Wall Street Might Open In Negative Territories

Wall Street Might Open In Negative Territories

November 21, 2022

The U.S. economic data scheduled to release this week might get special attention this week. Producer Prices, Import and Export Prices, Retail Sales, Industrial Production, Housing Starts, and Existing Home Sales are expected in the next days.

The G20 meeting in Bali and the meeting of world leaders are keenly watched by investors. President Joe Biden and Chinese Premier Xi Jinping met at Bali, Indonesia on the sidelines of the G20 summit. They have met earlier face to face in 2017. Biden said the world expects the U.S. and China to discuss challenges such as climate change, food, and security and he said he is committed to keeping the communication open.

Xi said when the world has come to a crossroads, “we need to chart the right course for the China-US relationship.”

Early signs from the U.S. Futures Index suggest that Wall Street might open lower. Asian shares finished mostly down, while European shares are on a positive note.
As of 7.00 am ET, the Dow futures were sliding 84.00 points, the S&P 500 futures were down 15.50 points and the Nasdaq 100 futures were falling 75.75 points.

The U.S. major averages finished higher on Friday. The tech-heavy Nasdaq surged 209.18 points or 1.9 percent to 11,323.33 and the S&P 500 shot up 36.56 points or 0.9 percent to 3,992.93.

On the economic front, the six-month Treasury Bill auction will be held at 11.30 am ET.

New York Federal Reserve Bank President John Williams will serve as moderator and participates in a discussion before the Economic Club of New York 115th Anniversary Celebration Dinner at 6.30 pm ET.

Asian stocks ended mostly lower on Monday. China’s Shanghai Composite index ended 0.13 percent lower at 3,083.40.

Hong Kong’s Hang Seng index rallied 1.70 percent to 17,619.71, led by gains in property stocks.

Japanese shares fell sharply. The Nikkei average slipped 1.06 percent to 27,963.47. The broader Topix index closed 1.05 percent lower at 1,956.90.

Australian markets ended slightly lower. The benchmark S&P/ASX 200 slipped 0.16 percent to 7,146.30 while the broader All Ordinaries index finished marginally higher at 7,350.20.

European shares are trading mostly higher. CAC 40 of France is gaining 19.90 points or 0.30 percent. DAX of Germany is adding 54.26 points or 0.38 percent. FTSE 100 of England is progressing 22.99 points or 0.31 percent. The Swiss Market Index is declining 80.22 points or 0.72 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.32 percent.

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