Wall Street Might Open In Negative Territory

Earnings as well as the Fed decision might be the highlight on Wednesday. After the bell, Google parent Alphabet (GOOGL) and Microsoft (MSFT) shall publish their quarterly results.

Early cues from the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mostly down, while European shares are trading in negative territory.

As of 7.50 am ET, the Dow futures were down 26.00 points, the S&P 500 futures were declining 5.00 points and the Nasdaq 100 futures were sliding 38.75 points.

U.S. major averages finished higher on Tuesday. The Nasdaq climbed 85.69 points or 0.6 percent to 14,144.56 and the S&P 500 rose 12.82 points or 0.3 percent to 4,567.46, reaching its best closing level in over a year. The Dow pulled back off its best levels going into the close but still inched up 26.83 points or 0.1 percent to 35,438.07.

On the economic front, the New Home Sales for June will be issued at 10.00 am ET. The consensus is 727K, while it was up 763K in the prior month.

State Street Investor Confidence Index for July will be published at 10.00 am ET. In the prior month, the Index was up 95.8.

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 0.7 million barrels and the gas inventories were down 1.1 million barrels.

Survey of Business Uncertainty for July is scheduled at 11.00 am ET. In the prior month, the sales growth was 4.98 percent and employment growth was 4.34 percent.

Two-year Floating Rate Note or FRN auction will be held at 11.30 am ET.

The Federal Open Market Committee or FOMC meeting will be held at 2.00 pm ET. Consensus is In the prior

Asian stocks ended mostly lower on Wednesday. Chinese shares fell slightly. The benchmark Shanghai Composite index settled 0.26 percent lower at 3,223.03 while Hong Kong’s Hang Seng index dropped 0.36 percent to 19,365.14.

Japanese shares closed on a tepid note. The Nikkei average finished marginally lower at 32,668.34, with auto and tyre makers pacing decliners. The broader Topix index ended down 0.10 percent at 2,283.09.

Australian markets rose notably to close. The benchmark S&P/ASX 200 climbed 0.85 percent to 7,402 and the broader All Ordinaries index closed 0.84 percent higher at 7,617.80, with banks and miners leading the surge.

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