Wall Street Target To Open Higher

Investors are closely monitoring the coronavirus situation. There are signs of tapering of infection in several countries and that adds hope for the market sentiments. Trading on Wednesday might be impacted by reaction to the minutes of the Federal Reserve’s March meetings. Early signs from the U.S. Futures Index suggest that Wall Street might open positive.

With more than 1800 deaths in a single day, the U.S. is striving to contain the spread of coronavirus infection. The country has confirmed total infections of nearly 400 thousand, the highest in the world. China is trying to be back to normal and Wuhan has lifted the 11-week long lockdown.

Asian shares finished mostly lower, while European shares are trading down.
As of 8.20 am ET, the Dow futures were up 258.00 points, the S&P 500 futures were gaining 30.75 points and the Nasdaq 100 futures were adding 101.00 points.

The U.S. stocks closed in negative on Tuesday. The Dow rose more than 900 points in early trading to reach its best intraday level in nearly month but ended the day down 26.13 points or 0.1 percent at 22,653.86. The Nasdaq also fell 25.98 points or 0.3 percent to 7,887.26 and the S&P 500 slipped 4.27 points or 0.2 percent to 2,659.41.

On the economic front, the Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the crude oil inventories were up 13.8 million barrels, while gasoline inventories were up 7.5 million barrels.

30-year Treasury bond auction will be held at 1.00 pm ET.
The Federal Open Market Committee’s meeting minutes will be issued at 2.00 pm ET. The minutes of the previous meeting are reported three weeks after the meeting.

Asian stocks ended mostly lower.Chinese shares ended slightly. The benchmark Shanghai Composite index slipped 0.19 percent to 2,815.37, while Hong Kong’s Hang Seng index fell 1.17 percent to 23,970.37.

Japanese shares rose for the third straight session. The Nikkei average rallied 403.06 points, or 2.13 percent, to 19,353.24, while the broader Topix index closed 1.59 percent higher at 1,425.47.

Australian markets ended lower as S&P Global Ratings downgraded its outlook on the country from stable to negative. The benchmark S&P/ASX 200 dropped 45.40 points, or 0.86 percent, to 5,206.90, while the broader All Ordinaries index ended down 42.50 points, or 0.80 percent, at 5,258.80.

European shares are trading lower. CAC 40 of France is losing 60.64 points or 1.39 percent. DAX of Germany is down 77. 94 points or 0.75 percent. FTSE 100 of England is declining 63.15 points or 1.13 percent. Swiss Market Index is sliding 140.21 points or 1.49 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 1.33 percent.

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