points or 0.88 percent. FTSE 100 of England is progressing 94.85 points or 1.28 percent. Swiss Market Index is sliding 137.41points or 1.26 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.64 percent.
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