FX.co ★ Wall Street Targets To Open Broadly Up

Tuesday is likely to be dominated by corporate earnings reports. According to early indications from the U.S. Futures Index, Wall Street may open on a mostly higher note. Investors are also eagerly waiting for the U.S. Federal Reserve's expected announcement of interest rate cuts later this year.

In the Asian trading session, the value of gold dipped while oil prices remained stable in light of on-going geopolitical issues. European shares showed a positive trend while shares from the previous session ended on a high note. As of 8.00 am ET, the Dow futures rose by 33.00 points, the S&P 500 futures increased by 1.50 points, and the Nasdaq 100 futures reduced by 28.25 points.

The U.S. major averages ended on a positive note on Monday. The Nasdaq and the S&P 500 closed at a significant high, with the Nasdaq seeing a surge of 192.92 points or 1.2 percent to 16,349.25, the S&P 500 jumping 52.95 points or 1.0 percent to 5,180.74, and the Dow climbing 176.59 points or 0.5 percent to reach 38,862.27.

Regarding economic events, the 8-week Treasury Bill auction will be held at 11.00 am ET, and the three-year Treasury Note auction will take place at 1.00 pm ET. The Federal Reserve will release the Consumer Credit data for March at 3.00 pm ET, which is expected to be around $15.5 billion, up from last week's $14.1 billion. Minneapolis Federal Reserve President Neel Kashkari will discuss the economic overview at the Milken Institute 2024 Global Conference at 11.30 am ET.

The Asian stock market showed growth this Tuesday. China's Shanghai Composite index ended 0.22 percent higher at 3,147.74, overcoming an initial decline. Conversely, Hong Kong's Hang Seng index fell by 0.53 percent to 18,479.37.

Japanese markets celebrated with rallies. The Nikkei average soared by 1.57 percent to 38,835.10, while the broader Topix index rose by 0.65 percent to close at 2,746.22.

Australian markets witnessed their largest gain in three months, with the benchmark S&P ASX 200 growing by 1.44 percent to 7,793.30, and the broader All Ordinaries index ending 1.42 percent higher at 8,065.50.

European shares continued their upward trend. France's CAC 40 grew by 24.61 points or 0.31 percent, Germany's DAX increased by 96.30 points or 0.53 percent, England's FTSE 100 added 84.90 points or 1.03 percent, and the Swiss Market Index rose by 132.40 points or 1.17 percent.

Lastly, the Euro Stoxx 50, which represents the Blue-chip supersector leaders in the Eurozone, climbed by 0.43 percent.