Wall Street Aims To Bounce Back

Thursday’s focus will be on durable goods orders and weekly jobless claims reports.

The NATO summit in Brussels attended by U.S. President Joe Biden and other prominent leaders might take a stand against the Russian invasion of Ukraine. NATO will also discuss sanctions on Russia, while Washington is planning for export controls on China as the Asian giant is planning to send semiconductors created with U.S. technology to Russia.

Early signs from the U.S. Futures Index suggest that Wall Street might open moderately higher.

As of 8.25 am ET, the Dow futures were gaining 88.00 points, the S&P 500 futures were progressing 16.00 points and the Nasdaq 100 futures were up 59.50 points.

The U.S. major averages ended Wednesday’s session at their worst levels of the day. The Dow plunged 448.96 points or 1.3 percent to 34,358.50, the Nasdaq tumbled 186.21 points or 1.3 percent to 13,922.60 and the S&P 500 slumped 55.37 points or 1.2 percent to 4,456.24.

On the economic front, the Commerce Department’s Durable Goods Orders for February will be issued at 8.30 am ET. The consensus is for a decline of 0.5 percent, while it was up 1.6 percent in the prior month.

The Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The consensus is for 210K, while it was 214K in the previous week.

The Commerce Department’s Current Account for the fourth quarter. The consensus is for a deficit of $217.6 billion, while the deficit in the prior quarter was $214.8 billion.

The flash Composite Purchasing Managers’ Index or PMI for March will be released at 9.45 am ET. The consensus is 55.0, while it was up 56.6 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 prior week, the gas stock was down 79 bcf.

Ten-year Treasury Inflation Securities or TIPS auction will be held at 1.00 pm ET.
The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $8.954 trillion.

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a moderated audience Q&A focused on national economy, recovery, and workforce, hosted by Fargo-Moorhead Chamber of Commerce at .10 am ET.

Chicago Federal Reserve Bank President Charles Evans to speak on current economic events and monetary policy before the Detroit Regional Chamber 2022 State of the Region event at 9.50 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic to participate in a moderated conversation at Spelman College Convocation Series at 11.00 am ET.

Asian stocks ended on a subdued note Thursday. Chinese shares fell notably.

China’s Shanghai Composite index shed 0.63 percent to close at 3,250.36 while Hong Kong’s Hang Seng index finished 0.94 percent lower at 21,945.95.

Japanese shares eked out modest gains. The Nikkei average rose 0.25 percent to 28,110.39.

Australian markets fluctuated before ending slightly higher. The benchmark S&P/ASX 200 index edged up 0.12 percent to settle at 7,387.10 points.

European shares are trading mostly lower. CAC 40 of France is losing 88.93 points or 1.34 percent. DAX of Germany is down 41.70 points or 0.29 percent. FTSE 100 of England is declining 2.17 points or 0.03 percent. Swiss Market Index is adding 10.56 points or 0.09 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.21 percent.

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