Wall Street Might Open In Positive Territory

Business

Air raids are continuing in Ukraine. Oil prices are projected to rally in 2023 also. Investors are keenly observing the energy price changes.

The Fed’s monetary policy decision and Import and Export prices might get special attention on Wednesday.

Early cues from the U.S. Futures Index suggest that Wall Street might open positive.

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

As of 7.10 am ET, the Dow futures were up 57.00 points, the S&P 500 futures were adding 6.25 points and the Nasdaq 100 futures were progressing 12.50 points.

The U.S. major averages were broadly up at closing on Tuesday. The Dow closed up 103.60 points or 0.3 percent at 34,108.64. The Nasdaq jumped 113.08 points or 1.0 percent to 11,256.81, while the S&P 500 climbed 29.09 points or 0.7 percent to 4,019.65.

On the economic front, the Labor Department’s Import and Export Prices for November will be released at 8.30 am ET. The consensus is for a decline of 0.5 percent, while it was down 0.2 percent in the prior month.

Atlanta Fed Business Inflation Expectations for December will be revealed at 10.00 am ET. In the prior month, the expectation was up 3.3 percent.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 5.2 million barrels, and the gasoline inventories were up 5.3 million barrels.

The Federal Open Market Committee or FOMC announcement is scheduled at 2.00 pm ET.
The Fed Chair Press Conference will be at 2.30 pm ET.

Asian shares finished higher on Wednesday. China’s Shanghai Composite Index edged up 0.2 points or 0.01 percent to finish at 3,176.53.

The Japanese benchmark Nikkei 225 gained 211 points or 0.75 percent to end trading at 28,165.84.

The Hang Seng Index of the Hong Kong Stock Exchange added 77 points or 0.39 percent from the previous close to finish trading at 19,673.45.

Australia’s S&P/ASX200 closed trading at 7,251.30 after adding 48 points or 0.67 percent.

European shares are trading lower. CAC 40 of France is down 24.17 points or 0.36 percent. DAX of Germany is declining 71.76 points or 0.49 percent. FTSE 100 of England is sliding 16.86 points or 0.22 percent. The Swiss Market Index is down 34.92 points or 0.30 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.33 percent.

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