Wall Street To Witness Bloodbath As Russia Goes Ahead With Invasion Of Ukraine
The Russian invasion of Ukraine and renewed strikes are keeping the stock markets in the red. Early signs from the U.S. Futures Index suggest that Wall Street might open much lower.
Asian shares fell on the day while European shares are all trading down.
Amid geopolitical tensions, traders might keep an eye on weekly jobless claims reports, new home sales, and GDP reports.
As of 7.40 am ET, the Dow futures were declining 810.00 points, the S&P 500 futures were down 109.25 points, and the Nasdaq 100 futures were sliding 442.25 Points.
The U.S. major averages saw further downside going into the close on Wednesday ending the session near their worst levels of the day. The Dow plunged 464.85 points or 1.4 percent to 33,131.76, the Nasdaq dove 344.03 points or 2.6 percent to 13,037.49 and the S&P 500 plummeted 79.26 points or 1.8 percent to 4,225.50.
On the economic front, the Gross Domestic Product or GDP for the fourth quarter is scheduled at 8.30 am ET. The consensus is for an increase of 7.0 percent, while it was up 6.9 percent in the prior quarter.
The Labor Department’s Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 231K, while it was up 248K in the previous week.
The Chicago Fed National Activity Index for January will be released at 8.30 am ET. The consensus is for an increase of 0.15, while it was down 0.15 in the prior month.
The Commerce Department, the Housing and Urban Development department’s New Home Sales for January will be revealed at 10.00 am ET. The consensus is for 804K, while it was up 811K in the prior month.
A seven-year Treasury Note auction will be held at 1.00 pm ET.
The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $8.911 trillion.
Atlanta Federal Reserve Bank President Raphael Bostic will speak on Banking on Success in a Digital Era and participate in a moderated conversation before the virtual Federal Reserve Bank of Atlanta Banking Outlook Conference at 11.10 am ET.
Cleveland Federal Reserve Bank President Loretta Mester to speak on the economic outlook and monetary before virtual 2022 Economic Forecast event hosted by the University of Delaware Alfred Lerner College of Business & Economics Center for Economic Education and Entrepreneurship and Lyons Companies at 12 pm ET.
Richmond Federal Reserve Bank President Thomas Barkin to speak on the economic outlook before Virginia’s Gateway Region 12.00 pm ET.
Asian markets finished lower on Thursday. China’s Shanghai Composite index dropped 59.19 points, or 1.70 percent, to 3,429.96, tracking a sell-off across global equities. Hong Kong’s Hang Seng index slumped 758.72 points, or 3.21 percent, to close at 22,901.56.
Japanese shares hit a 15-month low. The Nikkei average fell 478.79 points, or 1.81 percent, to 25,970.82. The broader Topix index closed 1.25 percent lower at 1,857.58.
Australian markets fell the most in nearly one and a half year. The benchmark S&P/ASX 200 index slumped 215.10 points, or 2.99 percent, to 6,990.60 – marking its worst session since Sept. 4, 2020.
The broader All Ordinaries index lost 220.80 points, or 2.95 percent, to finish at 7,253.10.
European shares are falling. Among the major indexes in the region, the CAC 40 Index of France is declining 336.47 points or 4.97 percent. The German DAX is losing 781.70 points or 5.37 percent, the U.K. FTSE 100 Index is down 247.10 points or 3.30 percent.
The Swiss Market Index is declining by 405.81 points or 3.40 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 5.11 percent.
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