Wall Street Targets To Bounce Back

(RTTNews) - New home sales might be the focus on Wednesday. Early trends on the U.S. Futures Index suggest that Wall Street might open slightly positive.

In the Asian trading session, the dollar consolidated, while gold hit a fresh record high at $3,777 per ounce. Oil extended overnight gains.

As of 8.20 am ET, the Dow futures were adding 56.00 points, the S&P 500 futures were 10.25 points and the Nasdaq 100 futures were gaining 55.25 points.

The U.S. major averages finished lower on Tuesday. The tech-heavy Nasdaq led the way lower, slumping 215.50 points or 1.0 percent to 22,573.47. The S&P 500 slid 36.83 points or 0.6 percent to 6,656.92, while the narrower Dow dipped 88.76 points or 0.2 percent to 46,292.78.

On the economic front, the U.S. Bureau of the Census, U.S. Commerce Department and the U.S. Department of Housing and Urban Development's New Home Sales for August will be issued at 10.00 am ET. The consensus is 649K, while it was up 652K in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 9.3 million barrels, the gasoline inventories down 2.3 million barrels.

The Survey of Business Uncertainty for September will be published at 11.00 am ET. Sales in the prior month was up 3.77 percent, while employment growth was up 4.23 percent.

Two-year floating rate note or FRN auction will be held at 11.30 am ET.

Five-year Treasury Buyback results will be held at 2.00 pm ET.

San Francisco Fed President Mary Daly will speak on the economic outlook before the annual Spencer Fox Eccles Convocation presented by the National Association of Corporate Directors, Utah Chapter at 4.10 pm ET.

Asian stocks ended mixed on Wednesday. China's Shanghai Composite index jumped 0.83 percent to 3,853.64. Hong Kong's Hang Seng index rallied 1.37 percent to 26,518.65.

Japanese markets ended slightly higher. The Nikkei average closed up 0.30 percent at a record high of 45,630.31. The broader Topix index edged up by 0.23 percent to 3,170.45.

Australian markets ended sharply lower. The benchmark S&P/ASX 200 fell 0.92 percent to 8,764.50. The broader All Ordinaries index closed 0.88 percent lower at 9,057.60.