Wall Street Might Open In Negative Territory

Retail Sales reports, Housing Data, as well as Industrial Production reports might be the highlights this week.

Federal Reserve meeting decision, especially that on interest rates will get special attention.

Walmart, Home Depot, Lowe’s, and Target have scheduled their earnings reports this week.

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

As of 7.50 am ET, the Dow futures were down 183.00 points, the S&P 500 futures were declining 25.00 points and the Nasdaq 100 futures were sliding 58.00 points.

The U.S. major averages ended higher on Friday. The Dow jumped 424.38 points or 1.3 percent to 33,761.05, the Nasdaq surged 267.27 points or 2.1 percent to 13,047.19 and the S&P 500 shot up 72.88 points or 1.7 percent to 4,280.15.

On the economic front, the Federal Reserve Bank of New York’s Empire State Manufacturing Index for August will be held at 8.30 am ET. The consensus is 5.0, while it was up 11.1 in the prior month.

The National Association of Home Builders’ Housing Market Index for August will be released at 9.00 am ET. The consensus is 55, while it was up 55 in July.

The Treasury International Capital’s data for June is scheduled at 3.00 pm ET. In the prior month, the net long-term securities transactions were up $155.3 billion.

Federal Reserve Board Governor Christopher Waller to give opening remarks before the 2022 Summer Workshop on Money, Banking, Payments, and Finance hosted by the Federal Reserve Board of Governors at 10.50 am ET.

Asian stocks ended broadly higher on Monday. China’s Shanghai index finished marginally lower. China’s central bank has reduced one-year and seven-day lending rates by 10 basis points. Hong Kong’s Hang Seng index ended 0.67 percent lower at 20,040.86 on China slowdown fears.

Japan’s Nikkei index rallied 1.14 percent to finish at 28,871.78 after upbeat earnings by retail firms. The broader Topix index ended 0.60 percent higher at 1,984.96. Japanese GDP expanded in the three months to June.

Australian markets advanced on the day. The benchmark S&P/ASX 200 index rose 0.45 percent to 7,064.30 while the broader All Ordinaries index gained half a percent to end at 7,324.90.

European shares are trading lower. CAC 40 of France is losing 4.09 points or 0.05 percent. DAX of Germany is declining 22.65 points or 0.17 percent. FTSE 100 of England is sliding 18.17 points or 0.24 percent. Swiss Market Index is up 25.97 points or 0.23 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.50 percent.

Source: Read Full Article