Futures Point To Slightly Positive Open For Wall Street

(RTTNews) – Earnings and economic announcements might get special attention on Wednesday.

Investors are closely monitoring the energy crisis in Europe and China.

Major economic announcements on the day are Pending Home Sales Index for July and Durable Good Orders for July.

Early cues from the U.S. Futures Index suggest that Wall Street might open slightly up.

As of 7.45 am ET, the Dow futures were up 9.00 points, the S&P 500 futures were adding 4.75 points and the Nasdaq 100 futures were progressing 20.25 points.

The U.S. major averages closed lower on Tuesday. The Dow ended down 154.02 points or 0.47 percent at 32,909.59 and the S&P 500 finished lower by 9.26 points or 0.22 percent at 4,128.73. The Nasdaq was flat at 12,381.30 at the close, less than 0.3 points down from the previous close.

On the economic front, the Commerce Department’s Durable Good Orders for July will be released at 8.30 am ET. The consensus is for an increase of 0.5 percent, while it was up 2.0 percent in the prior month.

National Association of Realtors’ Pending Home Sales Index for July will be published at 10.00 am ET. The consensus is for a decline of 2.5 percent, while it was down 8.6 percent in the previous month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were down 7.1 million barrels, and the gasoline inventories were down 4.6 million barrels.

The Survey of Business Uncertainty for August will be released at 11.00 am ET. In the prior month, the sales growth was 5.02 percent, and the employment growth was up 5.06 percent.

A two-year floating rate note or FRN will be revealed at 11.30 am ET and a five-year treasury note auction will be held at 1.00 pm ET.

Asian stocks fell on Wednesday. China’s Shanghai Composite index slumped 1.86 percent to 3,215.20. Hong Kong’s Hang Seng index fell 1.20 percent to 19,268.74.

Japanese stocks closed at a two-week low. The Nikkei average slipped 0.49 percent to 28,313.47 while the broader Topix index ended 0.22 percent lower at 1,967.18.

Australian stocks closed higher. The benchmark S&P/ASX 200 rose 0.52 percent to 6,998.10 while the broader All Ordinaries index ended 0.60 percent higher at 7,242.30.

European shares are trading mostly higher. CAC 40 of France is progressing 8.93 points or 0.14 percent. DAX of Germany is adding 5.80 points or 0.04 percent. FTSE 100 of England is declining 20.98 points or 0.27 percent. Swiss Market Index is up 50.46 points or 0.46 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.14 percent.

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