July 18, 2024

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Wall Street Poised To Start Broadly Lower

2 min read

Initial cues from the U.S. Futures Index suggest that Wall Street might open broadly lower on Monday.

Retail sales, industrial production, housing starts reports and existing home sales might get attention this week.

As of 8.05 am ET, the Dow futures were declining 54.00 points, the S&P 500 futures were down 0.25 points and the Nasdaq 100 futures were progressing 35.50 points.

The U.S. major averages finished broadly down on Friday. The Nasdaq crept up 21.32 points or 0.1 percent to 17,688.88, the S&P 500 edged down 2.14 points or less than a tenth of a percent to 5,431.60 and the Dow dipped 57.94 points or 0.2 percent to 38,589.16.

On the economic front, the Empire State Manufacturing Index for June will be issued at 8.30 am ET. The consensus is minus 10.5, while it was minus 15.6 in May.

The three-month Treasury Bill auction, and the six-month Treasury bill auction will be held at 11.30 am ET.

Philadelphia Fed President Patrick Harker will speak on the economic outlook before the Global Interdependence Center 42nd Annual Monetary and Trade Conference at 1.00 pm ET.

Asian stocks ended lower on Monday. Chinese stocks fell. The benchmark Shanghai Composite index dropped 0.55 percent to 3,015.89 while Hong Kong’s Hang Seng index finished marginally lower at 17,936.12 after a choppy session.

Japanese markets led regional losses. The Nikkei average slumped 1.83 percent to 38,102.44 while the broader Topix index settled 1.70 percent lower at 2,700.01.

Australian stocks ended modestly lower, dragged down by mining and energy stocks. The benchmark S&P/ASX 200 slid 0.31 percent to 7,700.30 while the broader All Ordinaries index closed 0.39 percent lower at 7,943.60.

European shares are trading mostly up. Among the major indexes in the region, the CAC 40 Index of France is adding 32.59 points or 0.43 percent. The German DAX is progressing 54.64 points or 0.30 percent, the U.K. FTSE 100 Index is gaining 1.85 points or 0.02 percent.

The Swiss Market Index is down 43.05 points or…

2024-06-17 08:28:39

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