Wall Street Might Open Slightly Down

A slew of economic announcements, especially second quarter GDP, Employment Report as well as Corporate Profits, might be the focus on Wednesday morning trade.

Asian shares finished mostly up, while European shares are trading lower
Early signs from the U.S. Futures Index suggest that Wall Street might open lower on Wednesday.

As of 7.34 am ET, the Dow futures were declining 3.00 points, the S&P 500 futures were sliding 3.50 points and the Nasdaq 100 futures were down 21.00 points.

ADP Employment report for August will be issued at 8.15 am ET. The consensus is 200,000, while it was up 324,000 in the prior month.

Second Quarter Gross Domestic Product will be released at 8.30 am ET. The consensus is for an increase of 2.4 percent, while it was up 2.4 percent in the previous quarter.

International Trade in Goods (advance) for July will be issued at 8.30 am ET. The consensus is for a deficit of $90.8 billion compared to deficit of $88.8 billion in June.

The Corporate Profits for the second quarter is expected at 8.30 am ET. In the prior quarter, the after-tax profits were down 5.1 percent.

Retail Inventories for July is scheduled at 8.30 am ET. In the prior month, the inventories were up 0.7 percent.

Wholesale Inventories (Advance) for July is expected at 8.30 am ET. In the prior month, the inventories were down 0.3 percent.

The pending Home Sales Index for July will be published at 10.00 am ET. The consensus is for a decline of 0.4 percent, while it was up 0.3 percent in the prior month.

The State Street Investor Confidence Index for August will be published at 10.00 am ET. In the prior month, the Index was at 96.2.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the crude oil inventories were down 6.1 million barrels, and the gasoline inventories were up 1.5 million.

Survey of Business Uncertainty for August will be released at 11.00 am ET. In the prior month, the sales growth was up 4.32 percent.

Asian stocks hit two-week highs on Wednesday. China’s Shanghai Composite index fluctuated before ending marginally higher at 3,137.14.

Hong Kong’s Hang Seng index finished marginally lower at 18,482.86.

Japanese shares eked out modest gains. The Nikkei average rose 0.33 percent to 32,333.46. The broader Topix index settled 0.43 percent higher at 2,313.38.

Australian markets rallied to reach a two-week high. The benchmark S&P ASX 200 climbed 1.21 percent to 7,297.70 while the broader All Ordinaries index closed 1.22 percent higher at 7,506.80.

European shares are trading mostly lower. The major index in the region, the CAC 40 Index of France is declining 25.21 points or 0.34 percent. The German DAX is down 56.75 points or 0.36 percent, the U.K. FTSE 100 Index is gaining 24.55 points or 0.32 percent.

The Swiss Market Index is declining 4.91 points or 0.04 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is declining 0.33 percent.

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