Wall Street Poised To Open Lower

Federal Reserve Chair Jerome Powell’s address might get special attention on Wednesday. The Commerce Department’s final reading on first-quarter GDP, first-quarter Corporate profits as well as State Street Investor Confidence for June are other important announcements on the day.

Early trends on the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished lower, while European shares are trading down.

As of 7.25 am ET, the Dow futures were down 21.00 points, the S&P 500 futures were declining 8.25 points and the Nasdaq 100 futures were sliding 37.00 points.

The U.S. major averages finished Tuesday’s session lower. The Dow tumbled 491.27 points or 1.6 percent to 30,936.99, the Nasdaq plummeted 343.01 points or 3 percent to 11,181.54 and the S&P 500 plunged 78.56 points or 2 percent to 3,821.55.

On the economic front, the Gross Domestic Product or GDP for the first quarter will be released at 8.30 am ET. The consensus is minus 1.4 percent, while it was minus 1.5 percent in the prior quarter.

The Corporate Profits for the first quarter is scheduled at 8.30 am ET. In the previous year the Corporate Profits were up 15.7 percent.

State Street Investor Confidence Index for June will be published at 10.00 am ET. In the prior month, the Index was 97.1.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be announced at 10.30 am ET.

The Survey of Business Uncertainty for June is expected at 11.00 am ET. In the prior month, the sales growth was up 4.45 percent and the employment growth was 4.61 percent.

Federal Reserve Chairman Jerome Powell will participate in an economic policy panel discussion before the European Central Bank Forum on Central Banking at 9.00 am ET.

Asian stocks fell on Wednesday. Chinese shares fell sharply, with the benchmark Shanghai Composite index ending 1.40 percent lower at 3,361.52.

Hong Kong’s Hang Seng index were down 1.88 percent at 21,996.89
Japanese shares closed lower. The Nikkei average dropped 0.91 percent to 26,804.60. The broader Topix index ended 0.72 percent lower at 1,893.57.

Australian markets ended off their day’s lows. The benchmark S&P ASX 200 slipped 0.94 percent to 6.700.20. The broader All Ordinaries index closed 1.09 percent lower at 6,877.90.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 78.71 points or 1.29 percent. The German DAX is sliding 252.58 points or 1.93 percent, and the U.K. FTSE 100 Index is losing 38.34 points or 0.52 percent.

The Swiss Market Index is declining 121.23 points or 1.12 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.32 percent.

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