Stock Market Set for Wide Decline upon Opening on Wall Street

Asian stocks ended the day on a positive note on Thursday, with Chinese markets leading the charge. The Shanghai Composite index surged 1.14 percent to close at 3,843.60. Meanwhile, Japanese markets also advanced, with the Nikkei average recovering from losses to end the day 0.73 percent higher at 42,828.79. However, Hong Kong's Hang Seng index dropped 0.81 percent to 24,998.82. Australian markets eked out modest gains, with the benchmark S&P/ASX 200 rising 0.22 percent to 8,980, and the broader All Ordinaries index settling 0.11 percent higher at 9,241.10.

European shares, on the other hand, traded mostly down. The CAC 40 of France added 26.85 points or 0.35 percent, the DAX of Germany declined 0.03 points or 0.00 percent, the FTSE 100 of England fell 27.44 points or 0.30 percent, and the Swiss Market Index gained 4.55 points or 0.04 percent. The Euro Stoxx 50, which provides a Blue-chip representation of supersector leaders in the Eurozone, was up 0.085 percent.

Wall Street might open broadly lower, according to the U.S. Futures Index. On Wednesday, the Dow, Nasdaq, and S&P 500 recorded modest gains. As of 8.15 am ET, the Dow futures were up 35.00 points, the S&P 500 futures were declining 2.50 points, and the Nasdaq 100 futures were sliding 32.00 points.

Investors are keeping a close eye on various economic indicators and corporate earnings. The National Association of Realtors' Pending Home Sales Index for July will be revealed at 10.00 am ET, with a consensus for an increase of 0.2 percent. The Weekly Jobless Claims, Pending Home Sales, and the second quarter GDP will get special attention. The GDP for the second quarter will be issued at 8.30 am ET, with a consensus for an increase of 3.1 percent. The Corporate Profit for the second quarter will also be published at 8.30 am ET.

The Fed Balance Sheet for the week is expected at 4.30 pm ET, with the prior week's Level at $6.618 trillion. The Jobless Claims for the week will be released at 8.30 am ET, with a consensus for an increase of 230K. The Energy Information Administration's Natural Gas Report for the week is scheduled at 10.30 am ET.

Investors are also analyzing Nvidia's earnings and awaiting other quarterly results scheduled on Thursday. The Kansas City Fed Manufacturing Index for August will be published at 11.00 am ET. The second quarter GDP results for the U.S. will be issued by the US Bureau of Economic Analysis at 8:30 AM Eastern Time on Thursday.

The seven-year Treasury Note auction will be held at 1.00 pm ET. The broader Topix index ended up 0.65 percent at 3,089.78. The focus remains on global economic indicators, corporate earnings, and the ongoing analysis of market trends.