Wall Street Might Open Moderately Down

(RTTNews) - Trading on Tuesday may be impacted by reaction to the latest U.S. economic data, including

Reports on durable goods orders and consumer confidence might be the focus on Tuesday. Asian shares broadly lower, while European shares are trading mostly down.

In an unprecedented move President Donald Trump issued a letter firing Fed Governor Lisa Cook. Meanwhile, Cook said the president doesn't have the 'authority' to fire her.

Investors might also be reacting to tariff challenges and geopolitical developments. On Monday, Trump has said that US has incredible cards that could destroy China. Meanwhile U.S. administration is going forward to implement 50 percent tariff on India and will be effective from August 27 12.00 ET.

As of 8.15 am ET, the Dow futures were losing 45.00 points, the S&P 500 futures were declining 6.00 points and the Nasdaq 100 futures were down 28.50 points.

The U.S. major averages all finished Monday in negative territory. The Dow slid 349.27 points or 0.8 percent to 45,282.47, the S&P 500 fell 27.59 points or 0.4 percent to 6,439.32 and the Nasdaq slipped 47.24 points or 0.2 percent to 21,449.29.

On the economic front, the Durable Goods Orders for July will be released at 8.30 am ET. The consensus is for a decline of 4.0 percent, while it was down 9.3 percent in the prior month.

The Case-Shiller Home Price Index for June is scheduled at 9.00 am ET. In July, the 20-city adjusted index was down 0.3 percent.

The Federal Housing Finance Agency or FHFA Hosue Price Index will be issued at 9.00 am ET. In the prior month, the index was down 0.2 percent.

The Conference Board's Consumer Confidence for August will be released at 10.00 am ET.

The Richmond Fed Manufacturing Index for August will be revealed at 10.00 am ET. In the prior month, the Index was down 20.

Two-year treasury Note auction will be published at 1.00 pm ET.

The Money Supply for July is expected at 1.00 pm ET. In the previous month the M2 Level was at $22.020 trillion.

Richmond Fed President Thomas Barkin will speak on 'Why the Consumer Matters' before the Montgomery County Chamber of Commerce at 8.30 am ET.

Asian stocks fell on Tuesday. China's Shanghai Composite index dipped 0.39 percent to 3,868.38. Hong Kong's Hang Seng index fell 1.18 percent to 25,524.92.

Japanese markets fell sharply. The Nikkei average closed 0.97 percent lower at 42,394.40. The broader Topix index slipped 1.08 percent to 3,071.99.

Australian markets ended lower. The benchmark S&P/ASX 200 dropped 0.41 percent to 8,935.60. The broader All Ordinaries index settled 0.41 percent lower at 9,207.30.

In the Asian trading session, gold touched a two-week high, while the dollar weakened. Oil prices declined after surging nearly 2 percent in the previous session.