Wall Street To Start Slightly Positive

(RTTNews) - The Fed's monetary policy announcement, Pending Home Sales and International Trade in Goods data are the major focus on Wednesday.

Initial trends from the U.S. Futures index suggest that Wall Street might might open slightly up. Asian shares finished mixed, while European shares are trading in the green zone.

Advanced Micro Devices (AMD), Amgen (AMGN), eBay (EBAY), Starbucks (SBUX) and Visa (V) are the major corporates announcing their quarterly results after the close of trading.

General Motors reported a heavy loss for the second quarter.

As of 8.20 am ET, the Dow futures were gaining 62.00 points, the S&P 500 futures were adding 11.50 points and the Nasdaq 100 futures were up 69.75 points.

The U.S. major averages ended the session in the red on Tuesday. The Dow slid 205.49 points or 0.8 percent to 26,379.28, the Nasdaq tumbled 134.18 points or 1.3 percent to 10,402.09 and the S&P 500 fell 20.97 points or 0.7 percent to 3,218.44.

On the economic front, International Trade in Goods for June will be issued at 8.30 am ET. The consensus is for a decline to $74.3 billion.

National Association of Realtors' Pending Home Sales Index for June will be issued at 10.00 am ET. The consensus is for an increase of 5.2 percent, while it was up 44.3 percent in the prior month.

State Street Investor Confidence Index for July is expected at 10.00 am ET. In the prior month the Index was at 94.3.

EIA Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude oil inventories were 4.9 million barrels, Gasoline inventories were down 1.8 million barrels.

Federal Reserve Board of Governors' FOMC meeting announcement will be issued at 2.00 pm ET. The consensus is for an increase of 0.125 percent, while the target level in the prior period was in a range of 0 to 0.25 percent.

Fed Chair Press Conference is scheduled at 2.30 pm ET.

In the corporate sector, General Electric Co. (GE) reported a hefty net loss in the second quarter, amid ongoing impact of COVID-19 on its businesses and weak revenues. Second-quarter net loss attributable to common shareholders widened to $2.18 billion or $0.26 per share from $61 million or $0.01 per share in the same quarter last year. Adjusted loss per share for the quarter was $0.15 compared to adjusted earnings per share of $0.16 in the prior year.

Total revenues for the second quarter declined 24 percent to $17.75 billion from $23.41 billion in the previous year.

Asian stocks ended mixed on Wednesday. China's Shanghai Composite Index jumped 66.59 points, or 2.1 percent, to 3,294.55. Hong Kong's Hang Seng Index ended up 110.38 points, or 0.5 percent, at 24,883.14.

Japanese shares fell sharply. The Nikkei 225 Index ended down 260.27 points, or 1.2 percent, at 22,397.11, a three-week low. The broader Topix closed 1.3 percent lower at 1,549.04.

Australian markets ended modestly lower. The benchmark S&P/ASX 200 Index slipped 14.10 points, or 0.2 percent, to 6,006.40, while the broader All Ordinaries Index ended down 18.80 points, or 0.3 percent, at 6,128.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 38.90 or 0.79 percent. The German DAX is edging up 1.21 points or 0.01 percent, the U.K. FTSE 100 Index is gaining 9.56 points or 0.16 percent. The Swiss Market Index is progressing 0.67 points or 0.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is increasing 0.23 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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