Wall Street Might Open Slightly Lower

Wall Street Might Open Slightly Lower

August 30, 2022

Early signs from the U.S. Futures Index suggest that Wall Street might open slightly positive.

Asian shares finished mostly lower, while European shares were down.

As of 7.44 am ET, the Dow futures were up 14.00 points, the S&P 500 futures were adding 2.75 points and the Nasdaq 100 futures were progressing 15.75 points.

The U.S. major averages all ended notably lower on Monday. The Dow ended down 643.13 points or 1.91 percent at 33,063.61. The S&P 500 drifted down 90.49 points or 2.14 percent to 4,137.99, while the Nasdaq settled with a loss of 323.64 points or 2.55 percent at 12,381.57.

On the economic front, the flash Composite Purchasing Managers’ Index or PMI will be issued at 9.45 am ET.

U.S. Commerce, Housing, and Urban Development departments’ New Home Sales for July will be published at 10.00 am ET. The consensus is 575K, while it was up 590K in the prior month.

The Richmond Fed’s manufacturing index for August will be released at 10.00 am ET. The consensus is for a decline of 3, while it was 0 in the prior month.

Two-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Money Supply for July will be held at 1.00 pm ET The M2 supply was minus $16.9 billion.

Asian stocks closed mostly lower on Tuesday. Chinese shares closed on a flat note.
The Shanghai Composite finished marginally lower at 3,276.22 while Hong Kong’s Hang Seng index fell 0.78 percent to settle at 19,503.25.

Japanese shares extended losses for a fourth consecutive session. The Nikkei average fell 1.19 percent to 28,452.75 while the broader Topix index closed 1.06 percent lower at 1,971.44.

Australian markets ended lower. The benchmark S&P/ASX 200 dipped 1.21 percent to 6,961.80 while the broader All Ordinaries index settled 1.21 percent lower at 7,199.20.

European shares are trading mostly lower. CAC 40 of France is down 14.91 points or 0.23 percent. DAX of Germany is declining 13.53 points or 0.10 percent. FTSE 100 of England is progressing 30.33 points or 0.52 percent. Swiss Market Index is falling 50.26 points or 0.67 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.13 percent.

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