Wall Street Aims To Open Lower

The U.S. Futures Index on Tuesday point to a lower opening for Wall Street. Asian shares finished mostly higher, while European shares are trading lower.

As the COVID-19 pandemic has hit the markets worldwide, the World Bank has warned that the global economy might shrink by 5.2 percent this year, representing the deepest recession since the Second World War.

As of 8.15 am ET, the Dow futures were down 235.00 points, the S&P 500 futures were down 24.25 points and the Nasdaq 100 futures were sliding 37.00 points.

The U.S. major averages ended Monday at their highs of the session. The Dow soared 461.46 points or 1.7 percent to 27,572.44, the Nasdaq jumped 110.66 points or 1.1 percent to 9,924.74 and the S&P 500 surged up 38.46 points or 1.2 percent to 3,232.39.

On the economic front, Redbook data, which tracks weekly measure of comparable store sales at chain stores, discounter, and department store, is scheduled to be released at 8.55 am ET. In the prior week, the store sales were down 7.2 percent.

The Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey or JOLTS for April will be released at 10.00 am ET. The consensus is for 5.750 million, lower than 6.191 million in the previous month.

The Commerce Department’s Wholesale Trade report for April will be published at 10.00 am ET. The consensus is for a decline of 0.4 percent, while it was down 0.8 percent in the prior month.

The Commerce Department’s Wholesale Trade for April will be revealed at 10.00 am ET. The consensus is for an increase of 0.4 percent, while it was down 0.8 percent in the previous month.

The Ten-year Treasury Notes will be held at 1.00 pm ET.

Asian stocks closed mostly higher on Tuesday. Chinese shares are advanced. The benchmark Shanghai Composite index rose by 0.62 percent to 2,956.11.

Hong Kong’s Hang Seng index gained 1.13 percent to 25,057.22.

Japanese shares fell after six days of gains. The Nikkei average dropped 87.07 points, or 0.38 percent, to 23,091.03, while the broader Topix index closed 0.14 percent lower at 1,628.43.

Australian stocks surged. The benchmark S&P/ASX 200 jumped 146.20 points, or 2.44 percent, to 6,144.90 as trading resumed after a holiday on Monday. The broader All Ordinaries index ended up 146.40 points, or 2.39 percent, at 6,262.90.

Australia’s business conditions and confidence improved in May but remained deeply negative, survey data from National Australia Bank showed.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 69.24 points or 1.34 percent. The German AX is losing 194.77 points or 1. 51 percent, the U.K. FTSE 100 Index is losing 102.87 points or 1.58 percent.

The Swiss Market Index is adding 9.17 points or 0.09 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.12 percent.

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