Wall Street Poised To Open Broadly Up

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

There are not many economic announcements today. Debt ceiling negotiations and New Residential Construction data might get attention on Wednesday.

As of 7.50 am ET, the Dow futures were up121.00 points, the S&P 500 futures were adding 13.75 points and the Nasdaq 100 futures were progressing 29.75 points.

The U.S. major averages finished lower on Tuesday. The Dow and the S&P 500 fell to new lows for the session going into the close of trading. The Dow slumped 336.46 points or 1.0 percent to 33,012.14, the S&P 500 slid 26.38 points or 0.6 percent to 4,109.90 and the Nasdaq dipped 22.16 points or 0.2 percent to 12,343.05.

On the economic front, the Commerce, and Housing & Urban Development department’s Housing Starts and Permits data for April will be published at 8.30 am ET. The consensus is 1.405 million, while it was up 1.420 million in the prior month.

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 up 3.0 million barrels, and the gasoline inventories were down 3.2 million barrels.

Twenty-year Treasury Bond Auction will be held at 1.00 pm ET.

Asian stocks ended mixed on Wednesday. China’s Shanghai Composite Index finished down 0.21 percent to 3,284.23.

Hong Kong’s Hang Seng index fell 2.09 percent to 19,560.57.

Japanese shares posted strong gains. The Nikkei average jumped 0.84 percent to 30,093.59. The broader Topix index settled 0.30 percent higher at 2,133.61.

Australian markets fell on Wednesday. The benchmark S&P/ASX 200 dropped 0.49 percent to 7,199.20 while the broader All Ordinaries index closed 0.47 percent lower at 7,389.30.

European shares are trading mostly lower. CAC 40 of France is down 3.30 points or 0.04 percent. DAX of Germany is gaining 61.40 points or 0.39 percent. FTSE 100 of England is falling 6.65 points or 0.09 percent. The Swiss Market Index is sliding 34.50 points or 0.30 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.13 percent.

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