Futures Suggests Wall Street To Open Higher

A report on consumer price index, Atlanta Fed Business Inflation Expectations for August, as well as a slew of Fed speeches are the major highlights.

Investors are likely to keep an eye on the latest developments on COVID – 19 and the political development in Washington.

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

As of 8.05 am ET, the Dow futures were adding 254.00 points, the S&P 500 futures were up 23.50 points and the Nasdaq 100 futures were gaining 87.75 points.

The U.S. major averages ended Tuesday’s session just off their worst levels of the day. The Nasdaq tumbled 185.53 points or 1.7 percent to 10,782.83, the Dow fell 104.53 points or 0.4 percent to 27,686.91 and the S&P 500 slid 26.78 points or 0.8 percent to 3,333.69.

On the economic front, the Labor Department’s Consumer Price Index for July will be published at 8.30 am ET. The consensus is for an increase of 0.3 percent, lower than the growth of 0.6 percent in the prior month.

Atlanta Fed Business Inflation Expectations for August will be issued at 10.00 am ET. In the prior month the Inflation Expectations were 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 down 7.4 million barrels and Gasoline Inventories were up 0.4 million barrels.

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

The U.S. Treasury Department’s Budget for July will be published at 2.00 pm ET. The consensus is for a deficit of $187.5 billion, while the deficit was $864.1 billion in the prior month.

Boston Federal Reserve Bank President Eric Rosengren to speak to South Shore Chamber of Commerce about the U.S. economy and current financial conditions at 10.00 am ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak at a Lubbock Chamber of Commerce event 11.00 am ET. Kaplan will participate in a moderated discussion about Houston’s response to the Covid-19 pandemic, Fed monetary policy actions during the pandemic, and reopening the economy at 6.00 pm ET.

San Francisco Federal Reserve Bank President Mary Daly to speak in a fireside chat on the current status of the U.S. economy and the ongoing impacts of Covid-19 at an Economic Club of Las Vegas live-streamed virtual event at 3.00 pm ET.

Asian stocks ended mostly lower on Wednesday. Chinese shares fell. The benchmark Shanghai Composite index shed 21.02 points, or 0.63 percent, to close at 3,319.27, while Hong Kong’s Hang Seng index rose 1.42 percent to 25,244.02.

Japanese shares eked out modest gains. The Nikkei average rose 93.72 points, or 0.41 percent, to 22,843.96, while the broader Topix index closed 1.23 percent higher at 1,605.53.
Australian markets finished marginally lower. The benchmark S&P/ASX 200 index slid 6.70 points, or 0.11 percent, to 6,132, while the broader All Ordinaries index ended down 15.10 points, or 0.24 percent, at 6,257.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 22.76 points or 0.47 percent. The German DAX is adding 4.67 points or 0.04 percent, the U.K. FTSE 100 Index is gaining 82.72 points or 1.35 percent.

The Swiss Market Index is adding achieving 55.49 points or 0.54 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.30 percent.

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