Wall Street Likely To Open Flat Or Slightly Lower

Marginally lower U.S. index futures point to a flat to negative start for U.S. stocks Wednesday morning.

After surging nearly 200 points, Dow futures are down marginally now, and both S&P and Nasdaq futures have retreated as well after climbing higher, as

Despite some optimism about U.S. lawmakers agreeing on a fiscal stimulus plan, the continued surge in new coronavirus cases in several parts across the country may weigh on sentiment.

On the earnings front, a few top names including Netflix (NFLX) and Abbott Laboratories (ABB) have reported lower than expected earnings in the latest quarter.

Netflix said it added 2.2 million new subscribers last quarter, significantly lower than an expected addition of over 3.3 million subscribers.

On the economic front, the Federal Reserve is scheduled to release its Beige Book for the month of October, at 2 PM ET.

On Tuesday, stocks closed modestly higher after staying positive right through the day’s session as investors continued to hope the lawmakers will eventually agree on a stimulus plan sometime soon.

The major averages all ended on a firm note. The Dow, which was up more than 300 points at one stage, ended with a gain of 113.37 points or 0.4 percent at 28,308.79, the Nasdaq climbed 37.61 points or 0.33 percent to close at 11,516.49 and the S&P 500 advanced 16.20 points or 0.47 percent to 3,443.12.

Asian stocks ended mostly higher on Wednesday after the White House and Democratic Party negotiators said they are willing to continue their discussions over U.S. stimulus measures.

Sentiment was also bolstered after a Reuters report said that AstraZeneca Plc’s Covid-19 vaccine trial in the United States is expected to resume as early as this week.

European stocks are down in negative territory weighed down by concerns over a surge in coronavirus cases and tightening of restrictions in several parts across the continent. The U.K.’s FTSE 100, Germany’s DAX and France’s CAC 40 are down 0.9 to 1.1 percent, while the pan European Stoxx 600 is lower by about 0.85 percent.

In commodities, WTI Crude oil futures are down nearly 2 percent at $40.80 a barrel.

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