Wall Street Targets To Start Significantly Positive

Retaliation of Russia in response to the U.S. ban of Russian oil and gas imports and surging crude prices are impacting investor sentiments on Wednesday. There is not much progress in the evacuation process after Russia and Ukraine agreed to a protected corridor for civilians. Meanwhile, China said President Xi Jinping is working with international communities to mediate the war.

After several days of trading in red, the early signs from the U.S. Futures Index suggest that Wall Street might open positive.

Asian shares were down at the close, European shares are trading mostly higher.

Amid a quiet day on the U.S. economic front on Wednesday, traders are likely to remain focused on developments overseas and in the energy markets.

after U.S. president Joe Biden announced a ban on Russian oil and gas imports which prompted Russia to retaliate with a wider ban on commodity exports until the end of 2022. Russia is the world’s third-largest crude oil producer and is a major exporter of aluminum, nickel, and palladium. It is feared that curbs on commodity exports from Russia could have devastating effects on the global economy.

As of 7.20 am ET, the Dow futures were up 495.00 points, the S&P 500 futures were adding 68.25 points and the Nasdaq 100 futures were progressing 271.25 points.

The U.S. major averages moved to the downside going into the close after a very volatile afternoon on Tuesday. The Dow fell 184.73 points or 0.6 percent to 32,632.64, the Nasdaq dipped 35.41 points or 0.3 percent to 12,795.55 and the S&P 500 slid 30.39 points or 0.7 percent to 4,170.70.

On the economic front, the Labor Department’s Job Openings and Labor Turnover Survey or JOLTS for January will be published at 10.00 am ET. The consensus is for 10.90 million, while it was up 10.925 million in December.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the Crude oil inventories were down 2.6 million barrels, and the Gasoline Inventories were down 0.5 million barrels.

A ten-year Treasury Note Auction will be held at 1.00 pm ET.

Asian stocks ended mixed on Wednesday. Chinese shares fell sharply. The benchmark Shanghai Composite index dropped 37.14 points, or 1.13 percent, to 3,256.39 while Hong Kong’s Hang Seng index slipped 0.67 percent to settle at 20,627.71.

Japanese shares gave up early gains to end slightly lower. The Nikkei average slid 73.42 points, or 0.30 percent, to 24,717.53, marking a 16-month low. The broader Topix index ended marginally lower at 1,758.89.

Australian markets rose sharply. The benchmark S&P/ASX 200 index climbed 72.70 points, or 1.04 percent, to 7,053.00. The broader All Ordinaries index ended up 78.90 points, or 1.09 percent, at 7,331.80.

European shares are trading mostly higher. CAC 40 of France is down 159.36 points or 2.50 percent. DAX of Germany is adding 632.12 points or 4.96 percent. FTSE 100 of England is progressing 108.22 points or 1.55 percent. Swiss Market Index is up 280.62 points or 2.53 percent.

Euro Stoxx 50 provides a Blue-chip representation of supersector leaders in the Eurozone, is up 4.82 percent at 3,673.63.

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