Futures Suggest Wall Street To Open Slightly Up

The total COVID 19 infections crossed 2.06 million and that killed at least 137 thousand people. The U.S. recorded 30,000 deaths and around 640,000 infections. Canada has extended lockdown for two more weeks, while European countries are trying to gradually come out of the lockdown.

Trading on Thursday may be impacted by reaction to another batch of U.S. economic data, such as weekly jobless claims, Housing Starts data, Fed Business outlook survey report.

Asian shares finished mostly down, while European shares are trading positive.
Initial cues from the U.S. Futures Index point to a slightly positive open.
As of 8.05 am ET, the Dow futures were adding 15.00 points, the S&P 500 futures were adding 4.75 points and the Nasdaq 100 futures were up 48.00 points.

The U.S. major averages all closed lower on Wednesday. The Dow plunged 445.41 points or 1.9 percent to 23,504.35, the Nasdaq tumbled 122.56 points or 1.4 percent to 8,393.18 and the S&P 500 plummeted 62.70 points or 2.2 percent to 2,783.36.

On the economic front, Commerce and Housing & Urban Development department’s Housing Starts data for March will be issued at 8.30 am ET. The consensus is for increase of 1.350 million, down from 1.599 million in the previous month.

The U.S. Labor Department’s Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 6000K, slightly down from 6606K in the previous month.
Philadelphia Fed Business Outlook Survey for April will be issued at 8.30 am ET. The consensus is for a decline of 30, while it was 12.7 in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be revealed at 10.30 am ET. In the previous week, the change was 38 bcf.

Five-year Treasury Inflation-Protected Securities or TIPS auction will be held at 11.00 am ET.

The Fed Balance Sheet for the week will be issued at 4.30 pm ET. In the prior week, the level was at $6.083.

The Fed Money Supply for the week will be released at 4.30 pm ET. The M2 weekly change was $370.8 billion.

In the corporate sector, Medical devices and healthcare company Abbott Laboratories reported a 16 percent decline in profit for the first quarter from last year. The company’s first-quarter net earnings were $564 million or $0.31 per share, down from $672 million or $0.38 per share in the year-ago period.

Excluding items, adjusted earnings for the quarter were $0.65 per share, compared to $0.63 per share in the prior-year quarter. On average, analysts polled by Thomson Reuters expected the company to earn $0.58 per share. Analysts’ estimates typically exclude special items.

Net sales for the quarter rose 2.5 percent to $7.73 billion from $7.54 billion last year. Analysts had a consensus revenue estimate of $7.34 billion.
Asian stocks finished mostly lower on Thursday. China’s Shanghai Composite index rose 0.31 percent to 2,819.94. Hong Kong’s Hang Seng index ended down 0.58 percent at 24,006.45.

Japanese shares fell sharply. The Nikkei average dropped 259.89 points, or 1.33 percent, to 19,290.20 while the broader Topix index closed 0.82 percent lower at 1,422.24.

Australian markets ended down. The benchmark S&P/ASX 200 dropped 50.40 points, or 0.92 percent, to 5,416.30. The broader All Ordinaries index fell 55.70 points, or 1.01 percent, to 5,467.60.

European shares are trading higher. CAC 40 of France is up 13.26 points or 3.78 percent. DAX of Germany is progressing 104.15 points or 1.01 percent. FTSE 100 of England is gaining 22.46 points or 0.39 percent. Swiss Market Index is adding 113.59 points or 1.22 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.53 percent.

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