Wall Street Poised To Open Broadly Up
Complete. Here is the key summaryU.S. stock futures indicate a broad market opening on Tuesday, with the Dow gaining 382 points while Nasdaq 100 futures decline. Oil prices dropped nearly 3% below $86/barrel due to peace deal hopes, and gold fell 1.2%. The FOMC meeting has begun, with monetary policy decisions expected later. Key economic data releases include June retail inventories, May housing price indices, and the Richmond Fed Manufacturing Index.
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Early trends from the U.S. Futures suggest that Wall Street might open broadly up on Tuesday.
Oil prices are declining on hopes of a negotiated peace deal. Brent crude futures fell nearly 3 percent to trade below $86 a barrel.
Gold prices were sharply lower on Tuesday. Spot gold fell 1.2 percent to $4,029.23 an ounce while U.S. gold futures were down 1.2 percent at $4,028.35. The U.S. dollar hovered near a one-month high.
As of 7.55 am ET, the Dow futures were gaining 382.00 points, the S&P 500 futures were adding 1.75 points and the Nasdaq 100 futures were declining 230.25 points.
The U.S. major averages finished Monday broadly down. The tech-heavy Nasdaq dipped 43.74 points or 0.2 percent to a nearly three-month closing low of 24,932.08, the S&P 500 inched up 1.20 points or less than a tenth of a percent to 7,413.18 and the narrower Dow climbed 262.83 points or 0.5 percent to 52,210.08.
On the economic front, the Federal Open Market Committee or FOMC meeting began and the changes in monetary policy will be announced after FOMC meetings.
Retail Inventories (Advance) for June will be issued at 8.30 am ET. In the prior month, inventories were up 0.6 percent.
Case-Shiller Home Price Index for May will be published at 9.00 am ET. The consensus is 0.0 percent, while it was at 0.0 percent in the prior month.
The Federal Housing Finance Agency or FHFA House Price Index or HPI for May will be revealed at 9.00 am ET. The consensus is 0.0 percent, while it was down 0.1 percent in the prior month.
The Richmond Fed Manufacturing Index for July is scheduled at 10.00 am ET. The consensus is 4, while it was up 4 in June.
The 7-year Treasury Note Auction will be held at 1.00 pm ET.
The Fed Money Supply for June will be released at 1.00 pm ET. In the prior month, the M2 Level was $23.052 trillion.
Asian stocks ended mixed on Tuesday. China's Shanghai Composite index fell 1.16 percent to 3,813.31. Hong Kong's Hang Seng index ended 0.41 percent higher at 25,310.85.
Japanese markets tumbled. The Nikkei average slumped 3.95 percent to 62,364.92 while the broader Topix index closed 2.52 percent lower at 3,963.59.
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