Wall Street Set To Open Broadly Lower

The increase in coronavirus cases and delays in fresh U.S. stimulus are adding much pressure on investors.

Investors are looking ahead to the Federal Reserve Chairman Jerome Powell to testifying with Treasury Secretary Steven Mnuchin before the House Financial Services Committee today morning.

Early signs from the U.S. Futures Index suggest that Wall Street open broadly lower on Tuesday.

Asian shares finished lower, while European shares are trading higher.

As of 8.05 am ET, the Dow futures were losing 92.00 points, the S&P 500 futures were down 4.50 points and the Nasdaq 100 futures were gaining 19.00 points.

The U.S. Indices finished lower on Monday. The Dow closed at 27,147.70, down 509.72 points or 1.84 percent. The S&P 500 ended down 38.41 points or 1.16 percent at 3,281.06. The Nasdaq settled with a loss of 14.48 points or 0.13 percent at 10,778.80.

On the economic front, Redbook data for the week will be issued at8.55 am ET. In the prior week, the Store Sales were down 1.2 percent.

National Association of Realtors’ Existing-Home Sales for August will be issued at 10.00 am ET. The consensus is for 5.965 million, slightly up from 5.860 million a month ago.

Federal Reserve Bank of Richmond’s Manufacturing Index for September will be issued at 10.00 am ET. The consensus is for 12, while the prior month index was up 18.
The two-year Treasury Note Auction will be held at 1.00 pm ET.

Federal Reserve Chairman Jerome Powell to testify with Treasury Secretary Steven Mnuchin before the House Financial Services Committee in a hearing entitled “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response” at 10.30 am ET.

Chicago Federal Reserve Bank President Charles Evans to speak at an Official Monetary and Financial Institutions Forum event on the future of the U.S. economy and the path to recovery at 10.00 am ET.

Asian stocks fell broadly on Tuesday. Chinese shares ended lower. The benchmark Shanghai Composite fell 1.29 percent to 3,274.30. Hong Kong’s Hang Seng index dropped nearly 1 percent to 23,716.85.

The Japanese market was closed for a holiday.

Australian markets hit three-month lows. The benchmark S&P/ASX 200 dropped 0.66 percent to 5,784.10, extending losses for the fourth straight session. The broader All Ordinaries index ended down 0.67 percent at 5,973.50.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is gaining 9.14 points or 0.19 percent. The German DAX is progressing 88.49 points or 0.71 percent, the U.K. FTSE 100 Index is adding 15.04 points or 0.26 percent.

The Swiss Market Index is up 2.38 points or 0.03 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 0.58 percent.

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