Ahead Of Thanksgiving Day, Wall Street Aims To Start On Negative Note


Tuesday might be quiet as far as the economic announcements are concerned. The trading might be light as we are getting closer to Thanksgiving Day and the holiday season.

COVID-19 continues to be a concern for the U.S. and the European countries and the data shows that the trend is upward.

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

Early signs from the U.S. Futures Index suggest that Wall Street might open lower.
On the earnings front, retailers Abercrombie & Fitch (ANF) Best Buy (BBY), and Dollar Tree (DLTR) are among the companies due to report their quarterly results before the start of trading on Tuesday.

As of 7.15 am ET, the Dow futures were declining by 2.00 points, the S&P 500 futures were down by 3.25 points, and the Nasdaq 100 futures were sliding by 29.75 points.

The U.S. major averages finished Monday mixed for the third consecutive session. While the Dow inched up 17.27 points or 0.1 percent to 35,619.26, the S&P 500 fell 15.02 points or 0.3 percent to 4,682.94 and the Nasdaq tumbled 202.68 points or 1.3 percent to 15,854.76.

On the economic front, the Redbook, a weekly measure of comparable stores chain sales at chain stores, discounters, and department stores will be issued at 8.55 am ET. In the prior week, the Store sales were up 15.2 percent.

The Flash Composite Purchasing Manager’s index or PMI for November will be published at 9.45 am ET. The consensus for the manufacturing index is 57.0, while it was up 57.8 in the prior month.

Federal Reserve Bank of Richmond’s Manufacturing Index for November will be published at 10.00 am ET. The consensus is for 11, while it was up 12 in the prior month.

A two-year Treasury floating-rate note or FRN is scheduled at 11.30 am ET, while seven-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Money Supply for October will be issued at 1.00 pm ET. In the prior month the M2 Money supply was $162.6 billion.

Asian stocks ended mixed on Tuesday. The Japanese market was closed on account of Labor Thanksgiving Day. China’s Shanghai Composite index rose 7.01 points, or 0.20 percent, to 3,589.09.

Hong Kong’s Hang Seng index fell 299.76 points, or 1.20 percent, to 24,651.58.
Australian markets rose notably. The benchmark S&P/ASX 200 climbed 57.50 points, or 0.78 percent, to 7,410.60, marking its best session since Nov. 12. The broader All Ordinaries index ended up 53.40 points, or 0.69 percent, at 7,741.70.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 16.34 points or 0.23 percent. The German DAX is losing 109.41 points or 0.68 percent, the U.K. FTSE 100 Index is down 1.50 points or 0.02 percent.

The Swiss Market Index is sliding 75.02 points or 0.60 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.64 percent.

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