Wall Street Targets To Bounce Back

(RTTNews) - Economic announcements will be relatively low on Wednesday. Earnings as well as geopolitical developments might be of interest to investors today.

Asian shares finished mostly up, while European shares are trading higher. As of 7.45 am ET, the Dow futures were up 92.00 points, the S&P 500 futures were adding 23.75 points and the Nasdaq 100 futures were progressing 118.75 points.

The U.S. major averages posted steep losses on Tuesday. The Dow tumbled 524.63 points or 1.4 percent to 38,272.75, the Nasdaq plunged 286.95 points or 1.8 percent to 15,655.60 and the S&P 500 slumped 68.67 points or 1.4 percent to 4,953.17.

On the economic front, Chicago Fed President Austan Goolsbee will participate in a moderated question-and-answer session before the Council on Foreign Relations at 9.30 am ET.

The Energy Information Administration or EIA Petroleum Status report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were up 5.5 million barrels and the gasoline inventories were down 3.1 million barrels.

The 4-month Treasury bills auction will be held at 11.30 am ET.

Asian stocks finished mostly up on Wednesday. Mainland Chinese markets remain closed for the week. Hong Kong's Hang Seng index rose 0.84 percent to 15,879.38.

Japanese markets fell from a 34-year high. The Nikkei average dropped 0.69 percent to 37,703.72 while the broader Topix index settled 1.05 percent lower at 2,584.59.

Australian markets ended lower. The benchmark S&P/ASX 200 fell 0.74 percent to 7,547.70 - extending its losing streak to a third straight session. The broader All Ordinaries index ended down 0.73 percent at 7,790.50.