Wall Street Aims To Open Broadly Lower

Fed Chairman Jerome Powell’s testimony before the Senate Banking Committee later in the day might get much attention on Tuesday. Earnings reports also will be watched by the investors.

Initial signs from the U.S. Futures Index point to a broadly lower opening for Wall Street.

Asian shares finished mostly positive, while European shares are trading lower.

As of 7.25 am ET, the Dow futures were adding 17.00 points, the S&P 500 futures were down 14.75 points and the Nasdaq 100 futures were sliding 181.25 points.

After falling by more than 200 points in early trading, the Dow edged up 27.37 points or 0.1 percent to 31,521.69. Meanwhile, the Nasdaq plunged 341.42 points or 2.5 percent to 13,533.05 and the S&P 500 slid 30.21 points or 0.8 percent to 3,876.50.

On the economic front, Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were up 4.0 percent.

Case-Shiller Home Price Index for December will be issued at 9.00 am ET. The consensus is for an increase of 0.9 percent, while it was up 1.4 percent in the prior month.

The Federal Housing Finance Agency’s House Price Index or HPI for December will be published at 9.00 am ET. The consensus is for an increase of 0.8 percent, while it was up 1.0 percent in the previous month.

The Conference Board’s Consumer Confidence report for February is scheduled at 10.00 am ET. The consensus is for 89.7, while it was up 89.3 in the previous month.

Federal Reserve Bank of Richmond’s Manufacturing Index for February is expected at 10.00 am ET. The consensus is for 14, while it was up 14 in January.

Two-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Money Supply will be revealed 1.00 pm ET.

Federal Reserve Chairman Jerome Powell will testify on the Semiannual Monetary Report to Congress before the virtual hearing of the Senate Banking Committee at 10.00 am ET.

Asian stocks ended mostly higher on Tuesday. Chinese stocks ended lower. Shanghai Composite index slipped 6.09 points, or 0.17 percent, to 3,636.36 while Hong Kong’s Hang Seng index rose 312.81 points, or 1.03 percent, to 30,632.64 on optimism about economic recovery.

Japanese markets were closed on account of the Emperor’s Birthday.

Australian markets ended notably higher. The benchmark S&P/ASX 200 index climbed 58.30 points, or 0.86 percent, to 6,839.20. The broader All Ordinaries index ended up 49.20 points, or 0.70 percent, at 7,110.80.

European shares are trading lower. Among the major indexes in the region, the German DAX is losing 147.69 points or 1.06 percent, the U.K. FTSE 100 Index is down 17.39 points or 0.26 percent.

The Swiss Market Index is declining 118.75 points or 1.11 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.65 percent.

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