Wall Street Poised To Open Broadly Lower

The Fed’s monetary policy decision is on focus today. There are not many economic announcements on Wednesday.

As Russia’s invasion of Ukraine is progressing, Chinese Premier Xi Jinping visited Russian President Vladimir Putin in Moscow. Despite hopes for a ceasefire, there were no announcements in this regard.

Early trends on the U.S. Futures Index suggest that Wall Street might open broadly lower.

Asian shares finished higher, while European shares are positive.

As of 8.10 am ET, the Dow futures were up 6.00 points, the S&P 500 futures were declining 2.75 points and the Nasdaq 100 futures were down 24.25 points.

The U.S. major averages finished Tuesday with strong gains. The Dow jumped 316.02 points or 1.0 percent to 32,560.60, the Nasdaq surged 184.57 points or 1.6 percent to 11,860.11 and the S&P 500 shot up 51.30 points or 1.3 percent at 4,002.87.

On the economic front, the Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 1.6 million barrels and the Gasoline Inventories were down 2.1 million barrels.

The Federal Open Market Committee or FOMC’s policy announcement will be held at 2.00 pm ET. The consensus is 25 bp, while it was up 25 bp in the prior period.
The Fed Chair Press Conference is scheduled at 2.30 pm ET.

Asian markets gained on Wednesday. China’s Shanghai Composite Index rose 0.31 percent to 3,265.75. The Shenzhen Component Index gained 70 points or 0.61 percent to close at 11,497.10.

The Japanese benchmark Nikkei 225 gained 521 points or 1.93 percent to end trading at 27,466.61. The Hang Seng Index of the Hong Kong Stock Exchange gained 325 points or 1.69 percent from the previous close to finish trading at 19,584.12.

Australia’s S&P/ASX200 closed trading at 7,015.60 after gaining 60 points or 0.87 percent. The day’s trading was between 6,955.40 and 7,032.00.

European shares are trading higher. CAC 40 of France is gaining 23.47 points or 0.33 percent. DAX of Germany is adding 81.00 points or 0.53 percent. FTSE 100 of England is progressing 11.09 points or 0.15 percent. The Swiss Market Index is up 11.04 points or 0.10 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.43 percent.

Source: Read Full Article