Wall Street Might Continue To Be In Negative Territory At Open

A slew of Fed speeches and reactions to reports on home prices and consumer confidence might be the highlight on Wednesday.

Early cues from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished broadly up, while European shares are trading mostly down.

As of 7.00 am ET, the Dow futures were down 11.00 points, the S&P 500 futures were declining 4.75 points and the Nasdaq 100 futures were sliding 14.75 points.

The U.S. major averages finished lower on Monday. The Dow slipped 56.68 points or 0.2 percent to 35,333.47 and the S&P 500 dipped 8.91 points or 0.2 percent to 4,550.43, pulling back off their best closing levels in over three months, while the Nasdaq edged down 9.83 points or 0.1 percent to 14,241.02.

On the economic front, the Case-Shiller Home Price Index for September will be published at 9.00 am ET. The consensus is for growth of 0.7 percent, while it grew 1.0 percent in August.

The Federal Housing Finance Agency (FHFA) House Price Index for September will be released at 9.00 am ET. The consensus is up 0.4 percent, while it was up 0.6 percent in the previous month.

The Consumer Confidence for November will be released at 10.00 am ET. The consensus is 101.5, while it was up 102.6 in October.

The Richmond Fed Manufacturing Index for November is scheduled at 10.00 am ET. The consensus is 1, while it was up 3 in the prior month.

The Fed Money Supply for October will be published at 1.00 pm ET. In September, the M2 Level was $20,754.9 billion.

Fed Vice Chair for Supervision Michael Barr will participate virtually in discussion on the Community Reinvestment Act before the Opportunity Finance Network Fireside Chat on the Community Reinvestment Act Regulations at 1.05 pm ET.

Chicago Fed President Austan Goolsbee to give welcome and opening remarks before hybrid “Who Owns Midwest Farmland? And Why?” Midwest Agricultural Conference hosted by the Federal Reserve Bank of Chicago at 10.00 am ET.

Fed Governor Christopher Waller to speak on the economic outlook before an American Enterprise Institute event, “The Federal Reserve and the Economic Outlook: A Conversation with Federal Reserve Governor Christopher J. Waller” at 10.05 am ET.

Fed Governor Michelle Bowman to speak on “Monetary Policy and the Economy” before a Utah Bankers Association and Salt Lake Chamber breakfast at 10.45 am ET.

Fed Vice Chair for Supervision Michael Barr to speak virtually on the Community Reinvestment Act before event, “Modernized Community Reinvestment Act and Indian Country” at 3.30 pm ET.

Asian markets closed on a mixed note on Tuesday.

China’s Shanghai Composite Index added 0.23 percent to finish trading at 3,038.55. The Shenzhen Component Index added 0.49 percent.to close at 9,833.46.

The Japanese benchmark Nikkei 225 slipped 39 points or 0.12 percent to end trading at 33,408.39.

The Hang Seng Index of the Hong Kong Stock Exchange shed 171 points or 0.98 percent.
Australia’s S&P/ASX200 closed trading at 7.015.20, adding 28 points or 0.39 percent. The index crossed its 50-day moving average. The day’s trading range was between 6,985.5 and 7,049.20.

Source: Read Full Article