Wall Street Set To Open Slightly Positive

Wall Street Set To Open Slightly Positive

January 5, 2022

The increasing spread of COVID – 19 is continuing to be a concern in several parts of the world. Trading on Wednesday may be impacted by reaction to reports on the U.S. Goods Trade Deficit and Pending Home Sales.

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

Asian shares ended mostly lower, while European shares are trading mostly down.

As of 7.10 am ET, the Dow futures were up 3.00 points, the S&P 500 futures were adding 2.25 points and the Nasdaq 100 futures were progressing 20.25 points.

The major U.S. stock indexes turned mixed over the course of the trading on Tuesday. The major averages finished the session on opposite sides of the unchanged line. The Dow rose 95.83 points or 0.3 percent to 36,398.21, but the Nasdaq fell 89.54 points or 0.6 percent to 15,781.72 and the S&P 500 edged down 4.84 points or 0.1 percent to 4,786.35 after reaching a record intraday high.

On the economic front, the International Trade in Goods (Advance) for November will be published at 8.30 am ET. The consensus is for a deficit of $86.0 billion, while the deficit was $82.9 billion in the prior month.

Retail Inventories (Advance) for November will be released at 8.30 am ET. In the prior month, the inventories were up 0.1 percent.

National Association of Realtors’ Pending Home Sales Index for November will be issued at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it was up 7.5 percent in October.

State Street Investor Confidence Index for December will be published at 10.00 am ET. In the prior month, the Index was at 110.5.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 4.7 million barrels, and the Gasoline Inventories were up 5.5 million barrels.

The Survey of Business Uncertainty report for December is expected at 11.00 am ET. In the prior month, the sales growth was 4.50 percent.

A two-year Floating rate note or FRN auction will be held at 11.30 am ET.

A seven-year Treasury Note auction will be held at 1.00 pm

Asian stocks ended on a mixed note Wednesday. Chinese shares fell in cautious trade as a lockdown of 13 million people in the Chinese city of Xian entered its seventh day. The Shanghai Composite index fell 33.11 points, or 0.91 percent, to 3,597, dragged down by consumer staple and bank stocks.

Hong Kong’s Hang Seng index ended down 194.02 points, or 0.83 percent, at 23,086.54.

Japanese stocks closed lower in thin year-end trade. The Nikkei average dropped 162.28 points, or 0.56 percent, to 28,906.88. The broader Topix index closed 0.30 percent lower at 1,998.99.

Australian markets rose for a fifth straight session to close at a 3-1/2 month high. The benchmark S&P/ASX 200 index climbed 89.50 points, or 1.21 percent, to 7,509.80 while the broader All Ordinaries index jumped 95.60 points, or 1.23 percent, to close at 7,840.30.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 3.66 points or 0.05 percent. The German DAX is losing 63.16 points or 0.40 percent, the U.K. FTSE 100 Index is gaining 60.88 points or 0.83 percent.

The Swiss Market Index is declining 21.03 points or 0.16 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.34 percent.

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