Futures Suggest Wall Street To Open Higher

The Coronavirus pandemic continues to influence investor sentiments. The International Rescue Committee warned that the global spread of coronavirus could go up to one billion.

The total death toll in the U.S. increased to nearly 57,000, while total infections crossed more than 1,010,500. Spain reported total death of 23,822, with 301 new deaths.

On a global basis, there are more than 3,082,726 infections and total deaths of 212,486.

Wholesale inventories, Retails Inventories, and International Trade in Goods report are the major economic announcements on Tuesday.

Asian shares finished mixed, while European shares are trading higher.

Initial signs from the U.S. Futures Index suggest that Wall Street might open higher.
As of 8.10 am ET, the Dow futures were adding 340.00 points, the S&P 500 futures were progressing 36.00 points and the Nasdaq 100 futures were gaining 96.50 points.

The U.S. major averages remained firmly positive on Monday. The Dow jumped 358.51 points or 1.5 percent to 24,133.78, the Nasdaq advanced 95.64 points or 1.1 percent to 8,730.16 and the S&P 500 surged up 41.74 points or 1.5 percent to 2,878.48.

On the economic front, Census Bureau’s International Trade in Goods report for March will be published at 8.30 am ET. The consensus is for a decline of $55.0 billion, while it was down $59.9 billion in the prior month.

The Retail Inventories for March will be issued at 8.30 am ET. In the previous month, inventories were down 0.3 percent.

The Commerce department’s Wholesale Inventories will be released at 8.30 am ET. The consensus is down 0.5 percent, unchanged from the prior month.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. In the prior week, the store sales were down 6.9 percent.

The S&P Corelogic Case-Shiller Home Price Index for February will be revealed at 9.00 am ET. The consensus is for an increase of 0.4 percent, higher than 0.3 percent reported in the previous week.

The Conference Board’s Consumer Confidence for April will be revealed at 10.00 am ET. The consensus is for 90.0, while it was up 120.0 in the prior month.

Richmond Fed Manufacturing Index for April will be released at 10.00 am ET. The consensus is for a decline of 45, compared to a decline of 38 in the prior month.
Two-year FRN Note auction will be held at 11.30 am ET, while the Seven-year Note auction will be held at 1.00 pm ET.

Asian stocks turned in a mixed performance on Tuesday. China’s benchmark Shanghai Composite index dropped 0.19 percent to 2,810.02, while Hong Kong’s Hang Seng index rose 1.22 percent to close at 24,575.96.

Japanese shares ended little changed. Investors also digested data showing that Japan’s unemployment rate rose to a one-year high in March. The Nikkei average slid 12 points to finish at 19,771.19 after sharp gains in the previous session. The broader Topix index closed 0.13 percent higher at 1,449.15.

Australian markets fluctuated before ending lower. The benchmark S&P/ASX 200 inched down 8.30 points, or 0.16 percent, to 5,313.10, while the broader All Ordinaries index slipped 7.10 points, or 0.13 percent, to 5,381.20.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is up 72.64 points or 1.68 percent. The German DAX is adding 179.85 points or 1.69 percent, the U.K. FTSE 100 Index is gaining 95.48 points or 1.64 percent.

The Swiss Market Index is progressing 142.03 points or 1.46 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.85 percent.

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