Wall Street Targets To Open Positive

Speaker Nancy Pelosi’s visit to Taiwan and China’s retaliation through trade restrictions are closely watched by investors.

Earnings might be the highlight of the day.

Early signs from the U.S. Futures Index suggest that Wall Street might open higher.
Asian shares finished broadly higher, while European shares finished mostly up.

As of 7.50 am ET, the Dow futures were up138.00 points, the S&P 500 futures were adding 19.00 points and the Nasdaq 100 futures were progressing 60.00 points.

The U.S. major stocks were mixed at the close on Tuesday. The Dow ended with a loss of 402.23 points or 1.23 percent at 32,396.17, slightly off the session’s low. The S&P 500, which advanced to 4,140.47, settled with a loss of 27.44 points or 0.67 percent at 4,091.19, while the Nasdaq, which rebounded to 12,503.34.

On the economic front. A 3-year Treasury Note auction will be held at 8.30 am ET. 10-year Treasury Note auction will be held at 8.30 am ET.

Thirty-year Treasury Bond Auction and Treasury Refunding announcement will be held at 8.30 am ET.

The US Services Purchasing Managers’ Index or PMI for July will be held at 9.45 am ET. The consensus is 47.0.

The Commerce Department’s Factory Orders for June will be revealed at 10.00 am ET. The consensus is for an increase of 1.1 percent, while it was up 1.6 percent in the previous month.

The Institute for Supply Management’s Services Index for July will be issued at 10.00 am ET. The consensus is 53.0, while it was up 55.3.

The Energy Information Administration or EIA’s Petroleum Status Report for the week is scheduled at 10.30 am ET. In the prior week, the Crude oil inventories were down 4.5 million barrels, while Gasoline Inventories were down 3.3 million barrels.

Philadelphia Federal Reserve Bank President Patrick Harker will speak on Using Fintech to Promote Financial Inclusion before the hybrid Federal Reserve Bank of Philadelphia Sixth Annual Fintech Conference at 10.30 am ET.

Asian stocks finished mostly higher on Wednesday. China’s Shanghai Composite closed 0.71 percent lower at 3,163.67. Hong Kong’s Hang Seng index edged up 0.40 percent to 19,767.09.

Japanese shares rebounded on the day. The Nikkei average rose 0.53 percent to 27,741.90 while the broader Topix index ended 0.27 percent higher at 1,930.77.

Australia stocks declined on Wednesday. The benchmark S&P ASX 200 dropped 0.32 percent to 6,975.90 while the broader All Ordinaries index closed 0.19 percent lower at 7,202.90.

European shares are trading mostly up. Among the major indexes in the region, the CAC 40 Index of France is progressing 21.01 points or 0.33 percent. The German DAX is adding 20.04 points or 0.15 percent, the U.K. FTSE 100 Index is gaining 10.10 points or 0.13 percent.

The Swiss Market Index is declining 3.36 points or 0.03 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.45 percent.

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