Wall Street Aims To Bounce Back

The U.S. is planning to widen economic sanctions against Iran, while China, the biggest buyer of Iranian oil, said the sanctions are illegal and it would take measures to protect its right.

Trump administration is planning to increase application fee for H1-B visa issued to foreign professionals seeking to work in the U.S. from $3000 to $103,265. The move is to encourage firms to hire U.S. citizens and pay them more.

Oil prices were sharply lower on Tuesday. Brent crude futures fell 2.5 percent to $88.32 a barrel

In the Asian trading hours, gold prices slipped. Spot gold was down 0.4 percent at $4,635 an ounce.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.

As of 7.45 am ET, the Dow futures were declining 88.00 points, the S&P 500 futures were sliding 11.50 points and the Nasdaq 100 futures were down 55.00 points.

The U.S. major averages finished lower on Monday. The Nasdaq ended the day down 200.26 points or 0.8 percent at 25,980.19. The S&P 500 also fell 21.51 points or 0.3 percent to 7,652.86.

On the economic front, the Case-Shiller Home Price Index for June will be revealed at 9.00 am ET. The consensus is 0.1 percent, while it was up 0.1 percent in the prior month.

The Federal Housing Finance Agency House Price Index or HPI for June is scheduled at 9.00 am ET. The consensus is 0.1 percent, while it was up 0.3 percent in the prior month.

The Consumer Confidence for August will be published at 10.00 am ET. The consensus is 90.1, while it was up 90.8 in the prior month.

U.S. Bureau of the Census, U.S. Commerce Department and the Housing and Urban Development Department’s New Home Sales for July will be issued at 10.00 am ET. The consensus is for 620K, while it was up 628K in the prior month.

The Richmond Fed Manufacturing Index for August will be revealed at 10.00 am ET. The consensus is for 7, while it was up 5 in July.

The Fed Money Supply for July is expected at 1.00 pm ET. In the prior month, the M2 Level was $23,155.2 billion.

Two-year treasury note auction will be held at 1.00 pm ET.

Thomas Barkin will deliver a speech before Montgomery County Chamber of Commerce at 4.00 pm ET.

Asian stocks rose broadly on Tuesday. China’s Shanghai Composite index edged up 0.19 percent to 3,889.44. Hong Kong’s Hang Seng index finished marginally lower at 25,511.10.

Japanese markets closed higher. The Nikkei average and the broader Topix index both rose half a percent to close at 65,856.43 and 4,093.67, respectively.

Australian markets rose notably. The benchmark S&P/ASX 200 surged 0.68 percent to 9,164.60. The broader All Ordinaries index closed 0.62 percent higher at 9,374.90.

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