Wall Street Aims To Open Substantially Higher

A few major economic announcements are expected this week. The Labor Department’s monthly jobs report, Consumer Confidence, Pending Home Sales, Personal Income and Spending and Manufacturing Activity report are the important announcements that might attract investor attention.

On a relatively lean Monday, early signs from the U.S. Futures Index suggest that Wall Street might open significantly higher.

Asian shares finished mostly higher, while European shares are trading all positive.
Traders may also keep an eye on the first debate between President Donald Trump and Democratic nominee Joe Biden for clues about the outcome of the presidential election.

As of 7.55 am ET, the Dow futures were up 346.00 points, the S&P 500 futures were adding 42.00 points and the Nasdaq 100 futures were progressing 187.50 points.

The U.S. major averages all closed firmly positive. The Nasdaq soared 241.30 points or 2.3 percent to 10,913.56, while the Dow jumped 358.52 points or 1.3 percent to 27,173.96 and the S&P 500 surged up 51.87 points or 1.6 percent to 3,298.46.

On the economic front, the Dallas Fed Manufacturing Survey for September will be issued at 10.30 am ET. The consensus is for growth of 8.5, while it was up 8.0 in the prior month.

Six-month Treasury Bill auction will be released at 11.30 am ET.

Asian stocks rose broadly on Monday. Chinese shares finished marginally lower. Hong Kong’s Hang Seng index gained 240.63 points, or 1.04 percent, to finish at 23,476.05.

Japanese shares rose despite rising U.S.-China tensions. The Nikkei average climbed 307 points, or 1.32 percent, to 23,511.62, while the broader Topix closed 1.69 percent higher at 1,661.93. Market heavyweight SoftBank Group jumped 2.9 percent and Fast Retailing added 1 percent.

Australian markets finishing modestly lower. The benchmark S&P/ASX 200 dropped 12.60 points, or 0.21 percent, to 5,952.30, while the broader All Ordinaries index ended down 5.60 points at 6,134.90.

European shares are trading higher. DAX of Germany is gaining 350.75 points or 2.82 percent. FTSE 100 of England is progressing 87.36 points or 1.49 percent. Swiss Market Index is up 86.96 points or 0.85 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 2.32 percent.

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