Market Cautious, Set To Slip At Opening

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The initial trading at U.S. Futures Index points to lower opening for Wall Street. The market is cautiously reacting to latest geopolitical developments and commodity price movements. Producer price inflation and weekly jobless claims are the major economic announcements for the day. Asian stocks closed lower, and European shares are broadly in the red.

As of 6.45 am ET, the Dow futures were declining 53 points, the S&P 500 futures were down 10.00 3.75 points and the Nasdaq 100 futures were slipping 36.75 points.

U.S. stocks closed mostly lower on Wednesday. The Dow dipped 36.64 points or 0.2 percent to 22,048.70, the Nasdaq fell 18.13 points or 0.3 percent to 6,352.33 and the S&P 500 edged down 0.90 points or less than a tenth of a percent to 2,474.02.

On the economic front, the Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The economists are looking for consensus of 241K, up from 240K last week.

The Bureau of Labor Statistics’ Producer Price Index – Final Demand for July will be released at 8.30 am ET. The consensus is for growth of 0.1 percent from the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be issued at 10.30 am ET. The prior week report recorded 20 bcf.

30-year Treasury Notes auctions will be held at 1.00 pm ET.

Treasury Budget for July will be revealed at 2.00 pm ET. In the prior month, the index recorded a deficit of $90.2 billion.

Fed’s Money Supply for the week will be issued at 4.30 pm ET. The M2 Weekly change in the prior week was $12.2 billion.

Fed Balance Sheet for the week will be issued at 4.30 am ET. The prior week’s level was $4.467 trillion.

William Dudley, New York Federal Reserve Bank President, will deliver opening remarks and join a panel of New York Fed economists to answer questions after the presentation of the Economic Press Briefing on Wage Inequality in the Region, in New York at 10.00 am ET.

In the corporate sector, Glencore plc reported that its income before income taxes for the first half of 2017 was $2.87 billion, compared to loss of $698 million in the prior-year period. Net income attributable to equity holders of the parent was $2.45 billion or $0.17 per share, compared to net loss of $369 million or $0.03 per share in the same period last year. Revenue for the period grew to $100.29 billion from $69.43 billion in the previous year.

Asian shares finished in the red on Thursday. China’s Shanghai Composite index dropped 13.82 points or 0.42 percent to 3,261.75. Hong Kong’s Hang Seng index closed down 313.09 points or 1.13 percent at 27,444.

Japanese shares ended marginally lower. The Nikkei average edged down 8.97 points or 0.05 percent to close at 19,729.74 ahead of a long holiday weekend. The broader Topix index also closed marginally lower at 1,617.25.

Australian shares erased early gains to end marginally lower. Australia’s All Ordinaries declined 5.80 points or 0.10 percent.

European shares are trading mostly down. Among the major indexes in the region, the CAC 40 Index of France is down 92.36 points or 1.24 percent, the German DAX is losing 86.06 points or 0.71 percent, the U.K. FTSE 100 Index is slipping 93.07 points or 1.24 percent and the Swiss Market Index is declining 28.83 points or 0.32 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks, is declining 0.59 percent.

by RTT Staff Writer

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2017-08-10 07:22:06

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