Wall Street Might Open Lower

Investors might react to major earnings reports on Wednesday. Alphabet, Microsoft, Mattel, Spotify as well as Visa are the major corporates reporting their quarterly results after the close of today’s trading.

More clues on the economic and rate outlook are expected from the third-quarter U.S. GDP data, due later this week.

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

As of 7.45 am ET, the Dow futures were down 45.00 points, the S&P 500 futures were declining 30.25 points and the Nasdaq 100 futures were sliding 204.50 points.

The U.S. major averages finished higher on Tuesday. The Dow jumped 337.12 points or 1.1 percent at 31,836.74, the Nasdaq soared 246.50 points or 2.3 percent to 11,199.12 and the S&P 500 surged 61.77 points or 1.6 percent to 3,859.11.

On the economic front, Census Bureau’s International Trade in Goods (advance) for September will be released at 8.30 am ET. The consensus is for a negative $87.8 billion, while it was down $87.3 billion a month ago.

Retail inventories (advance) for September will be published at 8.30 am ET. In the prior month, the inventories were up 1.4 percent. Wholesale Inventories (advance) for September is scheduled at 8.30 am ET. The consensus is for growth of 1.1 percent, while it was up 1.3 percent in the prior month.

The U.S. Bureau of the Census, the Department of Commerce, and the Housing and Urban Development Department’s New Home Sales for September are expected at 10.00 am ET. The consensus is 585K while it was 685K in the prior month.

State Street Investor Confidence Index for October will be revealed at 10.00 am ET. In the prior month, the Index was 108.8.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 1.7 million barrels, and the Gasoline Inventories were down 0.1 million barrels.

A two-year floating rate note or FRN auction will be held at 11.30 am ET. Five-year Treasury Note auction will be held at 1.00 pm ET.

Asian stocks advanced on Wednesday. China’s Shanghai Composite index rose 0.78 percent to 2,999.50 while Hong Kong’s Hang Seng index gained 1.0 percent to close at 15,317.67.

Japanese shares gained for the third consecutive session. The Nikkei average climbed 0.67 percent to 27,431.84 while the broader Topix index ended 0.58 percent higher at 1,918.21.

The Japanese yen continued weakening.

Australian markets finished slightly up. The benchmark S&P/ASX 200 index inched up 0.18 percent to 6,810.90 while the broader All Ordinaries index closed 0.16 percent higher at 7,005.10.

European shares are trading mostly down. CAC 40 of France is declining 5.68 points or 0.09 percent. DAX of Germany is adding 45.94 points or 0.33 percent. FTSE 100 of England is tumbling 35.55 points or 0.51 percent. The Swiss Market Index is dropping 50.99 points or 0.48 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.28 percent.

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