Wall Street Poised To Open In Negative Territory

A slew of economic announcements might be of importance on Thursday. The reaction to the Fed announcement, Jobless Claims, Retail Sales, and Industrial Production might be reflected in today’s trading.

There might be a surge in COVID-19 this winter holiday season, the White House warned. Meanwhile, reports said the pandemic is increasing in China, despite the nation’s drive to control it.

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

As of 7.10 am ET, the Dow futures were down 249.00 points, the S&P 500 futures were sliding 39.00 points and the Nasdaq 100 futures were down 147.00 points.

The U.S. major averages finished Wednesday’s session in the red. The Dow fell 142.29 points or 0.4 percent to 33,966.35, the Nasdaq slid 85.93 points or 0.8 percent to 11,170.89 and the S&P 500 dropped 24.33 points or 0.6 percent to 3,995.32.

On the economic front, the Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The consensus is 230K, while it was up 230K in the prior week.

Philadelphia Fed Manufacturing Index for December will be released at 8.30 am ET. The consensus is for a decline of 9.9, while it was down 19.4 in the prior month.

The Commerce Department’s Retail Sales for November will be issued at 8.30 am ET. The consensus is negative 0.2 percent, while it grew 1.3 percent in October.

The Empire State Manufacturing Index for December is scheduled at 8.30 am ET. The consensus is a decline of 0.4, while it was up 4.5 in the prior month.

The Fed Industrial Production for November will be revealed at 9.15 am ET. The consensus is for 0.1 percent increase, while it was down 0.1 percent in October.

The Commerce Department’s Business Inventories for October are expected at 10.00 am ET. The consensus is for growth of 0.4 percent, while it was up 0.4 percent in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the gas stock was down 21 bcf.

Five-year Treasury Inflation-Protected Securities or TIPS is expected at 11.00 am ET. Twenty-year Treasury Bond auction will be held at 11.00 am ET.

Treasury International Capital for October will be revealed at 4.00 pm ET. In the prior month, the Net long-term securities transactions were $118 billion.

The Fed Balance Sheet for the week will be expected at 4.30 pm ET. In the prior week the level was at $8.583 trillion.

Asian markets traded lower on Thursday. China’s Shanghai Composite Index dropped 8 points or 0.25 percent to finish at 3,168.65.

The Japanese benchmark Nikkei 225 lost 105 points or 0.37 percent and finished trading at 28,051.70.

The Hang Seng Index of the Hong Kong Stock Exchange shed 305 points or 1.55 percent from the previous close to finish trading at 19,368.59. The day’s trading range was between a high of 19,675.68 and a low of 19,233.86.

Australia’s S&P/ASX200 closed trading at 7,204.80 after losing 47 points or 0.64 percent.

European shares are trading lower. CAC 40 of France is down 68.89 points or 1.03 percent. DAX of Germany is declining 152.25 points or 1.06 percent. FTSE 100 of England is down 31.46 points or 0.42 percent. The Swiss Market Index is sliding 96.43 points or 0.87 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.18 percent.

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