Wall Street Aims To Rebound At Open

Wall Street Aims To Rebound At Open

October 4, 2022

A slew of economic announcements and Fed speeches will attract investors on Tuesday. Reports on durable goods orders, consumer confidence, and new home sales might get attention.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive. Asian shares were broadly up on Monday, while European shares are all higher.

As of 7.45 am ET, the Dow futures were up 340.00 points, the S&P 500 futures were adding 52.75 points and the Nasdaq 100 futures were progressing 191.25 points.

The U.S. major averages all finished Monday firmly in negative territory. The Dow tumbled 329.60 points or 1.1 percent to 29,260.81, the Nasdaq slid 65.00 points or 0.6 percent to 10,802.92 and the S&P 500 slumped 38.19 points or 1.0 percent to 3,655.04.

On the Economic front, the Commerce Department’s Durable Goods Orders for August will be released at 8.30 am ET. The consensus is a decline of 0.4 percent, while it was down 0.1 percent in July.

Case Shiller Home Price Index for July will be issued at 9.00 am ET. The consensus is 0.3 percent, while it was up 0.4 percent in the prior month.

The Federal Housing Finance Agency House Price Index or HPI for July will be published at 9.00 am ET. The consensus is 0.0 percent. In the previous month, the index was up 0.1 percent.

The Conference Board’s Consumer Confidence for September will be revealed at 10.00 am ET. The consensus is 104.3, while it was up 103.2 in August.

The Commerce, the Housing and Urban Development departments’ New Home Sales for August is scheduled at 10.00 am ET. The consensus is 498K, while it was up 511K in July.

Richmond Fed Manufacturing Index for September will be released at 10.00 am ET. The consensus is negative 4, while it was negative 8 in August.

Five-year Treasury Note Auction will be held at 1.00 pm ET.

The Fed Money Supply for August will be revealed at 1.00 pm ET. In the prior month, the M2 Money Supply was $41.9 billion.

St. Louis Federal Reserve Bank President James Bullard will speak on the U.S. economy and monetary policy and participates in the panel before the Barclays-CEPR International Monetary Policy Forum at 9.55 am ET.

San Francisco Federal Reserve Bank President Mary Daly will participate in a fireside chat, Innovation, and Central Banking before the virtual Federal Reserve Bank of San Francisco Symposium on Asian Banking and Finance.

Asian stocks finished broadly up on Tuesday. Chinese mainland markets rose. The benchmark Shanghai Composite index rallied 1.40 percent to 3,093.86 while Hong Kong’s Hang Seng index finished marginally higher at 17,860.31.

Japanese shares rebounded on Tuesday. The Nikkei average rose 0.53 percent to 26,571.87 while the broader Topix index ended 0.47 percent higher at 1,873.01.

Australian markets bounced back. The benchmark S&P ASX 200 edged up 0.41 percent to 6,496.20 while the broader All Ordinaries index settled 0.43 percent higher at 6,696.50.

European shares are trading higher. CAC 40 of France is adding 41.30 points or 0.72 percent. DAX of Germany is progressing 76.54 points or 0.64 percent. FTSE 100 of England is up 9.99 points or 0.14 percent. Swiss Market Index is gaining 82.69 points or 0.83 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.71 percent.

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