Wall Street Targets To Open Slightly Up At Open

Powell’s testimony before the Senate Banking Committee on Tuesday and Wednesday might influence the market sentiments. The wholesale inventories and consumer credit reports also will get attention.

China’s new Foreign Minister Qin Gang in his first press conference on Tuesday commented that suppression and containment will not make America great.

Japan’s Aerospace Exploration Agency reportedly destroyed its failed H3 rocket, after a few minutes of its launch. The rocket 187 feet in length said to be experienced reduced velocity in its second stage.

Early signs from the U.S. Futures Index suggest that Wall Street might open slightly up.

As of 7.15 am ET, the Dow futures were up 2.00 points, the S&P 500 futures were adding 4.25 points and the Nasdaq 100 futures were progressing 26.00 points.

The U.S. major index finished mostly up on Monday. Nasdaq closed down 13.27 points or 0.1 percent at 11,675.74. The Dow and the S&P 500 closed modestly higher. The Dow crept up 40.47 points or 0.1 percent to 33,431.44 and the S&P 500 inched up 2.78 points or 0.1 percent to 4,048.42.

On the economic front, The Wholesale Inventories (preliminary) for January will be released at 10.00 am ET. In the prior month, the inventories were up 0.1 percent.

Three-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Consumer Credit for January will be released at 3.00 pm ET. The consensus is $26.4 billion, while it was up $11.6 billion in the previous month.

The Federal Reserve Chairman Jerome Powell will deliver semiannual monetary policy testimony before the Senate Banking Committee at 10.00 am ET.

Asian stocks ended mixed on Tuesday. Chinese and Hong Kong markets ended sharply lower.

China’s Shanghai Composite index fell 1.11 percent to 3,285.10 while Hong Kong’s Hang Seng index shed 0.33 percent to settle at 20,534.48.

Japanese shares eked out modest gains. The Nikkei average rose 0.25 percent to 28,309.16. The broader Topix index closed 0.42 percent higher at 2,044.98.

Australian stocks rose today. The benchmark S&P/ASX 200 gained 0.49 percent to finish at 7,364.70 while the broader All Ordinaries index ended 0.49 percent higher at 7,562.70.

European shares are trading mostly higher. CAC 40 of France is adding 10.71 points or 0.15 percent. DAX of Germany is progressing 13.32 points or 0.08 percent. FTSE 100 of England is progressing 21.45 points or 0.27 percent. The Swiss Market Index is down 3.53 points or 0.03 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.080 percent.

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