Markets

Wall Street Might Open In The Red

(RTTNews) - Asian shares finished mixed on Thursday, while European shares are trading lower. The markets might react to Federal Reserve Chair Jerome Powell's live-streamed speech at the Jackson Hole economic symposium.

Weekly Jobless Claims, second-quarter gross domestic product as well as Pending Home Sales are the other economic announcement that get much attention today.

Initial cues from the U.S. Futures Index point to a lower open for Wall Street.

As of 8.05 am ET, the Dow futures were declining 77.00 points, the S&P 500 futures were down 8.50 points and the Nasdaq 100 futures were sliding 32.75 points.

The U.S. major indices finished lower climbed higher on Wednesday. The Dow rose 83.48 points or 0.3 percent to a six-month closing high of 28,331.92, the Nasdaq surged up 198.59 points or 1.7 percent to 11,665.06 and the S&P 500 jumped 35.11 points or 1 percent to 3,478.73

On the economic front, the second estimate for second-quarter gross domestic product or GDP will be published at 8.30 am ET. The consensus is for a negative 32.9 percent, compared to negative 32.9 in the prior quarter.

The Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 987K, while it was 1106K.

The Corporate Profits for the second quarter will be released at 8.30 am ET. In the prior quarter, the after-tax were down 9.1 percent. The National Association of Realtors' Pending Home Sales Index for July will be revealed at 10.00 am ET. The consensus is for an increase of 1.5 percent, while it was up 16.6 percent.

The Energy Information Administration or EIA's Natural Gas report for the week will be published at 10.30 am ET. In the previous week, the stock was up 43 bcf. The Kansas City Fed Manufacturing Index for August will be released at 11.00 am ET. The consensus is for 2, while the prior level was up 3.

The seven-year Treasury Note auction will be held at 1.00 pm ET. The Fed Balance sheet for the week will be revealed at 4.30 pm ET. In the prior week, the level was at $7.011 trillion.

The Fed Money Supply for the week will be published at 4.30 pm ET. The prior week, the M2 supply was $144.0 billion.

Federal Reserve Chairman Jerome Powell will deliver a speech entitled "Monetary Policy Framework Review" at the 44th annual Economic Policy Symposium - "Navigating the Decade Ahead:Implications for Monetary Policy" at 9.10 am ET.

Kansas City Federal Reserve Bank President Esther George to commence the 44th Annual Economic Policy Symposium at 9.00 am ET. Richmond Federal Reserve Bank President Thomas Barkin to speak to the Maryland Hispanic Chamber of Commerce.

Asian stocks ended mixed on Thursday. Chinese shares rose. The benchmark Shanghai Composite index rose 20.37 points, or 0.61 percent, to 3,350.11, while Hong Kong's Hang Seng index fell 0.83 percent to 25,281.15.

Japanese shares ended a tad lower. The Nikkei average slid 82 points, or 0.35 percent, to 23,208.86, while the broader Topix index closed 0.53 percent lower at 1,615.89.

Australian markets finished slightly higher as Victoria reported its lowest rise in Covid-19 cases in nearly two months. The benchmark S&P/ASX 200 index edged up 9.80 points, or 0.16 percent, to 6,126.20, while the broader All Ordinaries index ended up 16.10 points, or 0.26 percent, at 6,310.60.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 16.31 points or 0.32 percent. The German DAX is losing 28.78 points or 0.22 percent, the U.K. FTSE 100 Index is lowering 6.38 points or 0.11 percent.

The Swiss Market Index is declining 0.79 points or 0.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.37 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More