Wall Street Might Open Lower

Weekly jobless claims, Philadelphia-area manufacturing activity, and Existing Home Sales might get the special attention of investors on Thursday. The U.S. Futures Index’s earlier trading clearly points to a lower open for Wall Street.

Asian shares finished broadly lower, while European shares finished in the red.
The death toll in the U.S. from the COVID-19 pandemic crossed 250,000.

As of 7.30 am ET, the Dow futures were declining 42.00 points, the S&P 500 futures were down 3.25 points and the Nasdaq 100 futures were sliding 29.50 points.

The U.S. major averages ended Wednesday near their lows of the session. The Dow tumbled 344.93 points or 1.2 percent to 29,438.42, the Nasdaq slid 97.74 points or 0.8 percent to 11,801.60 and the S&P 500 slumped 41.74 points or 1.2 percent to 3,567.79.

On the economic front, the Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 710K, while it was up 709K in the prior week.

The Philadelphia Fed Manufacturing Index for November will be published at 8.30 am ET. The consensus is for 24.5, down from 32.3 in the previous month.

National Association of Realtors’ Existing home sales for October will be revealed at 10.00 am ET. The consensus is for 6.47 million, while it was up 6.54 million in September.

The E-Commerce Retail Sales for the third quarter is scheduled at 10.00 am ET. In the prior quarter, the Retails Sales were up 31.8 percent.

The Conference Board’s Leading Indicators for October will be issued at 10.00 am ET. The consensus is for growth of 0.7 percent, while it was up 0.7 percent in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be published at 10.30 am ET. In the previous week, the Gas Stock was up 8 bcf.

The 10-year Treasury Inflation-Protected Securities or TIPS auction will be held at 1.00 pm ET.
The Fed Balance Sheet for the week will be revealed at 4.30 pm ET. In the previous week, the level was at $7.175 trillion.

The Fed Money Supply for the week will be published at 4.30 pm ET. In the previous week, the M2 Money Supply was up $56.0 billion.

Cleveland Federal Reserve Bank President Loretta Mester will give opening remarks at the 2020 Financial Stability Conference: “Stress, Contagion, and Transmission” virtual event held by the Cleveland Fed at 8.30 are ET.

Fed Governor Michelle Bowman will deliver the keynote address at the 2020 Financial Stability Conference: “Stress, Contagion, and Transmission” virtual event hosted by the Cleveland Fed at 12.35 pm ET.

Asian stocks finished broadly lower on Thursday. Chinese shares rose on the day. The benchmark Shanghai Composite index edged up 15.78 points, or 0.47 percent to 3,363.09 while Hong Kong’s Hang Seng index slipped 187.32 points, or 0.71 percent, to 26,356.97.

Japanese stocks extended losses from the previous session. The Nikkei average fell 93.80 points, or 0.36 percent, to 25,634.34, while the broader Topix index ended 0.33 percent higher at 1,726.41.

Australian markets recouped early losses to close modestly higher. The broader All Ordinaries index rose 16.20 points, or 0.24 percent, to 6,742.70.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 159.54 points or 0.84 percent. The German DAX is losing 115.67 points or 0.88 percent, the U.K. FTSE 100 Index is losing 46.39 points or 0.73 percent.

The Swiss Market Index is sliding 81.28 points or 0.77 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.46 percent.

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