US stocks open today at 16:30 KSA (13:30 GMT), on Wednesday, as uncertainty persists over corporate earnings reports and trade tension between China and the United States.
US equity index futures recorded the following movements at 14:00 KSA: The Dow Jones index fell 79 points, down 0.3%, S&P 500 fell 7 points, 0.2%, Nasdaq composite rose 28 points, up 0.3%.
Discussions are continuing among lawmakers in the United States about the new economic stimulus package, which is currently skeptical of its timing, size, terms and eligibility. The Senate sees, with a Republican majority, with the American administration that the package should not exceed one trillion dollars, and disputes between them over it flare up, and there are also disputes with the House of Representatives under the democratic leadership.
Majority Leader Mitch McConnell said on Tuesday that he does not expect this bill to be completed within the next two weeks. The US Congress begins a vacation in August, a time when the number of lawmakers is declining, and so it is impossible to complete the quorum for decision.
The negotiations come amid signs of the US economic recovery, which is now under the weight of high cases of infection with the Corona virus. Yesterday, the United States recorded 1,000 deaths, within 24 hours of Tuesday for the first time since June.
It appears to be getting more serious in the United States, with Trump advising to wear masks and saying the situation will get worse before it gets better. This is a strong change in Trump’s position, who had previously flatly refused to wear gags.
As investors view the escalation of the trade war between the United States and China, the world’s largest economy. The United States today asked China to close its consulate in Texas, Houston, after a sign that there are software breaches by the Chinese targeting information related to the treatment of the Corona virus, and China pledged to respond.
The second-quarter earnings season continues to be strong today, with data from Thermo Fisher TMO and CHKP software that exceeded expectations today for the three months ending last June. After the closure, we await data from Tesla Corporation (NASDAQ: TSLA) and Microsoft Group (NASDAQ: MSFT).
We also await data for home sales in the United States today at 17:00 Saudi time, and is expected to rise in June after a strong drop in May to the lowest levels since 2010.
Oil prices fell on Wednesday after their strong rise on Tuesday, driven by a strong increase in US oil inventories, which highlights the extent of demand damage in the largest oil consumer.
The American Petroleum Institute report is released every Tuesday at 11:30 KSA local time, and yesterday showed an increase of 7.5 million barrels in US oil stocks. Today at 17:30 KSA, we are awaiting the official Energy Information Administration data.
At 14:05 KSA, crude oil futures fell 1.5% to $ 41.30 a barrel, while Brent fell 1.2% to $ 43.77 a barrel.
In other news, gold futures continue to rise strongly, reaching $ 1,858.60 an ounce. While the EUR / USD currency pair is trading 0.4% higher at 1.1574.
American Opening: Indicators variance, Sino-US tension, and standard mortality