Wall Street Might Open In Slightly Negative Territory

Earnings season is slowly gaining steam Alcoa, CSX Corp., Las Vegas Sands, Tesla as well as United Airlines will be reporting their quarterly results today.

Home Prices have been spiking and reached an all-time high in June.

Political and economic turmoil forced Italy’s Prime Minister Mario Draghi to submit his resignation. The powerful 5-star movement and other key parties in the coalition boycotted the confidence vote on Wednesday.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mostly higher. European shares are trading broadly higher.

As of 7.20 am ET, the Dow futures were losing 66.00 points, the S&P 500 futures were declining 7.25 points and the Nasdaq 100 futures were down 2.00 points.

The U.S. major averages all finished Wednesday in positive territory. The Nasdaq surged 184.50 points or 1.6 percent to 11,897.65, the S&P 500 climbed 23.21 points or 0.6 percent to 3,959.90 and the narrower Dow edged up by 47.79 points or 0.2 percent to 31,874.84.

On the economic front, the Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The consensus is 240K, while it was up 244K in the previous month.

The Philadelphia Fed Manufacturing Index for July will be revealed at 8.30 am ET. The consensus is for growth of 0.4 percent, while it was down 3.3 in June.

The Conference Board’s Leading Indicators for June will be issued at 10.00 am ET. The consensus is for a decline of 0.5 percent, while it was down 0.4 percent in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be revealed at 10.30 am ET. In the prior week, the gas stock was 58 bcf.

The Fed Balance Sheet for the week will be issued at 4.30 pm ET. In the previous month, the level was at $8.896 trillion.

10-year Treasury Inflation-Protected Securities or TIPS auction will be published at 1.00 pm ET.

Seven-year Treasury Note auction is scheduled at 11.00 pm ET.

A two-year Floating Rate Note or FRN auction will be revealed at 11.00 am ET.

Asian stocks ended mixed on Thursday. China’s Shanghai Composite closed 0.99 percent lower at 3,272. Hong Kong’s Hang Seng index fell 1.51 percent to 20,574.63.

Japanese shares finished modestly higher. The Nikkei average rose 0.44 percent to 27,803 while the broader Topix index closed 0.21 percent higher at 1,950.59.

Australian markets finished higher. The benchmark S&P ASX 200 rose 0.52 percent to 6,794.30 while the broader All Ordinaries index ended 0.62 percent higher at 7,018.40.

European shares are trading mostly higher. CAC 40 of France is gaining 18.30 points or 0.30 percent. DAX of Germany is declining 58.18 points or 0.44 percent. FTSE 100 of England is sliding 31.41 points or 0.43 percent. Swiss Market Index is up 25.14 points or 0.23 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.083 percent.

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