Wall Street Targets To Open Higher

Trading on Tuesday may be impacted by reaction to Federal Reserve Chair Jerome Powell’s testimony at a Senate Banking Committee hearing on his renomination.

The rapid spread of the Omicron variant of coronavirus is really a worry for investors.

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

As of 7.15 am ET, the Dow futures were up 68.00 points, the S&P 500 futures were adding 15.75 points and the Nasdaq 100 futures were progressing 82.00 points.

The U.S. major averages climbed well off their worst levels of Monday with the Nasdaq reaching positive territory.

The Nasdaq tumbled by as much as 2.7 percent in early trading but ended the day up 6.93 points or 0.1 percent at 14,942.83. Meanwhile, the S&P 500 edged down 6.74 points or 0.1 percent at 4,670.29 and the Dow fell 162.79 points or 0.5 percent at 36,068.87.

On the economic front, the Redbook report, a weekly measure of comparable store sales at chain stores, discounters, and department stores, is expected at 8.55 am ET. In the prior week, the Store Sales were up 18.8 percent.

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

Kansas City Federal Reserve Bank President Esther George to speak on the economic and monetary policy outlook before Central Exchange in-person event at 9.30 am ET.

Federal Reserve Chairman Jerome Powell to testify before a Senate Banking Committee hearing to consider the renomination to chair the Federal Reserve Board of Governors at 10.00 am ET.

Asian stocks ended broadly lower on Tuesday. Chinese shares retreated. The benchmark Shanghai Composite index dropped 26.08 points, or 0.73 percent, to 3,567.44 while Hong Kong’s Hang Seng index finished marginally lower at 23,739.06.

Japanese shares fell sharply. The Nikkei average fell 256.08 points, or 0.90 percent, to 28,222.48, while the broader Topix index closed 0.44 percent lower at 1,986.82.

Australian markets ended notably lower. The benchmark S&P/ASX 200 index dropped 57 points, or 0.77 percent, to 7390.10, extending losses for the second consecutive session. The broader All Ordinaries index ended down 55.40 points, or 0.71 percent, at 7,710.70.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 93.03 points or 1.31 percent. The German DAX is adding 180.09 points or 1.15 percent, the U.K. FTSE 100 Index is gaining 47.22 points or 0.63 percent.

The Swiss Market Index is adding 142.72 points or 1.13 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.18 percent.

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