Wall Street Might Open Moderately Up

Early signs from the U.S. Futures Index suggest that Wall Street might open moderately positive.

Asian shares closed mostly down, while European shares are trading higher.

Reports on private sector employment, service sector activity, and factory orders might get attention on Wednesday. Major fed talks are also scheduled today.

As of 7.40 am ET, the Dow futures were up 34.00 points, the S&P 500 futures were adding 5.25 points, and the Nasdaq 100 futures were progressing 15.25 points.

The U.S. major averages posted steep losses at the closing on Tuesday. The Dow slumped 430.97 points or 1.3 percent to 33,002.38, the Nasdaq plunged 248.31 points or 1.9 percent to 13,059.47 and the S&P 500 tumbled 58.94 points or 1.4 percent to 4,229.45.

On the economic front, the Automated Data Processing Inc. or ADP Employment Report for September will be released at 8.15 am ET. The consensus is 150,000, while it was up 177,000 in August.

The PMI Composite Final for September will be revealed at 9.45 am ET. The composite consensus is 50.1 and the services consensus is 50.2.

The Factory Orders for August will be issued at 10.00 am ET. The consensus is up 0.2 percent, while it was down 2.1 percent in the prior month.

The ISM Services Index for September will be published at 10.00 am ET. The consensus is 53.5, while it was up 54.5 in August.

The Energy Information Administration or EIA’s Petroleum Status report for the week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were down 2.2 million barrels. The gasoline inventories were up 1.0 million barrels.

St. Louis Fed Interim President Kathleen O’Neill Paese will give welcome remarks before the 2023 Community Banking Conference hosted by the Federal Reserve Bank of St. Louis at 10.00 am ET.

Kansas City Fed President Jeffrey Schmid will address 2023 Community Banking Conference hosted by the Federal Reserve Bank of St. Louis at 10.05 am ET.

Fed Governor Michelle Bowman wil speak on “The Role of Research, Data and Analysis in Banking Reforms” before the 2023 Community Banking Conference hosted by the Federal Reserve Bank of St. Louis at 10.25 am ET.

Chicago Fed President Austan Goolsbee will speak before the Chicago Payments Symposium hosted by the Federal Reserve Bank of Chicago at 10.30 am ET.

Goolsbee will moderate a discussion before the Federal Reserve Bank of Chicago’s Annual Financial Markets Group Fall Conference at 3.00 pm ET.

Asian stocks finished mostly lower on Wednesday.

Chinese markets remained closed for the Golden Week holiday. Hong Kong’s Hang Seng index dropped 0.78 percent to 17,195.84.

Japanese shares slumped. The Nikkei average tumbled 2.28 percent to 30,526.88, while the broader Topix index settled 2.49 percent lower at 2,218.89.

Australian markets hit 11-month lows. The benchmark S&P ASX 200 fell 0.77 percent to 6,890.20 while the broader All Ordinaries index closed 0.82 percent lower at 7,082.20.

European shares are trading higher. CAC 40 of France is progressing 27.77 points or 0.40 percent. DAX of Germany is adding 31.15 points or 0.21 percent. FTSE 100 of England is gaining 0.30 points or 0.00 percent. The Swiss Market Index is climbing 38.98 points or 0.36 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.37 percent.

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