Wall Street Might Edge Up At Opening
Tuesday’s trading might be influenced by reactions to the Labor Department’s report on Consumer Price Inflation for October.
U.S. President Joe Biden and Chinese leader Xi Jinping will be meeting on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.
As the war between Israel and Hamas is progressing, the U.N. has confirmed that more than 100 aid workers were killed in Gaza, the highest in any war situation.
Early signs from the U.S. Futures Index suggest that Wall Street might open slightly up today.
Asian shares finished broadly higher, while European shares are trading mostly up.
As of 7.00 am ET, the Dow futures were up 23.00 points, the S&P 500 futures were adding 4.50 points, and the Nasdaq 100 futures were progressing 38.50 points.
The U.S. major averages ended Monday narrowly mixed. The Dow inched up 54.77 points or 0.2 percent to 34,337.87, the Nasdaq dipped 30.36 points or 0.2 percent to 13,767.74 and the S&P 500 edged down 3.69 points or 0.1 percent to 4,411.55.
On the economic front, the consumer price index for October will be released at 8.30 am ET. The consensus is up 0.1 percent, while it was gained 0.4 percent in the previous month.
A 4-week Treasury Bill auction and an eight-week Treasury bill auction will be held at 11.00 am ET.
Fed Vice Chair for Supervision Michael Barr will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, ‘Oversight of Financial Regulators’ at 10.00 am ET.
Cleveland Fed President Loretta Mester will give brief opening remarks before the virtual ‘Conversations on Central Banking: The Unequal Burden of Inflation’ event hosted by the Federal Reserve Bank of Cleveland at 11.00 am ET.
Chicago Fed President Austan Goolsbee will participate in a conversation on the economy and monetary policy before the Detroit Economic Club at 12.45 pm ET.
Asian stocks advanced on Tuesday. China’s Shanghai Composite index rose 0.31 percent to 3,056.07. Hong Kong’s Hang Seng index edged down 0.17 percent to 17,396.86.
Japanese shares eked out modest gains. The Nikkei average rose 0.34 percent to 32,695.93 while the broader Topix index settled 0.37 percent higher at 2,345.29.
Australian markets recovered from an 11-month low. The benchmark S&P/ASX 200 jumped 0.83 percent to 7,006.70.
The broader All Ordinaries index closed 0.87 percent higher at 7,207.10 ahead of wages and employment data due later in the week.
European shares are trading mostly higher. CAC 40 of France is up 8.15 points or 0.11 percent. DAX of Germany is gaining 64.70 points or 0.42 percent. FTSE 100 of England is declining 28.82 points or 0.39 percent. The Swiss Market Index is up 37.56 points or 0.36 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.25 percent.
Source: Read Full Article