Wall Street Targets To Open Lower

Empire State Manufacturing Survey report and Housing Market Index for February are the major economic announcements that might influence the market sentiments on Tuesday. Apple Inc’s warning on revenue miss amid weakening demand and production crisis in China is closely watched by the investors. The Corona virus outbreak continues to be a blow to Chinese and other Asian economies.

After the long weekend, the initial signs from the U.S. Futures Index suggest that Wall Street might open lower.

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

As of 8.05 am ET, the Dow futures were declining 169.00 points, the S&P 500 futures were losing 15.25 points and the Nasdaq 100 futures were down 60.00 points.

The U.S. major stocks closed broadly higher on Friday. The Dow edged down 25.23 points or 0.1 percent to 29,398.08, the Nasdaq inched up 19.21 points or 0.2 percent to 9,731.18 and the S&P 500 crept up 6.22 points or 0.2 percent to 3,380.16.

In the corporate sector, the New York Fed’s Empire State Manufacturing Survey for February will be issued at 8.30 am ET. The consensus is for a growth of 4.0, lower that 4.8 recorded in the prior month.

National Association of Home Builders/Wells Fargo’s Housing Market Index for February will be released at 10.00 am ET. The consensus is for 75, unchanged from the prior month.

Treasury International Capital for December will be published at 4.00 pm ET. In the prior month, the foreign demand for long term U.S. securities was $22.9 billion.

Minneapolis Fed President Neel Kashkari will speak at 2.00 pm ET.

Asian stocks ended broadly lower on Tuesday after Apple warned about its quarterly revenue. Chinese stocks reversed early losses to finish marginally higher. The benchmark Shanghai Composite index inched up 1.35 points to 2,984.97, while Hong Kong’s Hang Seng index fell 1.54 percent to 27,530.20.

Japanese shares lost ground. The Nikkei average gave up 329.44 points, or 1.4 percent, to finish at a two-week low of 23,193.80, while the broader Topix index ended down 22.06 points, or 1.31 percent, at 1,665.71, its lowest close since late October.

Australian markets edged lower. The benchmark S&P/ASX 200 index dropped 11.40 points, or 0.16 percent, to 7,113.70 while the broader All Ordinaries index ended down 12.90 points, or 0.18 percent, at 7,208.30. Trading activity was subdued due to a public holiday in the United States on Monday.

European shares are down. France’s CAC 40 is losing 28.71 points or 0.47 percent. Germany’s DAX is down 107.09 points or 0.77 percent. FTSE 100 of U.K. is declining 61.44 points or 0.83 percent. Swiss Market Index is down 29.39 points or 0.27 percent.

Eurozone’s leading Blue Chip index, Euro Stoxx 50, is sliding 0.50 percent.

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