June 23, 2024

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Wall Street Might Open Lower

2 min read

A slew of U.S. economic data, including weekly jobless claims, durable goods orders, third quarter GDP as well as reports and pending home sales.

Early signs from the U.S. Futures Index suggest that Wall Street might open lower. Asian shares finished lower, while European shares are trading down.

IBM Corp. (IBM) and Facebook parent Meta Platforms (META) might report earnings after the bell.

As of 7.45 am ET, the Dow futures were down 147.00 points, the S&P 500 futures were declining 31.50 points and the Nasdaq 100 futures were sliding 147.50 points.

The Nasdaq tumbled 318.65 points or 2.4 percent to 12,821.22, reflecting its worst day since February. The S&P 500 also slumped 60.91 points or 1.4 percent to 4,186.77, its lowest closing level in almost five months, while the narrower Dow fell 105.45 points or 0.3 percent to 33,035.93.

On the economic front, the Durable Goods Orders of September will be published at 8.30 am ET. The consensus is for growth of 1.0 percent, while it was up 0.2 percent in the prior month.

Third Quarter GDP will be issued at 8.30 am ET. The consensus is 4.2 percent, while it was up 2.1 percent in the previous month.

The International Trade in Goods (Advance) for September will be released at 8.30 am ET. The consensus is for a deficit of $85.4 billion, compared to deficit of $84.6 billion a year ago.

The Jobless Claims for the week are expected at 8.30 am ET. The consensus is 208K, while it was up 198K in the prior week.

The Retail Inventories (Advance) of September is scheduled at 8.30 am ET. In August, the growth was 1.1 percent.

The Wholesale Inventories (Advance) for September will be published at 8.30 am ET. The consensus is up 0.1 percent, while it was down 0.1 percent in the prior month.

The Pending Home Sales Index for September is expected at 10.00 am ET. The consensus is down 1.0 percent, while it was down 7.1 percent in August.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be released at 10.30…



2023-10-26 08:06:32

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