Street To Open Considerably Optimistic
COVID-19 vaccine rollouts of more than 30 million in the U.S. alone and the stimulus deal in progress is reflecting on market sentiments. Initial cues from the U.S. Futures Index suggest that Wall Street might open all positive.
Asian shares finished higher, while European stocks are trading higher.
ISM’s January Manufacturing and Construction report as well as Construction spending for December are the major economic announcements on the day.
The Labor Department’s closely watched monthly jobs report factory orders and the U.S. trade deficit are scheduled this week.
Exxon Mobil (XOM), Pfizer (PFE), UPS (UPS), Alphabet (GOOGL), Amazon (AMZN), eBay (EBAY), Qualcomm (QCOM), and Yum! Brands (YUM) will be reporting their earnings this week.
As of 7.35 am ET, the Dow futures were adding 248.00 points, the S&P 500 futures were up 38.75 points and the Nasdaq 100 futures were gaining 145.75 points.
The U.S. major averages all tumbled on Friday. The Dow plunged 620.74 points or 2 percent to 29,982.62, the Nasdaq plummeted 266.46 points or 2 percent to 13,070.69 and the S&P 500 tumbled 73.14 points or 1.9 percent to 3,714.24.
On the economic front, the IHS Markit’s Purchasing Managers’ Manufacturing Index or PMI Manufacturing Final for January will be revealed at 9.45 am ET. The consensus is for 58.0, while it was 57.1 in the previous month.
Institute for Supply Management’s Manufacturing Index for January will be published at 10.00 am ET. The consensus is for 60.0, while it was up 60.7 in December.
The Commerce Department’s Construction spending for December will be released at 10.00 am ET. The consensus is for an increase of 0.8 percent while it was up 0.9 percent in the prior month.
Six-month Treasury Bill Auction will be held at 11.30 am ET.
Atlanta Federal Reserve Bank President Raphael Bostic will speak before virtual “Uneven Outcomes in the Labor Market: Understanding Trends and Identifying Solutions” at the event hosted by the Federal Reserve Board of Governors and the Federal Reserve Banks of Atlanta, Boston, Cleveland, and Philadelphia at 2.00 pm ET. Boston Federal Reserve Bank President Eric Rosengren will speak at 3.10 pm ET.
Asian stocks ended higher on Monday. Chinese shares rose after the country’s central bank injected more cash into money markets. The benchmark Shanghai Composite index inched up 22.21 points, or 0.64 percent, to 3,505.28 while Hong Kong’s Hang Seng index ended up 609.15 points, or 2.15 percent, at 28,892.86.
Japanese shares ended higher. The Nikkei average rallied 427.66 points, or 1.55 percent, to 28,091.05 on the back of upbeat earnings forecasts. The broader Topix index closed 1.16 percent higher at 1,829.84.
Australian markets hit two-month lows. The benchmark S&P/ASX 200 climbed 55.60 points, or 0.84 percent, to 6,663 while the broader All Ordinaries index ended up 51.90 points, or 0. 76 percent, at 6,922.80.
European shares are trading mostly higher. Among the major indexes in the region, the German DAX is gaining 197.10 points or 1.47 percent, the U.K. FTSE 100 Index is adding 77.51 points or 1.21 percent.
The Swiss Market Index is progressing 135.02 points or 1.47 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.66 percent.
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