Wall Street Targets To Open Positive Ahead Of Fed’s Interest Rate Decision

Investors are awaiting the Federal Reserve’s interest-rate decision on Wednesday.
The Labor Department’s Import and Export Prices for May and the Commerce Department’s Business Inventories for April and other economic announcements also are important for the day.

Early signs from the U.S. Futures Index suggest that Wall Street might higher.

Asian shares finished mostly lower, while European shares are trading positive.

As of 7.45 am ET, the Dow futures were up 153.00 points, the S&P 500 futures were adding 25.00 points and the Nasdaq 100 futures were progressing 105.00 points.

Among the major U.S. averages, the Dow lost 151.91 points or 0.5 percent at 30,364.83 on Tuesday. The S&P 500 ended lower by 14.15 points or 0.38 percent at 3,735.48.

On the economic front, the Retails Sales for May will be released at 8.30 am ET. The consensus is for growth of 0.1 percent, while it was up 0.9 percent in April.

The Fed Empire State Manufacturing Index for June will be issued at 8.30 am ET. The consensus is 5.5, while it was down 11.6 in May.

The Labor Department’s Import and Export Prices for May will be published at 8.30 am ET. The consensus for Import prices is 1.2 percent.

The Commerce Department’s Business Inventories for April will be revealed at 10.00 am ET. The consensus is 1.3 percent. In March, the inventories were up 2.0 percent.

The National Association of Home Builders’ Housing Market Index for June will be issued at 10.00 am ET. The consensus is 68, while it was 69 in May.

The Atlanta Fed’s Business Inflation Expectations report for June is scheduled at 10.00 am ET. In the prior month, the expectation increased 3.7 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude oil inventories were up 2.0 million barrels, and the gasoline inventories were down 0.8 million barrels.

The Federal Open Market Committee or FOMC announcement is expected at 2.00 pm ET. The consensus fed funds target range is 1.25-1.50 percent, while it was in a range of 0.75-1.00 percent in the prior period.

The Fed Chair Press Conference is scheduled at 2.30 pm ET.

The Treasury International Capital data will be revealed at 4.00 pm ET. In the prior month, the transactions were $23.1 billion.

Asian stocks ended on a mixed note. Chinese and Hong Kong stocks advanced. China’s Shanghai Composite index ended up half a percent at 3,305.42. Hong Kong’s Hang Seng index climbed 1.14 percent to 21,308.21.

Japanese shares were down at the close. The Nikkei average fell 1.14 percent to 26,326.16. The broader Topix index closed 1.20 percent lower at 1,855.93.

Australian markets were lower. The benchmark S&P/ASX 200 index closed 1.27 percent lower at 6,601. The broader All Ordinaries index fell 1.39 percent to 6,785.80.

European shares are trading higher. CAC 40 of France is gaining 65.02 points or 1.09 percent. DAX of Germany is adding 167.79 points or 1.26 percent. FTSE 100 of England is progressing 92.79 points or 1.29 percent. Swiss Market Index is up 88.85 points or 0.83 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.31 percent.

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