Early signs from the U.S. Futures Index suggest that Wall Street might open in red on Wednesday also. Asian shares closed mixed, giving up gains. European shares are gaining in morning trade.
The investors are yet to get out of the record one-day drop on Dow and other U.S. stocks. The deep fall has erased the biggest rally of 15 months.
Mortgage applications report and EIA's Petroleum Status report are the major announcement on the day.
As of 6.30 am ET, the Dow futures were slipping 224 points, the S&P 500 futures were shedding 24.75 points and the Nasdaq 100 futures were slipping 57.50 points.
U.S. stocks closed higher on Tuesday after considerable volatility. The Dow jumped 567.02 points or 2.3 percent to 24,912.77, the Nasdaq surged up 148.36 points or 2.1 percent to 7,115.88 and the S&P 500 climbed 46.20 points or 1.7 percent to 2,695.14.
On the economic front, the Mortgage Bankers' Association's Mortgage Applications for the week will be issued at 7.00 am ET. In the prior week, the composite index was down 2.6 percent, while the purchase index was down 3.0 percent.
New York Federal Reserve Bank President William Dudley to participate as panelist at the European American Chamber of Commerce and Thomson Reuters's "Banking Culture: Still Room for Improvement?" event in New York at 8.30 am ET.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. The prior week's Crude oil inventories were 6.8 million barrels. Gasoline inventories were down 2.0 million barrels.
10-year Treasury Note auction will be held at 1.00 pm ET.
Fed's Consumer Credit for December will be revealed at 3.00 pm ET. The economic analysts are looking for consensus of $20.0 billion, down from $28.0 billion in November.
San Francisco Federal Reserve Bank President John Williams will deliver remarks at the "Community Leaders Luncheon" in Honolulu, Hawaii, with audience and media Q&A at 5.20 pm ET.
In the corporate sector, Walker & Dunlop, Inc. reported an increase in fourth quarter net profit to $98.96 million, or $3.06 per share from $36.79 million or $1.16 per share a year ago. Revenue for the quarter rose 16.2 percent to $207.20 million from $178.39 million last year.
Asian stocks gave up initial gains to end on a mixed note Wednesday. Chinese stocks reversed earlier gains to end sharply lower. The benchmark Shanghai Composite index fell 61.39 points or 1.82 percent to 3,309.26, while Hong Kong's Hang Seng index closed down 272.22 points or 0.89 percent at 30,323.20. Japanese shares pared early gains to close modestly higher. The Nikkei index hit as high as 22,353.87 in early trade before finishing 35.13 points or 0.16 percent higher at 21,645.37. The broader Topix index closed 0.37 percent higher at 1,749.91.
Australian shares snapped a two-day losing streak to end notably higher. The benchmark S&P/ASX 200 rose 43.50 points or 0.75 percent to 5,876.80, while the broader All Ordinaries index ended up 51.30 points or 0.87 percent at 5,981.50.
European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is climbing 20.11 points or 0.39 percent, the German DAX is gaining 58.44 points or 0.49 percent, the U.K. FTSE 100 Index is adding 84.10 points or 0.96 percent and the Swiss Market Index is up 83.56 points or 0.93 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.42 percent.
by RTT Staff Writer
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