Earnings news might be the focus on Tuesday. Investors are alert as Johnson & Johnson said it has paused COVID-19 vaccine trials due to an unexplained illness in a volunteer. Developments in Washington on the new stimulus bill is getting special attention.
Initial signs from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished broadly higher, while European shares are trading mostly higher.
As of 8.10 am ET, the Dow futures were down 109.00 points, the S&P 500 futures were declining 4.00 points and the Nasdaq 100 futures were sliding 47.50 points.
The U.S. major averages gave back some ground in the latter part of the trading day but remained firmly positive. The Dow advanced 250.62 points or 0.9 percent to 28,837.52, the Nasdaq spiked 296.32 points or 2.6 percent to 11,876.26 and the S&P 500 jumped 57.09 points or 1.6 percent to 3,534.22.
On the economic front, the Labor Department’s Consumer Price Index or CPI for September will be issued at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.4 percent in August.
The Redbook data, a weekly measure of comparable store sales at chains stores, discounters, and department stores, will be released at 8.55 am. In the prior week, the Store sales were up 2.1 percent.
The Treasury Department’s Treasury Statement for September will be available at 2.00 pm ET. The consensus is for a deficit of $115 billion, while the deficit was $200.1 billion in the prior month.
Richmond Federal Reserve Bank President Thomas Barkin will speak about “Early Childhood Education: Now More Than Ever” at the virtual Virginia Early Childhood Foundation/Virginia Chamber of Commerce 7th Annual Executive Briefing at 12.25 pm ET.
San Francisco Federal Reserve Bank President Mary Daly will speak about “Is the Federal Reserve Contributing to Economic Inequality?” at a University of California, Irvine, School of Social Sciences virtual event at 8.00 pm ET.
Asian stocks ended mostly higher on Tuesday. Chinese shares recovered from an early slide to finish marginally higher. Trading in Hong Kong was suspended due to Typhoon Nangka.
Japanese shares rose on the day. Japan is reportedly expecting its new Prime Minister Yoshihide Suga to order to compile extra economic stimulus measures as early as in November.
The Nikkei average edged up 43.09 points, or 0.18 percent, to 23,601.78, while the broader Topix index closed 0.35 percent higher at 1,649.10.
Australian markets rose sharply and hit a near two-month high. The benchmark S&P/ASX 200 index climbed 63.70 points, or 1.04 percent, to 6,195.70, while the broader All Ordinaries index ended up 57.10 points, or 0.90 percent, at 6,400.20.
European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 34.87 points or 0.71 percent. The German DAX is losing 83.88 points or 0.64 percent, the U.K. FTSE 100 Index is sliding 13.90 points or 0.23 percent.
The Swiss Market Index is adding 27.46 points or 0.61 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 8.72 points or 0.89 percent.
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