Futures Suggest Lower Opening For Wall Street

Futures Suggest Lower Opening For Wall Street

U.S. Labor Department’s closely-watched monthly Employment situation report for March will be published today. The unemployment rate is expected to decline to 4.0 percent. The market analysts are looking for a sharp decline in non-farm payrolls to 175,000.
Worries about a global trade war intensified are still looming in the air. Investors are looking for global cues.

Asian shares closed mostly lower, while European shares are trading down.
Early signs from the U.S. Futures Index suggest that Wall Street will open lower on Friday.

As of 6.30 am ET, the Dow futures were falling 156.00 points, the S&P 500 futures were down 14.75 points and the Nasdaq 100 futures are declining 36.25 points.
U.S. major averages closed higher for the third straight day. The Dow jumped 240.92 points or 1 percent to 24,505.22, the Nasdaq rose 34.44 points or 0.5 percent to 7,076.55 and the S&P 500 climbed 18.15 points or 0.7 percent to 2,662.84.

On the economic front, U.S. Labor Department’s Employment Situation report for March will be issued at 8.30 am ET. The market analysts are looking for a consensus of 175,000, compared to 313,000 in the prior month. The unemployment rate is expected to be 4.0 percent, down from 4.1 percent in February.

Federal Reserve Chairman Jerome Powell will deliver a speech on the economic outlook at the Economic Club of Chicago in Chicago, to be broadcast live on https://www.youtube.com/EconomicClubChicago at 1.30 am ET.

Chicago Federal Reserve Bank President Charles Evans will speak at the “Financial Stability, the Global Economy, and Monetary Policy, a Discussion with Charles Evans and Lars Peter Hansen” event during the Chicago Graduate China Forum in Chicago, with an audience and media Q&A at 10.30 am ET.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1127, while U.S. rig count was 993.

Federal Reserve Board of Governors’ Consumers Credit report for February is expected at 3.00 pm ET. The market analysts are looking for a consensus of $15.1 billion.
San Francisco Federal Reserve Bank President John Williams to speak at the “Outlook on the National Economy” in Santa Rosa, California, with audience Q&A.

In the corporate sector, Low-cost airline easyJet Plc reported that passengers, or the number of earned seats flown, for the month of March increased 3.4 percent to 6.55 million passengers from 6.33 million passengers last year.

Apple Inc. Chief Executive Officer Tim Cook will be deposed on June 27, as part of Qualcomm Inc.’s lawsuit against the iPhone maker, reports said citing court documents.

Asian stocks closed mostly lower on Friday. China’s Shanghai Composite Index is closed for the day. Hang Seng of Hong Kong climbed 326.25 points or 1.11 percent at 29,844.94.

Japanese shares fell. The Nikkei average slid 77.90 points or 0.36 percent to 21,567.52 while the broader Topix index closed 0.31 percent lower at 1,719.30.
Australian shares ended a choppy session little changed with a negative bias.

European shares are trading lower. The CAC 40 Index of France is down 27.33 points or 0.52 percent, the German DAX is declining 76.90 points or 0.61 percent, the U.K. FTSE 100 Index is down 11.15 points or 0.16 percent and the Swiss Market Index is dropping 58.48 points or 0.67 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.75 percent.

by RTTNews Staff Writer

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