Wall Street Might Be Broadly Down At Open, Investors To Focus On Fed Chair Comments

Fed Chair Jerome Powell’s speeches and interactions today might get special attention. Investors are eagerly watching for signals of interest rate changes.

Among the economic announcements, the U.S. manufacturing activity reports might be notable.

Gold is trending up, while Oil prices are sliding, as there is an uncertainty over OPEC+ output reductions.

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

As of 7.05 am ET, the Dow futures were up 50.00 points, the S&P 500 futures were declining 1.75 points and the Nasdaq 100 futures were trending down 31.50 points.

The U.S. major averages finished mixed. The Dow jumped 520.47 points or 1.5 percent to 35,950.89 and the S&P 500 rose 17.22 points or 0.4 percent to a three-month closing high of 4,567.80.

The Nasdaq closed down 32.27 points or 0.2 percent to 14,226.22.
On the economic front, the PMI Manufacturing Final data will be published at 9.45 am ET.

The ISM Manufacturing Index for November is scheduled at 10.00 am ET. The consensus is for an increase of 47.5, while it was up 46.7 in October.

The Construction Spending for October will be released at 10.00 am ET. The consensus is up 0.3 percent, while it was up 0.4 percent in the previous month.

The Baker Hughes Rig Count for the week is expected at 1.00 pm ET. In the prior week, the North America rig count was 819 and the U.S. rig count was 622.

Chicago Fed President Austan Goolsbee will participate in a moderated question-and-answer session before the 37th Annual Economic Outlook Symposium hosted by the Chicago Fed at 11.00 am ET.

Powell will participate in various discussions today, including an interaction at 2.00 pm during a visit to Spelman College. Investors are eagerly watching for signals of interest rate changes.

Fed Governor Lisa Cook to visit Spelman College and participate in roundtable at
2.00 pm ET.

Asian stocks ended broadly higher on Friday. China’s Shanghai Composite Index finished marginally higher at 3,031.64. Hong Kong’s Hang Seng index fell 0.81 percent to 16,855.83.

Japanese markets edged lower. The Nikkei average slipped 0.17 percent to 33,431.51 while the broader Topix index settled 0.32 percent higher at 2,382.52.
Australian markets finished positive. The benchmark S&P/ASX 200 dropped 0.20 percent to 7,073.20. The broader All Ordinaries index ended up 39.30 points or 0.54 percent at 7,285.10.

European shares are trading positive on Friday. The CAC 40 of France is climbing 0.42 percent at 7341.40. The DAX of Germany is adding 370.21 points or 2.32 percent at 16,337.48.

The FTSE 100 of the U.K. is gaining 48.88 points or 0.66 percent at 7502.73. The Swiss Market Index of Switzerland is progressing 52.88 points or 0.49 percent at 10,907.25.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.73 percent.

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