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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to regain some ground following the weakness seen in the previous session.
The markets may benefit from bargain hunting following the pullback on Tuesday, which saw the Dow slump by nearly 300 points.
Notable strength seen in the overseas markets on the day may also generate some early buying interest on Wall Street.
Trade concerns may continue to weigh on the markets, however, as traders worry about an escalating trade dispute between the U.S. and China.
After showing a significant move to the downside early in the session, stocks regained some ground over the course of the trading day on Tuesday. The major averages climbed well off their worst levels of the day but still closed in negative territory.
The major averages all finished the session in the red, although the Dow underperformed its counterparts by a wide margin. The Dow tumbled 287.26 points or 1.2 percent to 24,700.21, while the Nasdaq fell 21.44 points or 0.3 percent to 7,725.58 and the S&P 500 slid 11.18 points or 0.4 percent to 2,762.57.
Trade war concerns weighed on Wall Street after President Donald Trump directed U.S. Trade Representative Robert Lighthizer to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
Trump said the tariffs will go into effect if China refuses to change its unfair trade practices and insists on going forward with recently announced tariffs.
The potential tariffs announced by Trump come as the U.S. and China both announced plans to impose tariffs on up to $50 billion worth of goods imported from the other country.
Trump threatened to pursue additional tariffs on another $200 billion worth of goods if China increases its tariffs yet again.
"The United States will no longer be taken advantage of on trade by China and other countries in the world," Trump said. "We will continue using all available tools to create a better and fairer trading system for all Americans."
Despite the threat from Trump, China vowed to retaliate with "strong" countermeasures if the U.S. goes ahead with the new tariffs.
"This practice of extreme pressure and blackmail deviates from the consensus reached by both parties on many occasions and is disappointing for the international community," the Commerce Ministry said in a statement.
The statement added, "The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends."
In U.S. economic news, the Commerce Department released a report showing a much bigger than expected jump in new residential construction in the month of May, although the report also showed a much steeper than expected drop in building permits.
The report said housing starts spiked by 5.0 percent to an annual rate of 1.350 million in May after tumbling by 3.1 percent to a revised rate of 1.286 million in April.
Economists had expected housing starts to climb by 1.8 percent to a rate of 1.310 million from the 1.287 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits plunged by 4.6 percent to an annual rate of 1.301 million in May after falling by 0.9 percent to a revised rate of 1.364 million in April.
Building permits, an indicator of future housing demand, had been expected to edge down by 0.1 percent to a rate of 1.350 million from the 1.352 million originally reported for the previous month.
Steel stocks turned in some of the market's worst performances on the day, as traders worried about the potential impact of a trade war between the U.S. and China.
Reflecting the weakness in the steel sector, the NYSE Arca Steel Index slumped by 2.3 percent to its lowest closing level in over two months.
Significant weakness was also visible among chemical stocks, as reflected by the 1.8 percent loss posted by the S&P Chemical Sector Index.
Transportation, semiconductor, and computer hardware stocks also saw notable weakness, while biotechnology and utilities stocks showed strong moves to the upside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 9:30 am ET, Federal Reserve Chairman Jerome Powell is scheduled to participate in a panel discussion with European Central Bank President Mario Draghi, Bank of Japan Governor Haruhiko Kuroda, and Reserve Bank of Australia Governor Philip Lowe.
The central bank chiefs are due to discuss ?Monetary Policy at a Time of Uncertainty and Tight Labor Markets? at the ECB Forum on Central Banking in Sintra, Portugal.
The National Association of Realtors is scheduled to release its report on existing home sales in the month of May at 10 am ET.
Existing home sales are expected to climb to an annual rate of 5.52 million in May after tumbling by 2.5 percent to a rate of 5.46 million in April
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended June 15th.
Crude oil inventories are expected to decrease by 2.7 million barrels after slumping by 4.1 million barrels in the previous week.
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| | Stocks in Focus |
Shares of Winnebago (WGO) are moving sharply higher in pre-market trading after the recreational vehicle maker reported fiscal third quarter results that exceeded analyst estimates.
Walgreens Boots Alliance (WBA) may also see early strength on news the drugstore chain operator will replace General Electric (GE) in the Dow Jones Industrial Average.
