Wall Street Poised To Open In The Red

Wall Street Poised To Open In The Red

July 13, 2022

Investors are awaiting the FOMC meeting minutes on Wednesday. Early cues from the U.S. Futures Index suggest that Wall Street might open lower.

Heavy fighting is continuing in Ukraine’s eastern borders and reportedly Ukraine is putting fierce resistance to Russian troupes in the eastern Donbas region.

The G-20 summit of the foreign ministers’ meeting in Bali will be dominated by the discussion on Ukraine. Russian Foreign Minister Sergey Lavrov is also expected at the summit.

British Prime Minister Boris Johnson is under extreme pressure after the resignation of two of his colleagues from the ministry.

As of 7.50 am ET, the Dow futures were down 83.00 points, the S&P 500 futures were declining 14.00 points and the Nasdaq 100 futures were sliding 53.00 points.

The U.S. major averages all fell sharply into the red on Tuesday. The Dow settled at 30,967.82. The S&P 500, gained 6.06 points or 0.16 percent at 3,831.39.

The Nasdaq ended up 194.39 points or 1.75 percent at 11,322.24.

On the economic front, the US Services Purchasing Managers’ Index or PMI for June is scheduled at 9.45 am ET. The consensus is for 51.6, while it was up 51.6 in the prior month.

The Institute for Supply Management’s Services Index for June will be released at 10.00 am ET. The consensus is 54.8, while it was up 55.9 in the previous month.

The Labor Department’s Job Openings and Labor Turnover Survey or JOLTS for May will be published at 10.00 am ET. The consensus is 11.25 million, while it was up 11.40 million in April.

The minutes of the Federal Open Market Committee or FOMC is scheduled at 2.00 pm ET.
New York Federal Reserve Bank President John Williams will speak at the New York Fed Web Series on Culture: Shifting Norms at 9.00 am ET.

Asian stocks ended broadly lower on Wednesday. Chinese shares tumbled. The benchmark Shanghai Composite index fell 1.43 percent to 3,355.35.

Hong Kong’s Hang Seng index closed 1.22 percent lower at 21,586.66.

Japanese shares ended sharply lower. The Nikkei average fell 1.20 percent to 26,107.65. The broader Topix index dropped 1.23 percent to 1,855.97.

Australian markets declined on Wednesday. The benchmark S&P/ASX 200 slipped 0.52 percent to 6,594.50 while the broader All Ordinaries index closed at 6,784.30.

European shares are trading higher. CAC 40 of France is progressing 86.88 points or 1.50 percent. DAX of Germany is adding 155.53 points or 1.25 percent. FTSE 100 of England is gaining 113.99 points or 1.61 percent. Swiss Market Index is up 109.23 points or 1.02 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.39 percent.

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