Wall Street Might Open Higher

Initial cues from the U.S. Futures Index are clearly showing a higher open for Wall Street. Asian shares finished mixed, while European shares are trading positive.
The major indices are trying to gain on Wednesday.

The coronavirus pandemic continues to be troubling 214 countries and territories across the globe. The death toll in the U.S. is 98,929, with total infections of 1,681,418.

As of 8.15 am ET, the Dow futures were adding 344.00 points, the S&P 500 futures were up 32.00 points and the Nasdaq 100 futures were gaining 35.25 points.

U.S. stocks rallied overnight. The Dow Jones Industrial Average climbed 2.2 percent and the S&P 500 gained 1.2 percent, while the tech-heavy Nasdaq Composite edged up 0.2 percent.

On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store sales were down 9.5 percent.

Richmond Fed’s Manufacturing Index for May will be released at 10.00 am ET. The consensus is for a decline of 39, while it was down 53 in the previous month.

State Street Investor Confidence Index for May will be published at 10.00 am ET. In the prior month, the Confidence Index was 73.0.

Survey of Business Uncertainty report for May will be issued at 11.00 am ET. In the prior month, the Index was up 222.5.

Two-year floating-rate note or FRN auction will be held at 11.30 am ET. Five-year Treasury Note auction will be held at 1.00 pm ET.

The Beige Book, which is produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be published at 2.00 pm ET.

St. Louis Federal Reserve Bank President James Bullard will speak at the CD Howe Institute on the ‘View on the Pandemic from Onset to Reopening the Economy,’ at 12.30 am ET.

Asian stocks ended mixed on Wednesday. Chinese shares ended modestly lower. The benchmark Shanghai Composite index dropped 9.74 points, or 0.34 percent, to 2,836.80, while Hong Kong’s Hang Seng index fell 0.36 percent to 23,301.36.

Japanese shares hit a three-month high. The Nikkei average climbed 148.06 points, or 0.70 percent, to 21,419.23, its highest closing level since February 28. The broader Topix index added 0.96 percent to finish at 1,549.47, its highest level since February 27.

Australian markets ended little changed with a negative bias at 0.08 percent change. On the economic front, the total value of construction work done in Australia was down a seasonally adjusted 1.0 percent sequentially in the first quarter of 2020, data showed.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is adding 88.47 points or 1.92 percent. The German DAX is gaining 218.73 points or 1.91 percent, the U.K. FTSE 100 Index is progressing 82.12 points or 1.36 percent.

The Swiss Market Index is declining 37.97 points or 0.38 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.94 percent.

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