Shares of Synaptics (SYNA) are also moving significantly higher in pre-market trading after the developer of human interface hardware and software confirmed it is engaged in discussions to be acquired by U.K.-based Dialog Semiconductor.
On the other hand, shares of Oracle (ORCL) may come under pressure after the business software giant reported better than expected fiscal fourth quarter results but provided disappointing earnings guidance for the current quarter.
Coffee giant Starbucks (SBUX) is also likely to move to the downside after forecasting weaker than expected comparable store sales growth in the fiscal third quarter.
Shares of La-Z-Boy (LZB) could also see early weakness after fiscal fourth quarter earnings that beat analyst estimates but on revenues that came in below expectations. |
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| | Europe |
European stocks have rebounded from the three-week lows hit on Tuesday as investors took trade tensions in stride and looked ahead to Bank of England and OPEC meetings for direction.
While the Bank of England is unlikely to alter the status quo on rates on Thursday, the ministers of OPEC and non-OPEC countries may put forward proposals to increase production when they meet in Vienna on Friday.
The U.K.?s FTSE 100 Index has surged up by 1 percent, while the German DAX Index and the French CAC 40 Index are both up by 0.4 percent.
Colruyt shares have soared after the supermarket group reported annual profit that topped forecasts. Denmark's Maersk has also rallied after appointing a new CFO.
BT Group shares have jumped in London after Jefferies upgraded its rating on the company?s stock to Buy from Hold.
Property group British Land Co. has also moved to the upside after the company reported robust lettings growth.
On the other hand, Berkeley Group Holdings has slumped. The homebuilder raised its guidance but warned that profit growth would return to 'normal levels' next year.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks recovered from early losses to close mostly higher on Wednesday as investors took trade tensions in stride and looked ahead to the Bank of England monetary policy meeting on Thursday and Friday's OPEC meeting for directional cues.
Chinese stocks closed higher after the People's Bank of China said in a working paper that China should appropriately reduce its reserve requirements to ease burdens on financial institutions and smooth the interest rate transmission mechanism.
The central bank also injected funds into the financial system via its medium-term lending facility to offset liquidity pressure.
The benchmark Shanghai Composite Index rose 8.92 points or 0.3 percent to 2,916.74, while Hong Kong's Hang Seng Index climbed 228.02 points or 0.8 percent to 29,696.17.
Japanese shares ended a choppy session higher as the dollar rose against the yen and Chinese markets recovered from an earlier sell-off.
The Nikkei 225 Index recovered from initial losses to end up 276.95 points or 1.2 percent at 22,555.43. The broader Topix Index advanced 0.5 percent to 1,752.75.
Market heavyweights Fast Retailing and SoftBank rallied 3.5 percent and 2.3 percent, respectively. Automakers Honda and Toyota as well as banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended well off their day's lows.
In economic news, minutes from the Bank of Japan's April meeting showed that board members believe the trade policies of the United States and China are a risk to the downside.
Australian shares rose sharply to reach a 10-year high, led by banks after the Aussie dollar hit levels not seen since May of 2017 in response to rising trade tensions between the U.S. and China.
The benchmark S&P/ASX 200 Index jumped 70.50 points or 1.2 percent to 6,172.60, while the broader All Ordinaries Index surged up 65.70 points or 1.1 percent at 6,274.60.
The big four banks rallied 2-3 percent. Healthcare stocks also gained ground, with CSL and Cochlear rising 1.1 percent and 2.2 percent, respectively.
Santos jumped 3 percent and Woodside Petroleum rose over 1 percent as oil recovered some of the previous session's losses on API data showing a drop in U.S. commercial crude inventories.
Real estate agent McGrath soared 26.5 percent after it decided to sell a 15 percent stake to property developer Aqualand Group.
Meanwhile, telecom giant Telstra slumped 4.8 percent after it announced major job cuts and unveiled plans to split its infrastructure operations in a bid to bring down costs.
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| | Commodities |
Crude oil futures are climbing $0.66 to $65.73 a barrel after sliding $0.78 to $65.07 a barrel on Tuesday. Meanwhile, after slipping $1.50 to $1,278.60 an ounce in the previous session, gold futures are falling $2.60 to $1,276 an ounce.
On the currency front, the U.S. dollar is trading at 110.01 yen compared to the 110.06 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1580 compared to yesterday?s $1.1590.
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