Wall Street May Open Slightly Weak
(RTTNews) - Lower index futures point to a weak open on Wall Street on Wednesday. Flash PMI data for the month of September could make an impact on sentiment.
The Dow futures are down 0.3%, the S&P futures are down 0.13%, and the Nasdaq futures are lower by 0.27%.
S&P Global's preliminary PMI readings on U.S. manufacturing and services sector activity for the month of September are due this morning.
The focus will also be on geopolitical news. The developments with regard to efforts to de-escalate Middle East tensions, and U.S. President's potential meeting with Chinese President Xi Jinping in Washington this week are in focus.
U.S. stocks closed mixed on Tuesday after moving in a narrow range as investors digested comments from U.S. President Donald Trump.
The Dow sank 185.14 points or 0.36% to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45% to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points to end at 7,764.64.
Speaking before the United Nations General Assembly in New York, Trump said that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to "annihilate the Islamic Republic." He also spoke of setting up a "large military presence" on Greenland.
In overseas trading, Asian stocks ended mixed on Wednesday ahead of a high-stakes U.S.-China summit on Thursday, which could lead to new trade agreements amid escalating competition and restrictions on advanced technologies.
The major European markets are exhibiting a mixed trend this afternoon, having shed early gains. Stocks opened on a firm note thanks to another sharp drop in oil prices and strong PMI data from Germany and France. Oil's recovery from lower levels resulted in the market paring early gains.
In commodities trading, West Texas Intermediate crude oil futures are up $0.23 or 0.25% at $90.75 a barrel, recovering from a low of $88.71.
Gold futures are down $27.00 or 0.6% at $4,349.40 an ounce, falling for a sixth straight session as the dollar climbed higher on Fed rate hike bets. Silver futures are down $1.020 or 1.53% at $65.510 an ounce.
