Futures Suggests Wall Street To Open Mostly Down

Futures Suggests Wall Street To Open Mostly Down

October 26, 2023

Early trends on the U.S. Futures Index suggest that Wall Street might open mostly lower on Thursday.

Asian shares finished down, while European shares are trending down with shares in London off the most.

Investors are mainly focusing on earnings as well as geopolitical situations today.
As of 7.50 am ET, the Dow futures were down 50.00 points, the S&P 500 futures were sliding 7.00 points and the Nasdaq 100 futures were progressing 4.75 points.

The U.S. major averages all ended notably lower on Wednesday. The Dow ended down 332.57 points or 0.98 percent at 33,665.08. The S&P 500 finished lower by 58.60 points or 1.34 percent at 4,314.60, while the Nasdaq dropped 219.44 points or 1.62 percent to 13,314.30.

On the economic front, the Labor Department’s Jobless Claims for the week will be released at 8.30 am ET. The initial claims consensus is 211k, while it was up 209k in the prior week.

The Philadelphia Fed Manufacturing Index for October will be issued at 8.30 am Et. The consensus is minus 7.0, while it was minus 13.5 in September.

The Existing Home Sales for September will be published at 10.00 am ET. The consensus is 3.90 million, while it was up 4.04 million in the prior month.

The Leading Indicators for September is expected at 10.00 am ET. The consensus is for a decline of 0.4 percent, while it was down 0.4 percent in July.

The Energy Information Administration or EIA’s Natural Gas Report for the week is scheduled at 10.30 am Et. In the prior week, the gas stock was up 84 bcf.

Five-year Treasury Inflation-Protected Securities or TIPS auction will be held at 1.00 pm ET.

Two-year Treasury Floating Rate Note or FRN auction will be held at 11.00 am ET.

The seven-year Treasury Note announcement will be held at 11.00 am ET.

Federal Reserve Chairman Jerome Powell will participate in a discussion on the economic outlook before an Economic Club of New York luncheon at 12.00 pm ET.

Fede Vice Chair Philip Jefferson will give opening remarks before the 18th Central Bank Conference on the Microstructure of Financial Markets at 9.00 am ET.

Chicago Fed President Austan Goolsbee will participate in a moderated question-and-answer session at a Wisconsin Manufacturers & Commerce Business Day event at 1.20 pm ET.

Atlanta Fed President Raphael Bostic will speak on “The Role of Policy in Addressing Inequality” before the New School’s Schwartz Center for Policy Research at 4.00 pm ET.

Philadelphia Fed President Patrick Harker will speak on the economic outlook before the Chartered Financial Analyst Society Philadelphia 80th Anniversary Celebration at 5.30 pm ET.

Dallas Fed President Lorie Logan will participate in moderated question-and-answer session before the Money Marketeers of New York University at 6.40 pm ET.

Asian stocks retreated on Thursday. Chinese markets fell sharply. The benchmark Shanghai Composite index fell 1.74 percent to 3,005.39 while Hong Kong’s Hang Seng index ended 2.46 percent lower at 17,295.89.

Japanese markets slumped. The Nikkei average tumbled 1.91 percent to 31,430.62 while the broader Topix index settled 1.36 percent lower at 2,264.16.

Australian markets succumbed to selling pressure. The benchmark S&P ASX 200 dropped 1.36 percent to 6,981.60 while the broader All Ordinaries index slipped 1.28 percent to 7,172.70.

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