August 8, 2022

Market and Financial News

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Futures Point To Slightly Lower Open For Wall Street

2 min read

Earnings reports might be the highlight on Monday. Investors are keenly observing the geo-political tensions as well as the COVID-19 crisis.

Monthly Jobs Data, Manufacturing and Service sector activity reports as well as the U.S. trade deficit might be of focus this week.

Early signs from the U.S. Futures Index suggest that Wall Street might open slightly down.

As of 7.35 am ET, the Dow futures were down 17.00 points, the S&P 500 futures were declining 6.50 points and the Nasdaq 100 futures were tumbling 17.50 points.

The U.S. major averages remained firmly positive on Friday. The Dow jumped 315.50 points or 1 percent to 32,845.13, the Nasdaq shot up 228.09 points or 1.9 percent to 12,390.69 and the S&P 500 surged 57.86 points or 1.4 percent to 4,130.29.

On the economic front, IHS Markit’s Purchase Manager’s Manufacturing Final Index will be published at 9.45 am ET.

Institute for Supply Management’s Manufacturing Index for July will be issued at 10.00 am ET. The consensus is 52.2, while it was up 53.0 in the prior month.

The Commerce Department’s Construction Spending for June will be released at 10.00 am ET. The consensus is for growth of 0.2 percent, while it was down 0.1 percent in May.

Asian stocks ended broadly higher on Monday. Chinese stocks finished slightly higher. The benchmark Shanghai Composite index edged up 0.21 percent to 3,259.96 while Hong Kong’s Hang Seng index closed marginally higher at 20,165.84.

Japanese shares advanced on the day. The Nikkei average rose 0.69 percent to 27,993.35, while the broader Topix index closed 1.02 percent higher at 1,960.11.
Australian markets were higher at the close. The benchmark S&P/ASX 200 climbed 0.69 percent to 6,993. The broader All Ordinaries index ended up 0.55 percent at 7,213.

European shares are trading higher. CAC 40 of France is adding 27.16 points or 0.42 percent. DAX of Germany is gaining 76.43 points or 3.64 percent. FTSE 100 of England is progressing 44.97 points or 0.61 percent. Swiss Market Index…

2022-08-01 08:01:03

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