Market Might Retrieve Momentum, Despite Persisting Political Disruptions

Disregarding threats from North Korea to shoot down U.S. bombers even in the International space, the market seems to retain its composure. The initial trading on the U.S. Futures Index suggest that Wall Street might open broadly higher. The market awaits the address of Fed Chair Janet Yellen in the afternoon in Cleveland and a slew of Fed speeches. Asian shares closed broadly down, while European shares are trading lower.

As of 7.15 am ET, the Dow futures were adding 1.00 points, the S&P 500 futures were shedding 1.00 points and the Nasdaq 100 futures were adding 11.50 points.

U.S. stocks closed lower on Monday. The Nasdaq plunged by 56.33 points or 0.9 percent to 6,470.59, the Dow dipped by 53.84 points or 0.2 percent to 22,296.09 and the S&P 500 slipped 5.56 points or 0.2 percent to 2,496.66.

On the economic front, the Federal Reserve Chair Janet Yellen will deliver the keynote address at the NABE Annual Meeting to Assess Prospects for Growth in Shifting Global Economy, in Cleveland, with audience Q&A at 12.45 pm ET.

the Redbook Data that tracks comparable store sales at chain stores, discounters, and department stores on a weekly basis, will be published at 8.55 am ET. In the previous week the store sales were up 3.6 percent.

The Richmond Fed Manufacturing Index September will be revealed at 10.00 am ET. The consensus is for 13, down from 14 in the prior month.

The New Home Sales Index for August will be published at 10.00 am ET. The consensus is for 583K, up from 571K in the prior month.

The State Street Investor Confidence Index will be issued at 10.00 am ET. In the prior month the index was at 106.8.

The S&P Corelogic Case-Shiller home price index for July that tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. will be revealed at 9.00 am ET. The consensus is for growth of 0.3 percent, compared to 0.1 percent in the previous month.

Chicago Federal Reserve Bank President Charles Evanswill deliver welcoming remarks at the 17th Annual Chicago Payments Symposium in Chicago at 9.30 am ET.

Cleveland Federal Reserve Bank President Loretta Mester will moderate a “Global Outlook” panel discussion at the “Prospects for Growth: Reassessing the Fundamentals” 59th National Association for Business Economics Meeting in Cleveland, Ohio at 9.30 am ET.

Federal Reserve Governor Lael Brainard will speak at “Federal Reserve Board Conference: Disparities in the Labor Market: What are we missing?” in Washington at…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *