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Wall Street Sees Red

RTTNews 2018-12-06 08:20:00

There is a rush of data on Thursday and the initial trends from the U.S. Futures Index suggest that Wall Street might open significantly lower. Jobless Claims, Productivity and Costs report, International Trade Data, Factory Orders data as well as Fed Speeches are closely monitored by investors.

As a reaction to the arrest of Chinese tech giant Huawei's CFO Meng Wanzhou in Canada, who faces extradition to U.S., Asian shares closed down.
European markets are trading lower.

As of 7.55 am ET, the Dow futures were slipping 422 points, the S&P 500 futures were shedding 42.00 points and the Nasdaq 100 futures were down 135.25 points.

U.S. markets remained closed on Wednesday.

On the economic front, ADP Employment Report for November will be issued at 8.15 am ET. The economists are looking for consensus of 175,000 down from 227,000 in the previous week.

International Trade Data for October will be released at 8.30 am ET. The consensus is for a deficit of $55.0 billion wider than $54.0 billion in the prior month.

The Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The economists are looking for consensus of 225 K while it was 234 K in the previous week.

The Productivity and Costs report for third quarter will be published at 8.30 am ET. The consensus is for growth of 2.3 percent, up from 2.2 percent in the prior quarter.

Factory Orders for October will be revealed at 10.00 am ET. The consensus is for decline of 2.0 percent, while it grew 0.7 percent in the previous month.

ISM's non-manufacturing index for November is scheduled at 10.00 am ET. The consensus is for 59.0, down from 60.3 in the prior month.


The Energy Information Administration's (EIA) Petroleum Status Report for the week will be published at 11.00 am ET. In the prior week, the change in crude oil inventories were up 3.6 million barrels.

Atlanta Federal Reserve Bank President Raphael Bostic will deliver a speech on the US economic outlook at the Georgia Economic Outlook in Atlanta, Georgia at 12.15 pm ET.


10 -year Treasury Note auction will be held at 11.00 am ET. The 30-year Bond auction will be held at 11.00 pm ET, while Treasury STRIPS auction will be held at 3.00 pm ET.

The Fed Balance Sheet for the week is expected at 4.30 pm ET. In the previous week, the level was $4.497 trillion.

The Fed Money Supply for week is scheduled at 4.30 pm ET. The M2 weekly change was $35.7 billion.

New York Federal Reserve Bank President John Williams will speak in a moderated discussion with Mervyn King at the London School of Economics Foundation event in New York, NY. At 6.30 pm ET.

Federal Reserve Bank Chairman Jerome Powell will deliver brief welcoming remarks at the Housing Assistance Council's Rural Housing Conference in Washington, DC. At 6.45 pm ET.

Asian stocks fell across the board on Thursday. China's Shanghai Composite Index tumbled 44.62 points or 1.7 percent to 2,605.18. Hong Kong's Hang Seng Index plunged 663.30 points or 2.5 percent 26,156.38.

Japanese shares slumped to a more than five-week low. The Nikkei 225 Index plummeted 417.71 points or 1.9 percent to 21,501.62, the lowest level since October 30th. The broader Topix Index closed 1.8 percent lower at 1,610.60.

Australian markets ended modestly lower. The benchmark S&P/ASX 200 Index dipped 10.70 points or 0.2 percent to 5,657.70 after declining 0.8 percent in the previous session. The broader All Ordinaries Index ended down 12.40 points or 0.2 percent at 5,736.70.

European shares are trading in the red. CAC 40 of France is declining 119.07 points to 2.41 percent. DAX of Germany is down 290.21 points or 2.57 percent. FTSE 100 of England is slipping 161.95 points or 2.33 percent. Swiss Market Index is dropping 169.78 points or 1.89 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 2.27 percent.

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