Wall Street Aims To Open Moderately Positive

Consumer Confidence and Existing Home Sales might get special attention on Tuesday, while the spread of a new coronavirus strain with a high transmission capability of 70 percent is a matter of worry for investors.

Asian shares finished lower, while European shares are trading mixed.

Initial cues from the U.S. Futures Index suggest that Wall Street might open slightly positive.
News on the coronavirus front may attract attention on Tuesday, while traders are also likely to keep an eye on reports

As of 7.45 am ET, the Dow futures were adding 22.00 points, the S&P 500 futures were progressing 8.75 points and the Nasdaq 100 futures were gaining 68.25 points.

The U.S. major Indices finished lower on Monday. The Dow inched up 37.40 points or 0.1 percent to 30,216.45. The Nasdaq edged down 13.12 points or 0.1 percent to 12,742.52 and the S&P 500 fell 14.49 points or 0.4 percent to 3,694.92.

On the economic front, the Commerce Department’s Gross Domestic Product or GDP for the third quarter will be published at 8.30 am ET. The consensus is for 33.1 percent while it was up 33.1 percent in the prior quarter.

The Corporate Profits for the third quarter will be issued at 8.30 am ET.
The Commerce Department’s Personal Income and Outlays for November will be released at 8.30 am ET. The consensus is for a deficit of 0.3 percent, while the deficit was 0.7 percent in the prior month.

The Federal Housing Finance Agency or FHFA House Price Index (HPI) for October will be issued at 9.00 am ET. The consensus is for an increase of 0.5 percent, while it was up 1.7 percent in September.

The Commerce and the Housing and Urban Development departments New Home Sales for November will be revealed at 10.00 am ET. The consensus is for 989K, while it was 999K in the previous month.

The University of Michigan’s Consumer Survey report for December is scheduled at 10.00 am ET. The consensus is for 81.0, while it was 81.4 in November.

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 down 3.1 million barrels and Gasoline Inventories were up 1.0 million barrels.

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

The Energy Information Administration or EIA’s Natural Gas report for the week will be released at 12.00 pm ET. In the prior week the Gas Stock was down 122 bcf.

Asian stocks fell broadly on Tuesday. China’s Shanghai Composite index tumbled 63.79 points, or 1.86 percent, to 3,356.78. Hong Kong’s Hang Seng index ended down 187.43 points, or 0.71 percent, at 26,119.25.

Japanese shares hit a three-week low on fears the new virus strain could slow economic recovery. The Nikkei average fell 278.03 points, or 1.04 percent, to 26,436.39, its lowest close since late November. The broader Topix index closed 1.56 percent lower at 1,761.12.

Australian markets fell sharply. The benchmark S&P/ASX 200 index dropped 70.30 points, or 1.05 percent, to 6,599.60, while the broader All Ordinaries index ended down 74.50 points, or 1.08 percent, at 6,845.50.

European shares are trading mostly higher. Among the major indexes in the region, the German DAX is adding 144.21 points or 1.09 percent, the U.K. FTSE 100 Index is gaining 22.74 points or 0.35 percent.

The Swiss Market Index is adding 61.25 points or 0.59 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.01 percent.

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