Wall Street Might Open Broadly Up

The consumer price inflation data, while the minutes of the latest Federal Reserve meeting might get attention on Wednesday.

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

As of 7.30 am ET, the Dow futures were up 70.00 points, the S&P 500 futures were adding 5.25 points and the Nasdaq 100 futures were declining 2.00 points.

The U.S. major averages finished lower on Tuesday. The S&P 500 closed nearly flat, down just 0.17 points or less than a tenth of a percent at 4,108.94, while the tech-heavy Nasdaq fell 52.48 points or 0.4 percent to 12,031.88.

On the economic front, the Labor Department’s Consumer Price Index or CPI for March will be issued at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was up 0.4 percent in the previous month.

Atlanta Fed Business Inflation Expectations for April will be revealed at 10.00 am ET. In the prior month, the expectations were up 3.1 percent.

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 3.7 million barrels, and the Gasoline Inventories were down 4.1 million barrels.

Ten-year Treasury Note Auction will be held at 1.00 pm ET.

The Federal Open Market Committee or FOMC minutes will be released at 2.00 pm ET.

Asian stocks eked out modest gains on Wednesday. Chinese shares rose. The benchmark Shanghai Composite index edged up 0.41 percent to 3,327.18 while Hong Kong’s Hang Seng index fell 0.86 percent to 20,309.86.

Japanese stocks advanced. The Nikkei average climbed 0.57 percent to 28,082.70 while the broader Topix index closed 0.76 percent higher at 2,006.92.

Australian markets closed higher for a second straight session.

The benchmark S&P/ASX 200 rose 0.47 percent to 7,343.90, marking its highest closing level since March 7. The broader All Ordinaries index settled 0.46 percent higher at 7,538.90.

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