Geopolitical tensions, particularly the recent Ukrainian attack on Russian oil refineries, could significantly impact investor sentiment in the coming Tuesday. Indications from the U.S. Futures suggest a weaker opening for Wall Street. Additionally, attention is likely to be drawn to factory orders, job opening reports and upcoming speeches from the Federal Reserve.
In the Asian session, Gold achieved a new record while oil prices increased by over 1 percent. As of 7.45 am ET, Dow futures were down by 196.00 points, S&P 500 futures were dropping by 20.00 points, and Nasdaq 100 futures were down 86.50 points.
On Monday, major U.S. averages mostly declined. The Nasdaq edged up slightly by 17.37 points (0.1 percent) to 16,396.83, while the Dow decreased by 240.52 points (0.6 percent) to 39,566.85, and the S&P 500 fell by 10.58 points (0.2 percent) to 5,243.77.
Concerning economic data, Factory Orders for February will be announced at 10.00 am ET, with expectations of a 1.0 percent increase, contrasting with a 3.6 percent decrease the previous month. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for February is also scheduled for 10.00 am ET, with consensus forecasting 8.8 million, slightly down from January's 8.863 million.
High-ranking Fed figures have several speaking engagements with Fed Governor Michelle Bowman presenting virtually at the Workshop on the Future of Banking at 10.10 am ET. New York Fed President John Williams will moderate a discussion at the Economic Club of New York at 12.00 pm ET. Additionally, Cleveland Fed President Loretta Mester will discuss the economic outlook at the Cleveland Association for Business Economics and Team NEO Luncheon at 12.05 pm ET. San Francisco Fed President Mary Daly will take part in a discussion with the Henderson and Latin Nevada Chamber of Commerce, as well as the Vegas Chamber of Commerce at 1.30 pm ET.
Asian stocks exhibited mixed results on Tuesday with Chinese shares barely moving, and Shanghai Composite index finishing a bit lower at 3,074.96. Meanwhile, Hong Kong's Hang Seng index rallied to 16,931.52, an increase of 2.36 percent. Japanese markets displayed mixed results with the Nikkei average marginally higher at 39,838.91, and the broader Topix index slightly lower at 2,714.45. Australian and New Zealand's markets ended with minimal movement, with Australia's S&P ASX 200 decreasing 0.11 percent to 7,887.90, and the broader All Ordinaries index finishing marginally lower at 8,145.80.
European shares are largely trading down. France's CAC 40 is down by 9.66 points (0.12 percent), and Germany's DAX is declining by 16.13 points (0.09 percent). However, England's FTSE 100 is progressing by 15.83 points (0.20 percent), and the Swiss Market Index is falling by 60.26 points (0.51 percent). The Euro Stoxx 50, which represents the blue-chip leaders in the Eurozone, is up by 0.15 percent.
