July 24, 2021

Market and Financial News

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Wall Street Set To Bounce Back To Positive Open

3 min read

The Commerce Department’s report on new residential construction in the month of April as well as earnings news are likely to get special attention on Tuesday.

Asian shares finished mostly higher, while European shares are trading positive.
Initial signs from the U.S. Futures Index suggest that Wall Street might open higher on the day.

As of 7.40 am ET, the Dow futures were adding 71.00 points, the S&P 500 futures were adding 8.50 points and the Nasdaq 100 futures were progressing 75.50 points.

On Monday, the Dow ended the day down by just 54.34 points or 0.2 percent at 34,327.79. The Nasdaq slid 50.93 points or 0.4 percent to 13,379.05 and the S&P 500 fell 10.56 points or 0.3 percent to 4,163.29.

On the economic front, the Commerce and Housing & Urban Development department’s Housing Starts and Permits for April will be issued at 8.30 am ET.

The Redbook data for the week will be published at 8.55 am ET. In the prior week, the store sales were up 13.3 percent.

E-Commerce Retail Sales for the first quarter will be released at 10.00 am ET. In the prior quarter, the retails sales were down 1.2 percent.

Atlanta Federal Reserve Bank President Raphael Bostic to give introductory remarks before virtual “Fostering a Resilient Economy and Financial System: The Role of Central Banks” conference hosted by the Federal Reserve Bank of Atlanta at 11.00 am ET.

Dallas Federal Reserve Bank President Robert Kaplan to moderate “Policy Session 2: Is the Financial System’s Backbone, the U.S. Dollar, Also a Transmitter of Stress?” before virtual “Fostering a Resilient Economy and Financial System: The Role of Central Banks” conference hosted by the Federal Reserve Bank of Atlanta at 11.05 am ET.

Raphael Bostic will give closing remarks before virtual “Fostering a Resilient Economy and Financial System: The Role of Central Banks” conference hosted by the Federal Reserve Bank of Atlanta at 12.30 pm ET.

Asian stocks broadly advanced on Tuesday. Chinese shares eked out modest gains, with the benchmark Shanghai Composite index rising 0.32 percent to settle at 3,529.01.
Hong Kong’s Hang Seng index ended up 399.72 points, or 1.42 percent, at 28,593.81.

Japanese shares posted strong gains. The Nikkei average jumped 582.01 points, or 2.09 percent, to 28,406.84. The broader Topix index closed 1.54 percent higher at 1,907.74.

Australian shares rose for a third straight session. The benchmark S&P/ASX 200 rose 42.40 points, or 0.60 percent, to 7,066 while the broader All Ordinaries index ended up 43.30 points, or 0.60 percent, at 7,299.10.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 6.28 points or 0.17 percent. The German DAX is adding 28.38 points or 0.18 percent, the U.K. FTSE 100 Index is gaining 26.07 points or 0.38 percent.

The Swiss Market Index is adding 6.91 points or 0.07 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.21 percent.

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2021-05-18 07:59:01

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