Futures Point To Lower Open Ahead Of First Presidential Debate

Ahead of the first Presidential debate tonight, the early signs from the U.S. Futures Index suggest that Wall Street might open slightly down.

At 9.00 pm, President Donald Trump and former Vice President Joe Biden will debate.
The U.S. International Trade in the goods report and monthly Retail Inventories report, along with a slew of Fed talks are the other highlights on Tuesday.

Asian shares finished broadly higher, while European shares are trading lower.
As of 8.02 am ET, the Dow futures were losing 49.00 points, the S&P 500 futures were down 7.00 points and the Nasdaq 100 futures were sliding 50.25 points.

The U.S. major indices climbed higher on Monday. The Dow jumped 410.10 points or 1.5 percent to 27,584.06, the Nasdaq spiked 203.96 points or 1.9 percent to 11,117.53 and the S&P 500 surged up 53.14 points or 1.6 percent to 3,351.60.

On the economic front, the Census Bureau’s report on U.S. International trade in goods will be released at 8.30 am ET. The consensus is for a deficit of $82.6 billion, while the deficit was $79.3 billion in the prior month.

Retail Inventories, the monthly dollar value of inventories held by retailers, for August will be issued at 8.30 am ET. In the prior month, the Retail Inventories were up 1.2 percent.
The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. In the prior week, the Store Sales were up 1.5 percent.

Standard & Poor’s Case-Shiller House Price Index for July will be revealed at 9.00 am ET. The consensus is for an increase of 0.2 percent, while it was 0.0 percent in the prior month.

The Conference Board’s Consumer Confidence for September is scheduled at 10.00 am ET. The consensus was 88.8, slightly up from 84.8 in the prior month.

New York Federal Reserve Bank President John Williams will give keynote remarks at the 2020 U.S. Treasury Market Conference webinar at 9.15 am ET.

Philadelphia Federal Reserve Bank President Patrick Harker will speak about machine Learning at the virtual Official Monetary and Financial Institutions Forum on “The Economics of Artificial Intelligence and Machine Learning” at 9.30 am ET.

Federal Reserve Board of Governors Vice Chair Richard Clarida to speak about “Future Considerations for Treasury Market Resilience” at the 2020 U.S. Treasury Market Conference held by the New York Fed at 11.40 am ET.

Federal Reserve Board of Governors Vice-Chair for Supervision Randal Quarles will participate in a discussion about financial Regulation at a Harvard Law School and Program on International Financial Systems event entitled “Conversation on Financial Regulation” at 1.00 pm ET. Quarles will speak at New York Federal Reserve Bank President John Williams to speak in a “Fireside Chat with New York Fed President John Williams” webinar event held by the Fisher Center for Real Estate & Urban Economics at 1.00 pm ET.

Asian stocks closed mostly higher on Tuesday. Chinese shares rose modestly, with the benchmark Shanghai Composite index ending up 6.82 points, or 0.21 percent, at 3,224.36. Hong Kong’s Hang Seng index dropped 200.52 points, or 0.85 percent, to 23,275.53.

Japanese shares ended marginally higher. The Nikkei average edged up 27.48 points, or 0.12 percent, to close at 23,539.10, a seven-month high. However, the broader Topix index slipped 3.83 points, or 0.23 percent, to 1,658.10.

Australian markets hit a three-week high. The benchmark S&P/ASX 200 index ended virtually unchanged at 5,952.10. The broader All Ordinaries index edged up 6.60 points, or 0.11 percent, to close at 6,141.50.

European shares are trading lower. Among the major indexes in the region the German DAX is losing 51.30 points or 0.40 percent, the U.K. FTSE 100 Index is sliding 23.70 points or 0.40 percent.

The Swiss Market Index is down 39.88 points or 0.39 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.17 percent.

Source: Read Full Article