Wall Street Poised To Open Lower

The market might be reacting to the Bank of England’s decision to hold rates, but hinting about a hike in future. The initial trading on the U.S. Futures Index suggests that Wall Street might open lower on Thursday. Asian shares closed broadly lower and European shares are trading in the red.

As of 7.15 am ET, the Dow futures were down 5.00 points, the S&P 500 futures were declining 1.75 points and the Nasdaq 100 futures were down 7.75 points.

U.S. stocks closed moderately higher on Wednesday, after bouncing back and forth across the day. The Dow rose 39.32 points or 0.2 percent to 22,158.18, the Nasdaq inched up 5.91 points or 0.1 percent to 6,460.19 and the S&P 500 edged up 1.89 points or 0.1 percent to 2,498.37.

On the economic front, the Labor Department’s Consumer Price Index for August will be issued at 8.30 am ET. The economists are looking for consensus of 0.3 percent, while it grew 0.1 percent in the previous period.

Jobless claims for the week will be released at 8.30 am ET. The consensus is for 302 K, up from 298K a week ago.

The Energy Information Administration (EIA) that provides weekly information on natural gas stocks in underground storage for the U.S. and five regions of the country, will be issued at 10.30 am ET. In the previous week the stock was 65 bcf.
Treasury’s 10-year inflation-indexed securities or TIPS auction will be held at 11.00 am ET.

The Fed’s Money Supply for the week is expected at 4.30 pm ET. The M2 weekly change was $7.6 billion.

In the corporate sector, BASF SE, the German maker of herbicides, is bidding for a package of seed and chemical assets that Bayer AG needs to divest as part of its planned $66 billion takeover of seed maker Monsanto Co., Bloomberg reported, citing people familiar with the matter.

Morrison Supermarkets plc reported higher profit in its first half with increased like for like sales. For the first half, profit before tax climbed 40 percent to 200 million pounds from last year’s 143 million pounds….

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