The earnings seasons is all set to start this Friday and investors are keen on major economic announcements these days. Labor department’s Jobless claims and Import and Export Prices are scheduled for the day.
The market has been responding to geopolitical developments, especially the recent concerns over possible military action on Syria.
U.S. Futures Index suggest that Wall Street might be opening significantly higher. Asian shares finished lower, while European shares are adding up.
As of 7.15 am ET, the Dow futures were adding 107.00 points, the S&P 500 futures were climbing 12.25 points and the Nasdaq 100 futures were improving 36.25 points.
U.S. stocks closed lower on Wednesday. The Dow slid 218.55 points or 0.9 percent to 24,189.45, the Nasdaq dipped 25.27 points or 0.4 percent to 7,069.03 and the S&P 500 fell 14.68 points or 0.6 percent to 2,642.19.
On the economic front, the Labor Department’s jobless claims for the week will be revealed at 8.30 am ET. The economists are looking for a consensus of 230K, slightly down from 242K last year.
The Labor Department’s Import and Export Prices for March will be published at 8.30 am ET. The consensus for Import Prices is growth of 0.2 percent, compared to 0.4 percent in the prior month. Consensus for Export Prices is 0.3 percent.
The Challenger Job-Cut Report for February will be issued at 7.30 am ET. The announced layoffs in the prior month was 44,653.
The Energy Information Administration or EIA’s natural gas report for the week is expected at 10.30 am ET. The level of natural gas stocks in underground storage for the U.S. and three regions of the country has declined 28 bcf last week.
The auction of Treasury’s 5-year TIPS and 30-year Bond auction announcement will be held at 11.00 am ET.
The Fed’s money supply data for the week will be published at 4.30 pm ET. The M2 weekly change in the previous week was $34.8 billion.
The Fed balance sheet for the week will be issued at 4.30 pm ET. In the previous week the balance sheet was at $4.386 trillion.
Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a moderated Q&A with Tim Worke, CEO of Associated General Contractors of Minnesota in Minneapolis, with audience Q&A at 5.00 pm ET.
In the corporate sector, BlackRock, Inc. (BLK) reported First-quarter earnings per share of $6.68 compared to $5.21 last year. The company noted that a 28 percent growth in earnings per share year-over-year is driven in part by lower tax rate.
The first-quarter earnings per common share, as adjusted was $6.70. Net income attributable to BlackRock, as adjusted, was $1.09 billion.
First-quarter revenue for BlackRock improved 16 percent year-over-year to $3.58 billion from $3.09 billion, previous year.
L Brands, Inc. reported that comparable sales for the five weeks ended April 7, 2018, increased 4 percent. Net sales for the period was $853.9 million, compared to $951.4 million for the five weeks ended April 1, 2017.
Homebuilder Lennar Corp. announced that its Board of Directors has elected Stuart Miller, Rick Beckwitt, Jon Jaffe, Bruce Gross and Diane Bessette to new executive positions with the Company.
Asian stocks closed broadly lower on Thursday.
China’s Shanghai Composite index fell 27.92 points or 0.87 percent to 3,180.16, while Hong Kong’s Hang Seng index closed down 66.43 points or 0.21 percent.
China’s foreign direct investment into China rose 0.4 percent year-on-year to CNY 88.14 billion in March. In the first quarter, FDI climbed 0.5 percent.
Japanese shares fell slightly. The Nikkei average slid 26.82 points or 0.12 percent to 21,660.28 while the broader Topix index closed 0.39 percent lower at 1,718.52.
Australian shares closed modestly lower. The benchmark S&P/ASX 200 index dropped 13.20 points or 0.23 percent to 5,815.50 while the broader All Ordinaries index ended down 14.40 points or 0.24 percent at 5,911.40.
European shares are progressing. France’s CAC 40 is climbing 14.70 points or 0.28 percent. Germany’s DAX is up 54.34 points or 0.44 percent. FTSE 100 of U.K. is advancing 0.45 points or 0.01 percent. Swiss Market Index is up 33.83 points or 0.38 percent.
Eurozone’s leading Blue Chip index,Euro Stoxx 50, is progressing 0.35 percent.
by RTTNews Staff Writer
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