(RTTNews) – The Fed’s Beige Book might get attention on Wednesday. On a day of a few economic announcements, the initial trends on the U.S. Futures Index suggest that Wall Street might open lower.
As of 8.05 am ET, the Dow futures were down 221.00 points, the S&P 500 futures were sliding 30.00 points and the Nasdaq 100 futures were falling 116.00 points.
The U.S. major averages finished broadly up. The Nasdaq climbed 99.09 points or 0.6 percent to 17,019.88, adding to the strong gain posted last Friday. The S&P 500 also inched up 1.32 points or less than a tenth of a percent to 5,306.04, while the Dow slid 216.73 points or 0.6 percent to 38,852.86.
On the economic front, the Richmond Fed Manufacturing Index for May will be published at 10.00 am ET. The consensus is minus 6, while it was minus 7 in the prior month.
The Survey of Business Uncertainty for May will be released at 11.00 am ET. In April, the sales growth was 3.76 percent.
Two-year Treasury Floating Rate Note or FRN auction will be held at 11.30 am ET. 7-year treasury Note auction will be held at 1.00 pm ET.
The Beige Book, published two weeks prior to the monetary policy meetings of the Federal Open Market Committee is scheduled at 2.00 pm ET.
New York Fed President John Williams will participate in a roundtable with local leaders to hear about business conditions and municipal and community services at 1.45 pm ET.
Atlanta Fed President Raphael Bostic will participate in a moderated conversation on”Economic Outlook and Leadership” before the American Economic Association Conference on Teaching and Research in Economic Education at 7.00 pm ET.
Asian stocks ended mostly lower on Wednesday. Chinese stocks fluctuated before ending on a firm note. The benchmark Shanghai Composite index finished marginally higher at 3,111.02.
Hong Kong’s Hang Seng Index tumbled 1.8 percent to 18,477.01.
Japanese shares lost ground. The Nikkei 225 Index dropped 0.8 percent to 38,556.87, while the broader Topix Index settled 1.0 percent lower at 2,741.62.
Australian markets closed lower. The benchmark S&P ASX 200 Index fell 1.3 percent to 7,665.60, while the broader All Ordinaries Index ended down 1.2 percent at 7,935.70.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
