Wall Street Poised To Open On Negative Territory

The pre-market trend on U.S. Futures Index suggests that Wall Street might open mostly on a negative territory.

As of 8.00 am ET, the Dow futures were down 135.00 points, the S&P 500 futures were declining 22.00 points and the Nasdaq 100 futures were sliding 104.25 points.

New Home Sales of August might get special attention on Friday along with remarks by Fed Chair Jerome Powell and several other Fed officials.

Asian shares finished mixed, while European shares are trading down.

The U.S. major averages remained firmly positive at the close on Thursday. The Dow soared 506.50 points or 1.5 percent to 34,764.82, the Nasdaq jumped 155.40 points or 1 percent to 15,052.24 and the S&P 500 surged up 53.34 points or 1.2 percent to 4,448.98.

On the economic front, the Commerce and the Housing and Urban Development Department’s New Home Sales for August will be issued at 10.00 am ET. The consensus is for 708K, while it was up 708K in the prior month.

Cleveland Federal Reserve Bank President Loretta Mester to speak virtually before the Ohio Bankers League “Bouncing Back in the Post-Pandemic Economy” 2021 CEO Symposium at 8.45 am ET.

Kansas City Federal Reserve Bank President Esther George to speak on the economic and monetary policy outlook before the virtual American Enterprise Institute event at 10.00 am ET.

Federal Reserve Chairman Jerome Powell to give opening remarks before the virtual “Fed Listens: Perspective on the Pandemic Recovery” event at 10.00 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic to speak on “From Policy to Progress: Partnering to Create Equitable Community Development” and participates in a moderated question-and-answer session before the Lincoln Institute of Land Policy event at 12.00 pm ET.

Baker Hughes Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North America rig count was 666 and the U.S. rig count was 512.

Asian shares finished mixed on Friday. The beleaguered Evergrande property group’s shares at the Hong Kong Stock Exchange dropped more than 11 percent. China’s Shanghai Composite Index lost 29.15 points or 0.80 percent to finish at 3,613.

The Hang Seng Index of the Hong Kong Stock Exchange lost 318.82 points or 1.30 percent from the previous close to finishing trading at 24,192.16. The day’s high was at 24,636.64 and low at 24,095.79.

The Japanese benchmark Nikkei 225 gained 609.41 points or 2.06 percent from the previous close to end Friday’s trading at 30,248.81.

Australia’s S&P/ASX200 closed trading at 7,342.60 after dropping 27.60 points or 0.37 percent. The index is currently 3.80 percent below its 52-week high of 7632.80.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 67.31 points or 1.01 percent. The German DAX is losing 120.41 points or 0.77 percent, the U.K. FTSE 100 Index is sliding 18.14 points or 0.26 percent.

The Swiss Market Index is declining 122.76 points or 1.03 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.93 percent.

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