Wall Street Aims To Open In Positive Territory

Initial trends on the U.S. Futures Index on Wednesday suggest that Wall Street might open positive. Asian shares finished in negative territory, while European shares are trading higher.

Fed Monetary Policy announcement might be the focus on Wednesday.

As of 7.55 am ET, the Dow futures were up 89.00 points, the S&P 500 futures were adding 10.25 points and the Nasdaq 100 futures were progressing 28.50 points.

The U.S. major averages remained stuck in negative territory going into the close on Tuesday. The Dow fell 106.57 points or 0.3 percent to 34,517.73, the Nasdaq dipped 32.05 points or 0.2 percent to 13,678.19 and the S&P 500 slipped 9.58 points or 0.2 percent to 4,443.95.

On the economic front, the Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were up 4.0 million barrels, gasoline inventories were up 5.6 million barrels.

The FOMC meeting announcements will be released at 2.00 pm ET. The consensus is 0 bp, while it was up 25 bp in the prior period.

The Fed Chair Press Conference will be held at 2.30 pm ET.

The 4-month Treasury Bill auction will be held at 11.30 am ET.

Asian stocks declined on Wednesday. Chinese shares ended lower. The benchmark Shanghai Composite index dropped 0.52 percent to 3,108.57. Hong Kong’s Hang Seng index ended down 0.62 percent at 17,885.60.

Japanese shares fell notably. The Nikkei average fell 0.66 percent to 33,023.78 while the broader Topix index settled 1 percent lower at 2,406.

Australian markets fell for a third straight session amid selling in the mining, energy, and technology sectors. The benchmark S&P/ASX 200 index dropped 0.46 percent to 7,163.30 while the broader All Ordinaries index closed 0.45 percent lower at 7,361.90.

European shares are trading higher. CAC 40 of France is gaining 32.84 points or 0.33 percent. DAX of Germany is declining 16.95 points or 0.45 percent. FTSE 100 of England is progressing 97.45 points or 0.63 percent. The Swiss Market Index is up 73.39 points or 0.66 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.61 percent.

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