Wall Street Might Open Lower, Earnings On Focus

(RTTNews) – Earnings reports might be the highlight this week. Major corporates have scheduled their earnings on Tuesday.

Producer Prices, Retail Sales, Industrial Production, Housing Starts, and Existing Home Sales also are expected this week.

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

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

As of 7.15 am ET, the Dow futures were down 79.00 points, the S&P 500 futures were declining 7.75 points and the Nasdaq 100 futures were declining 28.25.00 points.

The U.S. major averages closed higher on Friday. The Dow rose 112.64 points or 0.3 percent to 34,302.61, the Nasdaq advanced 78.05 points or 0.7 percent to 11,079.16 and the S&P 500 climbed 15.92 points or 0.4 percent to 3,999.09.

On the economic front, the Empire State Manufacturing Index for January will be released at 8.30 am ET. The consensus is for a decline of 8.1, while it was down 11.2 in the prior month.

Six-month Treasury Bill auction will be held at 11.30 am ET.

New York Federal Reserve Bank President John Williams will give welcome remarks before hybrid conference organized by the Federal Reserve Bank of New York at 3.00 pm ET.

Asian stocks finished mixed on Tuesday. Chinese were down. The benchmark Shanghai Composite index slipped 0.1 percent to 3,224.24 while Hong Kong’s Hang Seng index dropped 0.78 percent to 21,577.64.

Japanese shares rose sharply. The Nikkei average climbed 1.23 percent to 26,138.68. The broader Topix index ended 0.88 percent higher at 1,902.89.

Australian markets ended marginally lower.

European shares are trading down. CAC 40 of France is declining 9.58 points or 0.14 percent. DAX of Germany is sliding 6.87 points or 0.04 percent. FTSE 100 of England is falling 25.81 points or 0.33 percent. The Swiss Market Index is down 30.53 points or 0.27 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.0.099 percent.