Wall Street Set To Open Broadly Lower

Trading on Thursday might be impacted by reaction to reports on Durable Goods Orders for April, GDP for the first quarter, the Labor Department’s Jobless Claims for the week, the Corporate Profits for the first quarter as well Pending Home Sales Index for April.

As the pandemic is not yet in control in several parts of the world, U.S. President Joe Biden has ordered Intelligence officials to find out whether the COVID-19 pandemic was created in a lab or not. China has responded to this by accusing that the U.S. is spreading conspiracy theories and disinformation.

Asian shares finished mostly higher, while European shares are trading broadly up.
Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 7.45 am ET, the Dow futures were adding 16.00 points, the S&P 500 futures were down 8.00 points, and the Nasdaq 100 futures were sliding 54.50 points.

The U.S. major Indices finished broadly higher on Wednesday. The Nasdaq climbed 80.82 points or 0.6 percent to 13,738.00. The S&P 500 also edged up 7.86 points or 0.2 percent to 4,195.99, while the narrower Dow inched up 10.59 points or less than a tenth of a percent to 34,323.05.

On the economic front, the Commerce Department’s Durable Goods Orders for April will be published at 8.30 am ET. The consensus is for an increase of 0.7 percent, while it was up 0.5 percent in the prior month.

The Commerce Department’s Gross Domestic Product or GDP for the first quarter is expected at 8.30 am ET. The consensus is for an increase of 6.5 percent, while it was up 6.4 percent in the previous quarter.

The Labor Department’s Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 450K, while it was up 444K in the previous week.

The Corporate Profits for the first quarter will be issued at 8.30 am ET. In the prior quarter, the year-over-year after-tax was up 4.1 percent.

National Association of Realtors’ Pending Home Sales Index for April will be published at 10.00 am ET. The consensus is for an increase of 2.0 percent, while it was up 1.9 percent in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be released at 10.30 am ET. In the prior week, the gas stock was up 71 bcf.

The Kansas City Fed Manufacturing Index for May will be issued at 11.00 am ET. The consensus is for 33, while it was up 31 in April.

The seven-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week is scheduled at 4.30 pm ET. In the prior week, the level was at $7.923 trillion.

Asian stock markets are finished mostly higher on Thursday.

Hong Kong closed in the red. Shanghai Composite gained moderately, S&P ASX 200 at Sydney closed almost flat.

Chinese Shanghai Composite touched a three-month high and closed at 3608.85, at a gain of 0.43 percent.

Japanese benchmark Nikkei 225 shed 0.33 percent in the day’s trade when it closed at 28549.01.

The Australian benchmark S&P ASX 200 closed flat today at 7094.90 by adding just 0.03 percent to its previous close.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 37.83 points or 0.59 percent. The German DAX is losing 47.62 points or 0.31 percent, the U.K. FTSE 100 Index is sliding 15.95 points or 0.23 percent.

The Swiss Market Index is adding 12.70 points or 0.12 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.11 percent.

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