Wall Street Sees Red At Opening

New Homes Data as well as corporate earnings are the focus on Wednesday.

The market is closely watching President Donald Trumps meeting with European Union Chief at the White House.

As of 7.45 am ET, the Dow futures were down 100.00 points, the S&P 500 futures were declining 5.75 points and the Nasdaq 100 futures were losing 7.25 points.

U.S. Futures are pointing to a lower opening for Wall Street. Asian shares finished mixed, while European shares are trading lower.

U.S. stocks finished mostly higher. The Dow climbed 0.8 percent and the S&P 500 gained half a percent while the tech-heavy Nasdaq Composite finished marginally lower.

On the economic front, the Commerce Department and the Housing and Urban Development department’s New Home Sales for June will be published at 10.00 am ET. The consensus is for 668K, down from 689K in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the previous week the Crude Oil Inventories increased 5.8 million barrels and Gasoline recorded a decline of 3.2 million barrels.

Two year floating rate note auction will be held at 11.30 am ET. Five year Note auction will be held at 1.00 pm ET.

In the corporate sector, General Motors reported second quarter net income attributable to its common shareholders rose to $2.38 billion or $1.66 per share from $1.66 billion or $1.09 per share a year ago. Adjusted earnings for the quarter were $2.59 billion or $1.81 per share.

Looking ahead, the company forecast full-year earnings below analysts’ estimates, citing increases in commodity costs and the impact of unfavorable foreign exchange. The company’s shares are down 5 percent in pre-market activity.

Coca-Cola Co. reported that its second-quarter comparable earnings per share from continuing operations grew 3% to $0.61, impacted by a 2% currency headwind. Earnings per share from continuing operations grew 68% to $0.53. Second-quarter net revenues declined 8% to $8.9 billion, impacted by a 15% headwind from the refranchising of company-owned bottling operations.

Asian stocks ended mixed on Wednesday. Chinese stocks fell slightly after three days of gains. The benchmark Shanghai Composite index closed lower at 2,903.65 while Hong Kong’s Hang Seng index climbed 258.33 points or 0.90 percent to 28,920.90.

Japanese shares climbed higher. The Nikkei average gained 103.77 points or 0.46 percent to close at 22,614.25. The broader Topix index rose 0.38 percent to 1,753.48.

Australian shares finished lower, dragged down by financial and healthcare stocks. Tepid inflation data also weighed on markets. The benchmark S&P/ASX 200 dropped 18.20 points or 0.29 percent to 6,247.60 while the broader All Ordinaries index ended down 13.50 points or 0.21 percent at 6,341.70.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is falling 3.79 points or 0.05 percent. The German DAX is losing 78.70 points or 0.62 percent, the U.K. FTSE 100 Index is declining 64.74 points or 0.85 percent. The Swiss Market Index is down 11.29 points or 0.13 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.32 percent.

by RTTNews Staff Writer

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