Wall Street Might Open Broadly Lower

A slew of economic announcements might be the highlight on Thursday. The weekly jobless claims, personal income, and spending and manufacturing activity might get attention on the day.

Investors are keen to know more about the slowing of the pace of the rate hikes as Federal Reserve Chair Jerome Powell hinted about it.

In response to a nationwide call out to lift COVID-19 lockdowns, China might relax restrictions.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly down.

Meanwhile, Asian shares as well as European shares finished higher.

As of 7.00 am ET, the Dow futures were down 33.00 points, the S&P 500 futures were adding 0.50 points and the Nasdaq 100 futures were declining 8.00 points.

The U.S. major averages ended Wednesday’s session significantly higher. The Dow jumped 737.24 points or 2.2 percent to 34,589.77, the Nasdaq soared 484.22 points or 4.4 percent to 11,468.00, and the S&P 500 spiked 122.48 points or 3.1 percent to 4,080.11.

On the economic front, the Labor Department’s Jobless Claims for the week is scheduled at 8.30 am ET. The consensus is 238K, while it was up 240K in the prior week.

The Commerce Department’s Personal Income and Outlays for October will be released at 8.30 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.4 percent in September.

The Purchasing Managers’ Manufacturing Final Index or PMI for November will be issued at 9.45 am ET. The consensus is 47.6.

The Institute for Supply Management or ISM Manufacturing Index for November is expected at 10.00 am ET. The consensus is 49.9, while it was up 50.2 in the prior month.

The Commerce Department’s Construction Spending for October will be revealed at 10.00 am ET. The consensus is down 0.1 percent, while it was up 0.2 percent in September.

The Energy Information Administration or EIA’s Natural Gas Report for the week is scheduled at 10.30 am ET. In the prior week, the gas stock was down 80 bcf.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $8.621 trillion.

Dallas Federal Reserve Bank President Lorie Logan will participate in moderated question-and-answer session hosted by the Dallas Breakfast Group at 9.25 am ET.

Federal Reserve Board Governor Michelle Bowman will participate in virtual discussion before the KBW CEO Strategy Forum at 9.30 am ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will give opening remarks before virtual 2022 Center for Indian Country Development Research Summit at 10.00 am ET.

Asian stocks gained on Thursday. China’s Shanghai Composite index rose 0.45 percent to 3,165.47.

The relaxing of some anti-COVID measures in China also boosted hopes that China would soon reopen its economy. Hong Kong’s Hang Seng index hit a two-month higher before closing 0.75 percent higher at 18,736.44.

Japanese shares posted strong gains. The Nikkei average rose 0.92 percent to 28,226.08. The broader Topix index finished marginally higher at 1,986.46.

Australian markets rose for a third straight session. The benchmark S&P/ASX 200 climbed 0.96 percent to 7,354.40 while the broader All Ordinaries index gained 0.98 percent to settle at 7,554.

European shares are trading higher. CAC 40 of France is gaining 10.52 points or 0.16 percent. DAX of Germany is adding 144.03 points or 1.01 percent. FTSE 100 of England is progressing 9.19 points or 0.13 percent. The Swiss Market Index is up 127.49 points or 1.15 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.59 percent.

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