Wall Street Sees Red
The trade tension between U.S and China, that keep on escalating, is making impact on markets across the globe. The clear signs from the U.S. Futures suggest that Wall Street might open significantly lower.
Producer Price Index consensus is not also enthusing the traders.
Asian shares finished lower, while European shares are trading in the red.
As of 7.45 am ET, the Dow futures were losing 207.00 points, the S&P 500 futures were down 19.00 points and the Nasdaq 100 futures were falling 57.75 points.
U.S. stocks closed higher on Tuesday. The Nasdaq inched up just 3 points or less than a tenth of a percent to 7,759.20. The Dow climbed 143.07 points or 0.6 percent to 24,919.66 and the S&P 500 rose 9.67 points or 0.4 percent to 2,793.84.
On the economic front, the Labor Department’s Producer Price Index Final Demand or PPI – FD for June will be published at 8.30 am et. The consensus is for 0.2 percent, down from 0.5 percent last month.
Atlanta Fed Business Inflation Expectations for July will be issued at 10.00 am ET. In the prior month, the Business Inflation Expectations were up 2.1 percent.
The Department of Commerce’s Wholesale Trade for May will be issued at 10.00 am ET. The consensus is for 0.5 percent, versus 0.1 percent a year ago.
The Energy Information Administration or EIA’s Petroleum Status report for the week will be revealed at 10.30 am ET. In the previous month the Crude oil inventories were 1.2 million barrels, while Gasoline inventories were down 1.5 million barrels.
10-year Treasury Note auction will be held at 1.00 pm ET.
New York Federal Reserve Bank President John Williams will participate in a discussion with Brooklyn business, community, education, and government leaders about issues related to the local economy and efforts around community and workforce development, in Brooklyn, NY, with audience Q&A at 4.30 pm ET.
Pfizer Inc. announced that it will organize the company into three businesses: a science-based Innovative Medicines business which will now include biosimilars and a new hospital business unit for anti-infectives and sterile injectables; an off-patent branded and generic Established Medicines business operating with substantial autonomy within Pfizer and a Consumer Healthcare business, which will include all of Pfizer’s over-the-counter medicines.
The changes will be effective at the beginning of the company’s fiscal year 2019. The company said the changes in its organizational structure are not expected to impact current capital allocation priorities or full year 2018 financial guidance.
Asian stocks succumbed to selling pressure and closed mostly down on Wednesday.
China’s Shanghai Composite index slumped 49.85 points or 1.76 percent to 2,777.77. Hong Kong’s Hang Seng index fell 370.56 points or 1.29 percent to 28,311.69.
Japanese shares ended lower to snap a three-day winning streak as fears about the global economic outlook due to the escalating trade war weighed on shippers and machinery makers.
The Nikkei average tumbled 264.68 points or 1.19 percent to 21,932.21 while the broader Topix index closed 0.83 percent lower at 1,701.88.
Australian shares closed lower. The benchmark S&P/ASX 200 index fell 42.50 points or 0.68 percent to 6,215.60 while the broader All Ordinaries index ended down 42.60 points or 0.67 percent at 6,300.20.
European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is falling 66.35 points or 1.21 percent. The German DAX is loosing 160.69 points or 1.28 percent, the U.K. FTSE 100 Index is declining 85.50 points or 1.12 percent. The Swiss Market Index is down 79.26 points or 0.90 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.21 percent.
by RTTNews Staff Writer
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