Wall Street Sees Red

Thursday trading might be influenced by weekly jobless claims, regional manufacturing activity as well as import and export prices.

Major corporates Alcoa (AA), and United Airlines (UAL) are reporting their quarterly results after the close on the day.

The waning prospects of U.S. fiscal stimulus continue to worry investors.

Asian shares finished lower, while European shares are trading down.

Early signs from the U.S. Futures Index suggest that Wall Street might open in negative.

As of 8.10 am ET, the Dow futures were falling 322.00 points, the S&P 500 futures were down 40.00 points and the Nasdaq 100 futures were sliding 186.75 points.

The U.S. major averages ended in the red on Wednesday. The Dow dropped 165.81 points or 0.6 percent to 28,514.00, the Nasdaq slid 95.17 points or 0.8 percent to 11,768.73 and the S&P 500 fell 23.26 points or 0.7 percent to 3,488.67.

On the economic front, the Jobless Claims for the week will be released at 8.30 am ET. The Consensus is for 825K, down from 840K in the prior week.

The Philadelphia Fed Manufacturing Index for October will be issued at 8.30 am ET. The consensus is for 14.5, while it was 15.0 in the prior month.

The Labor Department’s Import and Export Prices for September will be published at 8.30 am ET. The consensus is for growth 0.3 percent, while it was up 0.9 percent.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be revealed at 10.30 am ET. In the prior week, the gas stocks were up 75 bcf. EIA’s Petroleum Status report for the week is expected at 11.00 am ET. In the prior week, the Crude Oil Inventories were up 0.5 million barrels and Gasoline were down 1.4 million barrels.

The five-year Treasury Inflation-Protected Securities or TIPS is scheduled at 11.00 am ET.
The 20-year Bond announcement is expected at 11.00 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic will give a presentation on “Equity, the Economy and Benefits Cliffs” and to participate in a panel at the virtual “Reframing Benefits Cliffs: Solutions for an Inclusive Recovery” summit held via Zoom at 9.00 am ET.

Federal Reserve Board of Governors Vice Chair for Supervision Randal Quarles to speak about the “Response to the COVID Threat” at the virtual Institute of International Finance Annual Meeting will be at 11.00 am ET.

Dallas Federal Reserve Bank President Robert Kaplan will participate in a moderated Q&A session at the virtual U.S. India Chamber of Commerce Annual Small Business Forum at 11.00 am ET.

The Treasury Department’s Statement for September will be published at 2.00 pm ET. The consensus is for a deficit of $115.0 billion, while the deficit was $200.1 billion in the prior month.

Richmond Federal Reserve Bank President Thomas Barkin will speak about “What’s Ahead? Learning from the CFO Survey” at an Economic Club of New York webinar at 2.00 pm ET.

The Fed Balance sheet for the week will be issued at 4.30 pm ET. In the previous week, the level was at $7.075 trillion.

The Fed Money Supply for the week will be released at 4.30 pm ET. The M2 weekly change was negative $67.5 billion.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak at an NYU Stern Center for Global Economy and Business webinar event at 5.00 pm ET.

Asian stocks fell on Thursday on multiple concerns. Chinese shares finished modestly lower. The producer price index fell for an eighth straight month. Hong Kong’s Hang Seng index tumbled 508.55 points, or 2.06 percent, to 24,158.54.

Japanese shares retreated as Europe’s Covid-19 infection rate continued to increase and the U.S. The Nikkei average shed 119.50 points, or 0.51 percent, to finish at 23,507.23. The broader Topix index ended down 12.11 points, or 0.74 percent, at 1,631.79.

Australian markets advanced. The benchmark S&P/ASX 200 gained 31.10 points, or 0.50 percent, to finish at 6,210.30 while the broader All Ordinaries index ended up 26.80 points, or 0.42 percent, at 6,414.20.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is losing 5.95 points or 0.0.12 percent. The German DAX is falling 367.80 points or 2.82 percent, the U.K. FTSE 100 Index is down 123.47 points or 2.08 percent.

The Swiss Market Index is sliding 233.69 points or 2.27 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 2.64 percent.

For comments and feedback contact: [email protected]

Business News