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Wall Street expected to open in the green

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The main US indices are expected to open in the green on Tuesday as signs of some positive developments in US-China trade negotiations are welcomed by traders.

Spread betting quotes indicate the Dow Jones will advance 175 points to 28,485, the S&P will climb 14 points to 3,445 and the NASDAQ Composite will jump 276 points to 11,656.

However, one thing investors may be keeping an eye on is a “tentative rise in the Vix in recent days,” according to IG’s Chris Beauchamp, referring to the index (sometimes referred to as the Fear Index) that tracks volatility in the markets.

“Having dropped sharply in June and July, the market’s ‘fear gauge’ has slowed its decline in August, and as the month draws to a close it appears to be gaining ground. A mis-step by the Fed this week might provide the spark for a bounce in this reading, providing a rude shock for equity markets, which in the US case have become used to a life of steady gains,” he added.

Neil Wilson of reckons economists remain concerned about the double dip.

“According to the National Association for Business Economics, there is a one in four chance the US economy could fall into a double-dip recession. Two-thirds of economists surveyed think the world’s largest economy remains in recession,” Wilson reported.

Five things to watch for on Tuesday:

  • Further developments in US-China trade negotiations after the latter reported constructive dialogue in a meeting that included US trade representative Robert Lighthizer and treasury secretary Steven Mnuchin as well as Chinese vice premier Liu He
  • Share price reaction following earnings from US consumer electronics retailer Best Buy Co Inc (NYSE:BBY), which did not provide guidance due to uncertainty over the coronavirus pandemic
  • Earnings data from computing giant Hewlett Packard Enterprise Co (NYSE:HPE)
  • Macroeconomic data for the US including the consumer confidence index and new home sales. A speech from Richmond Fed president Tom Barkin may also elicit macro interest
  • Political developments as the second day of the Republican National Convention begins

Story by ProactiveInvestors


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