Futures Suggest That Wall Street Might Open In Negative

Wednesday’s market might be influenced by economic announcements such as payroll processor ADP’s report on private-sector employment and Fed speeches.

Asian shares were mostly down and the European shares are trading lower.

Initial signs from the U.S. Futures Index suggest that Wall Street might open lower.

As of 7.45 am ET, the Dow futures were sliding 170.00 points, the S&P 500 futures were down 15.00 points and the Nasdaq 100 futures were sliding 46.75 points.

The U.S. major averages finished Tuesday’s session off their best levels of the day but still firmly positive. The Dow climbed 185.28 points or 0.6 percent to 29,823.92, the Nasdaq surged up 156.37 points or 1.3 percent to 12,355.11 and the S&P 500 jumped 40.82 points or 1.1 percent at 3,662.45.

On the economic front, Automatic Data Processing or ADP’s Employment Report for November will be issued at 8.15 am ET. The consensus is for 420,000, while it was 365,000 in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report will be published at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 0.8 million barrels and Gasoline Inventories were up 2.2 million barrels.
The Beige Book, the report on economic conditions is used at FOMC meetings, will be released at 2.00 pm ET.

Federal Reserve Chairman Jerome Powell will testify on the Quarterly CARES Act Report to Congress before the House Financial Services Committee, live via Webcast at 10.00 am ET.

Federal Reserve Bank of New York President John Williams will make Opening and Closing Remarks in Session 2 of the “New York Fed Webinar Series on Culture – Trust and Decision-Making” at 9.00 am ET.

Asian stocks ended little changed on Wednesday as investors booked profits after record November. Chinese shares also ended little changed. The benchmark Shanghai Composite index slipped 2.56 points to 3,449.38, while Hong Kong’s Hang Seng index dropped 35.10 points, or 0.13 percent, to 26,532.58.

Japanese shares ended slightly up. The Nikkei average ended up 13.44 points at 26,800.98, while the broader Topix index closed 0.32 percent higher at 1,773.97.
Australian markets finished on a flat note. The benchmark S&P/ASX 200 index inched up 1.70 points to 6,590.20, while the broader Ordinaries index finished marginally lower at 6,811.30.

European shares are trading mostly down. Among the major indexes in the region, the German DAX is losing 59.19 points or 0.43 percent, the U.K. FTSE 100 Index is gaining 22.10 points or 0.34 percent.

The Swiss Market Index is sliding 15.88 points or 0.15 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.36 percent.

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