Wall Street Sees Red

U.S. debt-limit ceiling impasse is yet to be resolved. Early cues from the U.S. Futures Index suggest that Wall Street might open in a negative zone.

Asian shares finished lower, while European shares are trading down.

As of 7.45 am ET, the Dow futures were down 120.00 points, the S&P 500 futures were declining 15.50 points and the Nasdaq 100 futures were down 56.00 points.

The U.S. major averages all ended notably lower. The Dow ended lower by 231.07 points or 0.69 percent at 33,055.51. The S&P 500 ended down 47.05 points or 1.12 percent at 4,145.58, while the Nasdaq settled at 12,560.25, down 160.53 points or 1.26 percent.

On the economic front, the State Street Investor Confidence Index for May will be released at 10.00 am ET. In the prior month, the Index was up 83.5.

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 5.0 million barrels, and gasoline inventories were down 1.4 million barrels.

A survey of Business Uncertainty for May will be issued at 11.00 am ET. In the prior month, the sales growth was up 4.58 percent.

A two-year floating rate Note or FRN auction will be held at 11.30 am ET. Five-year Treasury note auction will be held at 1.00 pm ET.

The Federal Open Market Committee or FOMC Minutes will be held at 2.00 pm ET.

Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before the University of California Santa Barbara conference: 2023 Santa Barbara County Economic Summit at 12.10 pm ET.

Asian stocks fell on Wednesday. Chinese markets tumbled. The benchmark Shanghai Composite index slipped 1.28 percent to 3,204.75 while Hong Kong’s Hang Seng index plunged 1.62 percent to 19,115.93.

Japanese shares fell notably. The Nikkei average fell 0.89 percent to 30,682.68 while the broader Topix index settled 0.42 percent lower at 2,152.40.

Australian markets ended lower. The benchmark S&P/ASX 200 dropped 0.63 percent to 7,213.80 while the broader All Ordinaries index closed 0.73 percent lower at 7,392.90.

European shares are trading lower. CAC 40 of France is down 130.82 points or 1.77 percent. DAX of Germany is declining 262.90 points or 1.63 percent. FTSE 100 of England is down 132.15 points or 1.70 percent. The Swiss Market Index is sliding 97.15 points or 0.85 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.76 percent.

Source: Read Full Article