Wall Street Set To Bounce Back

The initial trends on the U.S. Futures Index point to a positive open for Wall Street. Asian shares finished lower, while European shares are trading broadly up.

President Vladimir Putin, in an address to the nation, said Russia will use all means to defend the country and its people. As part of mobilization, 3 million reservists will be called up to serve the Russian army. The Russian invasion of Ukraine has been continuing for the last several months.

Investors are keen on the move of Russia as the war could be a burden on many countries as the fuel prices are on an uptrend.

As of 7.35 am ET, the Dow futures were up 85.00 points, the S&P 500 futures were adding 9.25 points and the Nasdaq 100 futures were progressing 2.75 points.

The U.S. major averages closed lower on Tuesday. The Dow is down 476.20 points or 1.5 percent at 30,543.48, the Nasdaq is down 155.98 points or 1.4 percent at 11,379.04 and the S&P 500 is down 62.16 points or 1.6 percent at 3,837.73.

On the economic front, the National Association of Realtors’ Existing Home Sales for August will be issued at 10.00 am ET. The consensus is 4.70 million, while it was up 4.81 million in the prior month.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were 2.4 million barrels, and the gasoline inventories were down 1.8 million barrels.

The Federal Open Market Committee or FOMC announcement is scheduled at 2.00 pm ET. The consensus is 3.00-3.25 percent, while the prior target level was 2.25-$2.50 percent in the prior period.

The Fed Chair Press Conference will be held at 2.30 pm ET.

In the corporate sector, General Mills reported first quarter significant increase in earnings to $820 million or $1.35 per share from $627.0 million or $1.02 per share last year.

Net sales for the quarter climbed 4 percent to $4.717 billion from $4.539 billion a year ago.

Further, the company raised its full-year 2023 outlook and now expects adjusted earnings per share to increase 2-5 percent in constant currency. The earlier projection was for flat to up 3 percent in constant currency.

Asian stocks closed lower on Wednesday. China’s Shanghai Composite index slipped 0.17 percent to 3,117.18. Hong Kong’s Hang Seng index fell 1.79 percent to 18,444.62 on Fed jitters.

Japanese shares hit a two-week low. The Nikkei average closed 1.36 percent lower at 27,313.13. The broader Topix index slipped 1.36 percent to 1,920.80, its weakest close since Sept. 7.

Australian markets were down to hit a two-month low. The benchmark S&P/ASX 200 index gave up 1.56 percent to end at 6,700.20. The broader All Ordinaries index fell 1.54 percent to 6,921.40.

European shares are trading broadly higher. CAC 40 of France is up 4.43 points or 0.07 percent. DAX of Germany is declining 10.01 points or 0.08 percent. FTSE 100 of England is progressing 59.55 points or 0.83 percent. Swiss Market Index is sliding 71.21 points or 0.68 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.014 percent.

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