Wall Street Poised To Open Mostly In Negative Territory

(RTTNews) - After the long weekend, early trends from the U.S. Futures Index suggest that Wall Street might open broadly in negative territory on Tuesday.

Asian shares finished mostly down, while European shares were trading broadly lower.

Oil prices were sharply higher, while Brent crude futures surging toward $100 a barrel. Brent crude prices were up nearly 2 percent at $98.97 a barrel, hitting a six-week high.

Gold prices edged lower. Spot gold slipped 0.2 percent to $4,396.21 an ounce while U.S. gold futures were down 0.8 percent at $4,440.29 an ounce.

As of 7.50 am ET, the Dow futures were falling 406.00 points, the S&P 500 futures were down 20.75 points and the Nasdaq 100 futures were progressing 6.25 points.

The U.S. major averages finished the day off their lows of the session but still in the red. The Dow slid 271.86 points or 0.5 percent to 53,414.25, the Nasdaq fell 77.07 points or 0.3 percent to 26,506.99 and the S&P 500 fell 29.11 points or 0.4 percent to 7,7718.60.

On the economic front, the 3-year Treasury Note auction will be held at 1.00 pm ET.

Treasury Buyback announcement (Preliminary) will be issued at 11.00 am ET.

Consumer Credit for July is scheduled at 3.00 pm ET. In the prior month, the consumer credit was $14.2 billion.

Asian stocks ended mostly lower on Tuesday. China's Shanghai Composite index edged up 0.20 percent to 3,940.55. Hong Kong's Hang Seng index dropped 0.38 percent to 25,317.18.

Japanese markets fell sharply. The Nikkei tumbled 1.70 percent to 65,269.33. The broader Topix index settled 1.83 percent lower at 4,050.33.

Australian markets slumped. The benchmark S&P/ASX 200 fell 1.0 percent to 8,920.80. The broader All Ordinaries index dropped 0.94 percent to 9,114.30.