Futures Point To Positive Open For Wall Street

The investors are keenly waiting for the Fed’s first meeting since adopting a relaxed approach to inflation and pledging to keep interest rates low for longer.

Reports on retail sales, business inventories, and homebuilders are the major higher on the economic front.

Initial signs from the U.S. Futures Index suggest that Wall Street might open moderately higher.

Asian shares were mostly down at the close, while European shares are trading broadly positive.

As of 8.15 am ET, the Dow futures were adding 141.00 points, the S&P 500 futures were gaining 18.00 points and the Nasdaq 100 futures were progressing 31.00 points.

The U.S. major indices closed higher on Tuesday. The tech-heavy Nasdaq jumped 133.67 points or 1.2 percent to 11,190.32 and the S&P 500 climbed 17.66 points or 0.5 percent to 3,401.20, while the Dow inched up just 2.27 points or less than a tenth of a percent to 27,995.60 after rising by nearly 240 points in early trading.

On the economic front, the Commerce Department’s Retail Sales report for August will be issued at 8.30 am ET. The consensus is for growth of 1.0 percent, while it was up 1.2 percent in the prior month.

The Commerce Department’s Business Inventories for July will be released at 10.00 am ET. The consensus is for an increase of 0.1 percent, while it declined 1.1 percent in June.

The National Association of Home Builders’ Housing Market Index for September will be published at 10.00 am ET. The consensus is for 78, while it was 78 in the prior month also.

The Atlanta Fed’s Business Inflation Expectations survey report for September is scheduled at 10.00 am ET. In the prior month, the measure was up 1.7 percent.

The Energy Information Administration or EIA’s Petroleum status report for the week will be released at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 2.0 million barrels and Gasoline Inventories were down 3.00 million barrels.

The Federal Open Market Committee or FOMC announcement is scheduled at 2.00 pm ET. The consensus is for an increase of 0.125 percent.

The Fed Chair press conference will be at 2.30 pm ET.

The Treasury International Capital data for July will be published at 4.00 pm ET. In the previous month the long-term transaction were $113.00 billion.

Asian stocks ended mostly higher on Wednesday. Shares in China and Hong Kong ended lower after three straight sessions of gains.

China’s Shanghai Composite Index lost 11.76 points, or 0.4 percent, to close at 3,283.92, while Hong Kong’s Hang Seng Index edged down 7.13 points to 24,725.63.

Japanese shares edged higher as Yoshihide Suga was elected Japan’s prime minister in a parliamentary vote, succeeding Shinzo Abe. Meanwhile, the Japanese yen rose against the dollar ahead of the U. S. Federal Reserve’s monetary policy decision.

The benchmark Nikkei 225 Index added 20.64 points to settle at 23,475.53, and the broader Topix rose 3.51 points, or 0.2 percent, to 1,644.35.

Australian stocks closed notably higher. The benchmark S&P/ASX 200 Index gained 61.30 points, or 1.0 percent, to close at 5,956.10 and the broader All Ordinaries Index ended up 67.60 points, or 1.1 percent, at 6,146.90.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 7.99 points or 0.15 percent. The German DAX is gaining 3.07 points or 0.02 percent, the U.K. FTSE 100 Index is losing 18.12 points or 0.30 percent.

The Swiss Market Index is adding 45.14 points or 0.43 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.096 percent.

Source: Read Full Article