Wall Street Set To Open Moderately Higher
Initial signs from the U.S. Futures Index suggest that Wall Street might open positive.
Earnings reports might get the special attention of investors. Investors might be keeping eye on the war-like situation in Gaza as more than 100 people were killed as Israel stepped up attacks.
Asian shares finished mixed, while European shares are trading higher.
As of 7.35 am ET, the Dow futures were adding 168.00 points, the S&P 500 futures were progressing 27.50 points and the Nasdaq 100 futures were gaining 142.25 points.
The U.S. major averages all ended with strong gains on Friday. The Dow advanced 433.79 points or 1.29 percent to settle at 34,021.45, after hitting a high of 34,181.77. The S&P 500 ended up by 49.46 points or 1.22 percent at 4,112.50, while the tech-laden Nasdaq closed higher by 93.31 points or 0.72 percent at 13,124.99, well off the day’s high of 13,247.87.
On the economic front, the Commerce Department’s Retail Sales for April will be issued at 8.30 am ET. The consensus for retails sales is up 1.0 percent, while it was up 9.8 percent in the prior month.
The Labor Department’s Import and Export Prices for April is scheduled at 8.30 am ET. The consensus is for an increase of 0.6 percent, while it was up 1.2 percent in the prior year.
The Commerce Department’s Business Inventories for March will be released at 10.00 am ET. The consensus is for an increase of 0.3 percent, while it was up 0.5 percent last month.
The University of Michigan’s Consumer Survey report for May is scheduled at 10.00 am ET. The consensus is for 90.3 percent, while it was up 88.3 percent in April.
The Baker Hughes Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North America Rig Count was up 503 and the U.S. Rig count was 448.
Dallas Federal Reserve Bank President Robert Kaplan will participate in a virtual moderated question-and-answer session hosted by the University of Texas at Austin McCombs School of Business at 1.00 pm ET.
Asian stock markets closed mixed on Friday. Chinese shares rallied. The benchmark Shanghai Composite index jumped 38.78 points, or 1.14 percent, to 3,443.44 while Hong Kong’s Hang Seng index was down 79.21 points, or 0.27 percent, to 28,911.73.
Japanese shares posted strong gains. The Nikkei average finished down 617.90 points, or 2.07 percent, to 29,174.15.
Australian markets advanced to snap a three-day losing streak, with banks and energy companies leading the surge. The benchmark S&P/ASX 200 rose 31.50 points, or 0.45 percent, to 7,014.20 amid easing worries about inflation. The broader All Ordinaries index ended up 31.50 points, or 0.45 percent, at 7014.20.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 52.29 points or 0.83 percent. The German DAX is adding 117.55 points or 0.77 percent, the U.K. FTSE 100 Index is gaining 48.63 points or 0.69 percent.
The Swiss Market Index is adding 57.37 points or 0.52 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.86 percent.
Source: Read Full Article