Wall Street Aims To Bounce Back

President Biden is due to speak today before the UN General Assembly on Tuesday. President will be meeting with other world leaders.

The Federal Open Market Committee or FOMC meeting has started. Early cues from the U.S. Futures Index suggest that Wall Street might open positive.

As of 7.45 am ET, the Dow futures were up 279.00 points, the S&P 500 futures were adding 32.75 points and the Nasdaq 100 futures were progressing 109.75 points.

The U.S. major average finished lower on Monday. The Dow ended the session with a loss of 614.41 points or 1.78 percent at 33,970.47. The S&P 500 closed lower by 75.26 points or 1.7 percent at 4,357.73, off the day’s low of 4,305.91, while the Nasdaq settled at 14,713.80, recording a loss of 330.06 points or 2.19 percent.

On the economic front, the U.S. Commerce and the Housing & Urban Development department’s Housing Starts and Permits data for August will be released at 8.30 am ET. The consensus is for 1.575 million, while in the prior month it was up 1.534 million. The annual permit rate is expected to be 1.610 million.

The Commerce Department’s Current Account for the second quarter is expected at 8.30 am ET. The consensus is for a deficit of $190 billion, while it was down $195.7 billion last month.

The Redbook data for the week will be released at 8.55 am ET. In the prior week, the store sales were up 15.3 percent.

Twenty-year Treasury Bonds auction will be held at 1.00 pm ET.

Asian stock markets are trading mixed in thin holiday trading on Tuesday. Asian stocks ended mostly lower on Monday.

Traders are also cautious as they look ahead to the Federal Reserve’s highly anticipated monetary policy announcement on Wednesday. Though the central bank is widely expected to leave monetary policy unchanged, traders are likely to pay close attention to the wording of the post-meeting statements for cues on the economy.

The Australian stock market is marginally higher on Tuesday. The benchmark S&P/ASX 200 staying above the 7,200 level, as the RBA decided to keep rates unchanged until at least 2024.

The benchmark S&P/ASX 200 Index is gaining 7.90 points or 0.11 percent to 7,256.10, after hitting a low of 7,191.70 and a high of 7,269.90 earlier. The broader All Ordinaries Index is up 6.10 points or 0.08 percent to 7,544.00. Australian stocks closed sharply lower on Monday.

The Japanese stock market is sharply lower on Tuesday after a long weekend, the benchmark Nikkei index losing 600 points to fall below the 19,900 level.

The benchmark Nikkei 225 Index closed the morning session at 29,898.57, down 601.48 points or 1.97 percent, after hitting a low of 29,832.52 earlier.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 88.01 points or 1.36 percent. The German DAX is adding 220.81 points or 1.45 percent, the U.K. FTSE 100 Index is gaining 75.77 points or 1.10 percent.

The Swiss Market Index is adding 40.80 points or 0.35 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.27 percent.

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