Wall Street Set To Open In Negative

(RTTNews) - A slew of major U.S. economic data such as initial jobless claims, retail sales, homebuilder confidence might be the highlight on Thursday. Fed speeches also might attract investor attention.

Fear of virus spread and its impact on the economy continues to impact market movements. Earnings reports are also important for the day. Earlier trends on U.S. Futures Index suggest that Wall Street might open lower.

Asian shares finished lower on Thursday, while European shares were down.

As of 8.20 am ET, the Dow futures were down169.00 points, the S&P 500 futures were declining 21.00 points and the Nasdaq 100 futures were tumbling 129.25 points.

The U.S. major averages finished Wednesday firmly positive. The Dow advanced 227.51 points or 0.9 percent to 26,870.10, the Nasdaq rose 61.92 points or 0.6 percent to 10,550.49 and the S&P 500 climbed 29.04 points or 0.9 percent to 3,226.56.

On the economic front, the Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 1288K, while it was 1314K in the prior week. Philadelphia Fed Business Outlook Survey for July will be published at 8.30 am ET. The consensus is for 20.0, while it was up 27.5 in the prior month.

The Commerce Department's Retail Sales for June is expected at 8.30 am ET. The consensus is for 5.2 percent, much lower than 17.7 percent.

The Commerce Department's Business Inventories for May will be revealed at 10.00 am ET. The consensus is for a decline of 2.3 percent, while it was down 1.3 percent in the previous month.

National Association of Home Builders/Wells Fargo's Housing Market Index for July will be issued at 10.00 am ET. The consensus is for 60, slightly up from 58 in the prior month.

Fed Balance sheet will be released at 4.30 pm ET. In the prior week, the level was at $6.92 trillion.

Asian stocks fell on Thursday. Chinese stocks led regional losses as renewed U.S.-China tensions overshadowed encouraging GDP data. The benchmark Shanghai Composite Index plunged 151.21 points, or 4.5 percent, to 3,210.10. Hong Kong's Hang Seng Index ended down 2 percent at 24,970.69.

China's gross domestic product surged a seasonally adjusted 11.5 percent sequentially in the second quarter of 2020. On a yearly basis, GDP advanced 3.2 percent. Japanese stocks declined. The Nikkei 225 Index fell 175.14 points, or 0.8 percent, to 22,770.36 after hitting a one-month high the previous day. The broader Topix closed 0.7 percent lower at 1,579.06.

Australian markets gave up early gains to end notably lower. The jobless rate came in at a seasonally adjusted 7.4 percent in June, in line with forecasts and up from 7.1 percent in the previous month. The benchmark S&P/ASX 200 Index dropped 42 points or 0.7 percent to 6,010.90, while the broader All Ordinaries Index ended down 37.40 points or 0.6 percent at 6,123.

European shares are trading lower. CAC 40 of France is losing 35.08 points or 0.69 percent. DAX of Germany is down 71.53 points or 0.55 percent. FTSE 100 of England is declining 24.29 points or 0.39 percent. Swiss Market Index is sliding 64.66 points or 0.62 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.60 percent.

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


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