Wall Street Targets To Open In Negative Territory

Reports on Consumer and Producer Price Inflation, Retail Sales and Industrial Production as well as Fed Chair Jerome Powell’s testimony before a Senate Banking Committee hearing on his renomination might be the highlights this week.

The rapid spread of the Omicron Covid-19 variant across the globe is keenly watched by investors.

Traders are awaiting the U.S. inflation data as well as the Fed Chairman’s hearing in the Senate this week for additional clues about the U.S. central bank’s stance about the rate hikes.

Early signs from the U.S. Futures Index suggest that Wall Street might open on a negative tone on Monday.

As of 7.05 am ET, the Dow futures were up 0.00 points, the S&P 500 futures were down 4.75 points, and the Nasdaq 100 futures were declining 44.75 points.

The U.S. major averages all closed in negative territory on Friday, with the tech-heavy Nasdaq showing a particularly steep drop. The Nasdaq tumbled 144.96 points or 1 percent to 14,935.90, while the S&P 500 fell 19.02 points or 0.4 percent to 4,677.03 and the Dow edged down 4.81 points or less than a tenth of a percent to 36,231.66.

On the economic front, the Commerce Department’s Wholesale Inventories for November will be released at 10.00 am ET. The consensus is for 1.2 percent, while it was up 2.3 percent in the prior month.

The Investor Movement Index for December will be issued at 12.30 am ET. In the prior month, the index was up 8.82.

Atlanta Federal Reserve Bank President Raphael Bostic will participate in a conversation on the economic outlook before a Rotary Club of Atlanta meeting at 12.00 pm ET.

Asian stocks ended mixed on Monday. Chinese shares eked out modest gains. The benchmark Shanghai Composite index rose 13.98 points, or 0.39 percent, to 3,593.52 while Hong Kong’s Hang Seng index ended up 253.16 points, or 1.08 percent, at 23,746.54.

Japanese markets were closed for a holiday.

Australian markets finished marginally lower.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 22.08 points or 0.31 percent. The German DAX is losing 31.50 points or 0.22 percent, the U.K. FTSE 100 Index is declining 3.22 points or 0.04 percent.

The Swiss Market Index is sliding 84.89 points or 0.66 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.33 percent.

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