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Wall Street ready to open down

Federal Reserve Chairman Jerome Powell’s speech may receive special attention on Wednesday. The final reading of the Commerce Department’s first-quarter GDP, first-quarter corporate earnings, and June State Street investor confidence is another important announcement of the day.

Early trends in the US futures index suggest that Wall Street may open lower.
Asian stocks fell while European stocks fell.

At 7:25 am ET, Dow futures fell 21.00 points, S & P 500 futures fell 8.25 points and Nasdaq 100 futures fell 37.00 points.

The US key average ended Tuesday’s session lower. The Dow fell 491.27 points (1.6%) to 30,936.99, the Nasdaq fell 343.01 points (3%) to 11,181.54, and the S & P 500 fell 78.56 points (2%) to 3,821.55.

On the economic front, gross domestic product or GDP for the first quarter will be announced at 8:30 am ET. The consensus was minus 1.4%, but last quarter it was minus 1.5%.

Corporate profit for the first quarter is scheduled for ET at 8:30 am. Corporate profit increased by 15.7% in the previous year.

The June State Street Investor Confidence Index will be published at 10am. Last month’s index was 97.1.

This week’s Energy Information Administration or EIA oil status report will be published at 10:30 am ET.

The June Business Uncertainty Survey is scheduled for 11:00 AM ET. Last month sales growth was 4.45% and employment growth was 4.61%.

Federal Reserve Chairman Jerome Powell will participate in a previous economic policy panel discussion at the European Central Bank Forum on Central Bank at 9 am Eastern Standard Time.

Asian stocks fell on Wednesday. Chinese stocks plummeted and the Shanghai Composite Index benchmark fell 1.40% to 3,361.52.

The Hang Seng Index in Hong Kong fell 1.88% to 21,996.89.
Japanese stocks closed at a lower price. The Nikkei average fell 0.91% to 26,804.60. The broader Tokyo Stock Price Index fell 0.72 percent to close at 1,893.57.

Australian person market Finished the lows of their day. The benchmark S & P ASX 200 fell 0.94% to 6.700.20. The wider All Ordinaries index closed 1.09 percent lower at 6,877.90.

European stocks are declining. Among the major indexes in the region, France’s CAC 40 index is down 78.71 points, or 1.29 percent. Germany’s DAX is down 252.58 points (1.93%) and the UK’s FTSE 100 index is down 38.34 points (0.52%).

The Swiss market index is down 121.23 points or 1.12 percent.

The Eurostocks 50 Index, which summarizes the 50 best stocks in the euro area, has fallen 1.32%.

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Wall Street ready to open down

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