The New Home Sales for April might be the major economic announcement on Friday. The early signs from the U.S. Futures suggest that Wall Street might open significantly lower.

Asian shares finished mostly lower, while European shares are trading down.

As of 8.10 am ET, the Dow futures were down 605.00 points, the S&P 500 futures were declining 87.50 points and the Nasdaq 100 futures were tumbling 389.50 points.

The dollar was on course to snap a four-week winning streak due to U.S. fiscal health worries. Gold headed for its biggest weekly jump in 1-1/2 months on safe-haven demand.

Oil prices fell for a fourth consecutive session and headed for the first weekly loss since April as traders braced for a potential supply boost from OPEC+.

The U.S. major averages finished mostly down on Thursday. The Nasdaq rose 53.09 points or 0.3 percent to 18,925.73, the Dow edged down 1.35 points or less than a tenth of a percent to 41,859.09 and the S&P 500 slipped 2.60 points or less than a tenth of a percent to 5,842.01.

On the economic front, the New Home Sales for April will be issued at 10.00 am ET. The consensus is 700K, while it was up 724K in the prior month.

The Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, North America rig count was 697, the U.S. rig count was 576 and the Canada rig count was 121.

Federal Governor Lisa Cook will speak on ‘Financial Stability’ before virtual Seventh Annual Women in Macro Conference, co-sponsored by New York University’s Graduate School of Arts and Science, New York University’s Stern School of Business, and the University of Chicago’s Becker Friedman Institute at 12.00 am ET.

Asian stocks ended mixed on Friday. China’s Shanghai Composite Index slid 0.9 percent to 3,348.37. Hong Kong’s Hang Seng Index finished 0.2 percent higher at 23,601.26.

Japanese markets closed higher. The Nikkei 225 Index rose 0.5 percent to 37,160.47, while the broader Topix Index closed up 0.7 percent at 2,735.52.

Australian markets eked out modest gains. The benchmark S&P ASX 200 Index edged up by 0.2 percent to 8,360.90, while the broader All Ordinaries Index settled 0.2 percent higher at 8,586.70.

European shares are trading lower. CAC 40 of France is losing 206.49 points or 2.63 percent. DAX of Germany is down 568.47 points or 2.37 percent. FTSE 100 of England is declining 102.31 points or 1.17 percent. The Swiss Market Index is sliding 194.75 points or 1.59 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 2.81 percent.

Business News




Futures Suggests Significantly Lower Open For Wall Street

2025-05-23 12:33:54

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