Futures Trends Point To Positive Opening For Wall Street

Futures Trends Point To Positive Opening For Wall Street

Intial trends from the U.S. Futures Index suggest that Wall Street might open higher on Friday. The investors are keenly waiting for the Labor Department’s JOLTS report that will give a clear picture about the job openings.

President Trumps announcement that the U.S. would rejoin the Tran Pacific Partnership trade pact if the deal is better that suggested earlier would be a boost to market sentiments.

Asian shares finished mostly higher, while European shares are trading all positive.

As of 7 am ET, the Dow futures were gaining 65.00 points, the S&P 500 futures were adding 7.00 points and the Nasdaq 100 futures were up 4 points.

U.S. stocks closed notably higher on Thursday. The Dow jumped 293.60 points or 1.2 percent to 24,483.05, the Nasdaq surged up 71.22 points or 1 percent to 7,140.25 and the S&P 500 climbed 21.80 points or 0.8 percent to 2,663.99.

On the economic front, the Institute for Social Research of the University of Michigan’s Consumer Sentiment report for April will be issued at 10.00 am ET. The market analysts are looking for consensus of 101.0, slightly downfrom 101.4 last month.

The Labor Department’s JOLTS report for February will be published at 10.00 am ET.

Boston Federal Reserve Bank President Eric Rosengren to be the Keynote Speaker at the Greater Boston Chamber’s Economic Outlook Breakfast in Boston at 7.30 am ET.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be revealed at 1.00 pm ET. The prior week’s North American Rig Count was 1114 and U.S. rig count was 1003.

St. Louis Federal Reserve Bank President James Bullard will speak at the Washington University’s Calhoun Lecture Series in St. Louis, with audience Q&A at 9.00 am ET.

In the corporate sector, JPMorgan Chase & Co. an increase in first quarter profit to $8.71 billion, or $2.37 per share from $6.45 billion, or $1.65 per share a year ago. Revenue for the quarter rose 10.3 percent to $28.52 billion from $25.85 billion last year.

Saint-Gobain said it acquired the pharmaceutical business of Micro Hydraulics, an Irish based supplier and manufacturer of single-use fluid handling components and systems in high-performance plastics.

Asian stocks finished mostly higher on Friday. China’s Shanghai Composite index dropped 21.11 points or 0.66 percent to 3,159.05 while Hong Kong’s Hang Seng index closed down 22.90 points or 0.07 percent at 30,808. China’s exports fell 2.7 percent year-over-year in March, confounding economists’ forecast for a notable increase of 11.8 percent. Imports surged 14.4 percent from a year ago, faster than the expected spike of 12.0 percent. The trade deficit came in at $4.98 billion in March, in contrast to the expected surplus of $27.5 billion.

Japanese shares closed higher. The Nikkei average climbed 118.46 points or 0.55 percent to 21,778.74, taking the weekly gain to 1 percent. The broader Topix index closed 0.63 percent higher at 1,729.36.

Australian shares closed modestly higher. The benchmark S&P/ASX 200 index rose 13.60 points or 0.23 percent to 5,829.10 while the broader All Ordinaries index ended up 0.22 percent at 5,924.70.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is adding 22.78 or 0.43 percent. The German DAX is climbing 94.40 points or 0.76 percent, the U.K. FTSE 100 Index is up 4.71 points or 0.06 percent. The Swiss Market Index is progressing 22.08 points or 0.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is increasing 0.52 percent.

by RTTNews Staff Writer

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