Wall Street Aims To Open Broadly Higher

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

Asian shares finished mostly higher, while European shares are trading mostly higher.
PMI Index for August, ISM Manufacturing Index for August as well as Construction spending for July are the important economic announcement on Tuesday.

As of 8.10 am ET, the Dow futures were declining 24.00 points, the S&P 500 futures were progressing 6.75 points and the Nasdaq 100 futures were gaining 106.00 points.

The major U.S. indices closed lower on Monday. Dow ended down 223.82 points or 0.78 percent at 28,430.05. The S&P 500 settled with a loss of 7.70 points or 0.22 percent at 3,500.31, while the tech-laden Nasdaq climbed 79.82 points or 0.68 percent to 11,775.46.

On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were up 0.6 percent.

The Markit Economics’ Purchasing Managers’ Manufacturing Index or PMI for August will be published at 9.45 am ET. The consensus is for 53.6, while it was 50.9 9 in the prior month.

Institute for Supply Management’s Manufacturing Index for August is scheduled at 10.00 am ET. The consensus is for 54.5, slightly up from $54.2 in the prior month.
The Commerce Department’s Construction Spending for July will be published at 10.00 am ET. The consensus is for an increase of 1.0 percent, while it was down 0.7 percent in June.

Member of the Federal Reserve Board of Governors Lael Brainard will speak at a Brookings event on “How the Fed will respond to the COVID-19 recession in an era of low rates and low inflation” that will include Fed ex-chairs Ben Bernanke and Janet Yellen and other former Fed officials.

Asian stocks ended mixed on Tuesday. Chinese shares eked out modest gains. The benchmark Shanghai Composite index edged up 14.93 points, or 0.44 percent, to 3,410.61, while Hong Kong’s Hang Seng index ended marginally higher at 25,184.85.

Japanese shares ended on a flat note. The Nikkei average edged down 1.69 points to 23,138.07, while the broader Topix index closed 0.15 percent lower at 1,615.81.

Australian markets fell for a third straight session after regulators in China placed another hurdle in front of Australian winemakers. The benchmark S&P/ASX 200 index hit a four-week low before ending the session down 107.10 points, or 1.77 percent, at 5,953.40, dragged down by financials and miners.

The broader All Ordinaries index ended down 102.70 points, or 1.64 percent, at 6,143.20.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 6.42 points or 0.13 percent. The German DAX is adding 55.51 points or 0.43 percent, the U.K. FTSE 100 Index is declining 77.34 points or 1.29 percent.

The Swiss Market Index is adding 125.88 points or 1.24 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.41 percent.

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