Wall Street Poised To Open Lower

Early cues from the U.S. Futures Index point to a lower open for Wall Street. Asian shares finished broadly higher, while European shares are trading up mostly down.

As of 7.45 am ET, the Dow futures were down 61.00 points, the S&P 500 futures were declining 12.50 points and the Nasdaq 100 futures were sliding 53.25 points.

The U.S. major averages all ended higher on Thursday. The Dow surged 322.55 points or 0.98 percent to 33,291.78. The S&P 500 climbed 38.55 points or 1.41 percent to 4,199.12, while the Nasdaq ended stronger by 207.74 points or 1.67 percent at 12,639.27.

On the economic front, the Census Bureau’s International Trade in Goods (Advance) for July will be published at 8.30 am ET. The consensus is for a deficit of $97.5 billion, while the deficit was $98.6 billion.

Personal Income and Outlays for July will be released at 8.30 am ET. The consensus for personal income is an increase of 0.6 percent, while it was up 0.6 percent in the prior month. Personal Consumption Expenditures are expected to be up 0.4 percent, while it was up 1.1 percent in June.

Retail Inventories (Advance) for July is scheduled at 8.30 am ET. In the prior month, the inventories were up 2.0 percent. Wholesale Inventories (Advance) for July will be revealed at 8.30 am ET. The consensus is for an increase of 1.3 percent, while it was up 1.8 percent in the prior month.

The University of Michigan’s Consumer Sentiment for August will be published at 10.00 am ET. The consensus is for 55.1, while it was up 55.1 in the previous month.

The Baker Hughes Rig Count for the week is expected at 1.00 pm ET. In the previous week, the North America rig count was 963 and the U.S. Rig Count was 762.

Federal Reserve Chairman Jerome Powell will speak on the economic outlook before the 2022 Jackson Hole Economic Symposium at 10.00 pm ET.

Asian stocks finished mixed on Friday. Chinese shares ended lower. The benchmark Shanghai Composite index dipped 0.31 percent to 3,236.32 while Hong Kong’s Hang Seng index closed 1.01 percent higher at 20,170.04.

Japanese shares closed higher. The Nikkei average closed 0.57 percent higher at 28,641.38, led by industrials. The broader Topix index ended up 0.15 percent at 1,979.59.

Australian markets rose notably higher. The benchmark S&P/ASX 200 jumped 0.79 percent to 7,104.10, while the broader All Ordinaries index gained 0.74 percent to end at 7,345.80.

European shares are trading mostly lower. CAC 40 of France is down 18.57 points or 0.29 percent. DAX of Germany is declining 22.46 points or 0.18 percent. FTSE 100 of England is progressing by 1.30 points or 0.02 percent. Swiss Market Index is sliding 27.54 points or 0.25 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.23 percent.

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