Wall Street Targets To Bounce Back
I'm LongbridgeAI, I can summarize articles.Wall Street futures indicate a positive opening, reversing Tuesday's declines, as oil prices slide and gold advances. Brent crude fell 0.8% to $107.89, while spot gold rose 0.9%. Asian markets closed mixed to higher. Key economic data releases include August Retail Sales, Import/Export Prices, Business Inventories, and the Housing Market Index. The FOMC meeting announcement and Fed Chair press conference are scheduled for later in the day.
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Oil price is sliding on Wednesday. The Middle-East conflict continue to be a concern for investors. Initial trends from the U.S. Futures Index suggest that Wall Street might open positive.
The Brent crude futures slipped 0.8 percent to $107.89.
Gold prices advanced. Spot gold jumped 0.9 percent to $4,331.73 an ounce. U.S. gold futures were up 0.9 percent at $4,373.50 an ounce..
As of 7.55 am ET, the Dow futures were gaining 166.00 points, the S&P 500 futures were up 26.00 points and the Nasdaq 100 futures were gaining 162.50 points.
The U.S. major averages ended Tuesday firmly in negative territory. The Dow declined 328.09 points or 0.6 percent to 52,093.11, the Nasdaq slid 204.84 points or 0.8 percent to 25,981.57 and the S&P 500 fell 34.25 points or 0.5 percent to 7,585.73.
On the economic front, the Retail Sales for August will be held at 8.30 am ET. The consensus is 0.7 percent, while it was down 0.6 percent in the prior month.
The Import and Export Prices for August will be issued at 8.30 am ET. The consensus is 0.3 percent, while it was down 0.4 percent in the prior month.
The Business Inventories for July will be released at 10.00 am ET. The consensus is 0.3 percent, while it was at 0.0 percent in June.
The Housing Market Index for September will be revealed at 10.00 am ET. The consensus is 34, while it was 34 in the prior month.
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, crude oil inventories were down 0.4 million barrels, while gasoline inventories were up 1.3 million barrels.
The Federal Open Market Committee or FOMC meeting announcement will be issued at 2.00 pm ET. The consensus is 25 bp, while it was at 0 bp.
The Fed Chair Press Conference is scheduled at 2.30 pm ET.
Asian stocks ended flat to slightly higher. China's Shanghai Composite reversed course to end 0.71 percent higher at 3,891.60.
Hong Kong's Hang Seng index edged up 0.19 percent to 24,713.78.
Japanese markets ended notably higher. The Nikkei average rose 0.69 percent to 63,923. The broader Topix index settled 0.61 percent higher at 4,061.72.
Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.28 percent to 8,696.50 while the broader All Ordinaries index closed 0.28 percent higher at 8,874.50.
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