Futures Projects Wall Street To Be Positive At Opening

The Pending Home sales, Mortgage Applications, and the Red book data are the major economic announcement on Wednesday. The market is still in a subdued in its activity. Asian shares finished broadly higher. Following the long holidays, European markets are mostly higher trading at its early trading.

Initial cues from U.S. Futures suggest that Wall Street might open on a positive note.

As of 6.40 am ET, the Dow futures were adding 3 points, the S&P 500 futures were up 2.00 points and the Nasdaq 100 futures were progressing 3.25 points.

U.S. stocks closed modestly lower on Tuesday following the long holidays. The Dow edged down 7.85 points or less than a tenth of a percent to 24,746.21, the Nasdaq fell 23.71 points or 0.3 percent to 6,936.25 and the S&P 500 dipped 2.84 points or 0.1 percent to 2,680.50.

On the economic front, the Mortgage Bankers’ Association’s Mortgage Applications for the week will be published at 7.00 am ET. In the prior week, the Composite Index was down 4.9 percent.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. The previous week’s store sales were up 4.4 percent.

The Conference Board’s Consumer Confidence for December will be released at 10.00 am ET. The economists are looking for a consensus of 128.0, down from 129.5.

The Pending Home Sales Index for November is expected at 10.00 am ET. The consensus is for 0.5 percent, compared to 3.5 percent in September.

Two year Treasury Floating Rate Note auction will be held at 11.30 am, while the 5-year Note auction will be at 1.00 pm ET.

Asian markets ended mostly higher on Wednesday.

China’s Shanghai composite index finished down 30.34 points or 0.92 percent. Hong Kong’s Hang Seng edged up 19.65 points or 0.07 percent.

The Japanese benchmark Nikkei 225 ended down 18.52 points or 0.08 percent, at 22,911.21, after touching a low of 22,854.39 and a high of 22,936.16 intraday.
In the Australian market,…

Article Source…

Leave a Reply

Your email address will not be published. Required fields are marked *