Wall Street To Start Positive

Wall Street To Start Positive

Housing Starts Data, the Fed Industrial Production report and a slew of Fed speeches are the major focus on Tuesday.

Initial trends from the U.S. Futures index suggest that Wall Street might might open significantly higher. Asian shares finished mixed, while European shares are trading in the green zone.

Investors are closely watching China’s slap on U.S. imports, especially the 179 percent increase on Sorghum. Meanwhile, China report GDP growth of 6.8 percent year—on-year and the economy expanded at a slower pace of 1.4 percent in the first quarter.

As of 7.15 am ET, the Dow futures were gaining 160.00 points, the S&P 500 futures were adding 11.75 points and the Nasdaq 100 futures were up 28.50 points.

U.S. major averages ended the day firmly in positive territory but off their highs of the session. The Dow jumped 212.90 points or 0.9 percent to 24,573.04, the Nasdaq climbed 49.63 points or 0.7 percent to 7,156.28 and the S&P 500 advanced 21.54 points or 0.8 percent to 2,677.84.

On the economic front, the Commerce and Housing and Urban Development Department’s Housing Starts data foe March will be published at 8.30 am ET. The Starts level consensus is 1.264 million, up from 1.236 million a year ago.

The Redbook data for the week is expected at 8.55 am ET. The Store Sales in the prior week was up 2.9 percent.

The Federal Reserve’s Industrial Production report for March will be released at 9.15 am ET. The Production is projected to be up 0.4 percent, compared to 1.1 percent increase in the prior month.

San Francisco Federal Reserve Bank President John Williams will speak at the NABE-Bank of Spain Event in Madrid, with media Q&A at 9.15 am ET.

Federal Reserve Vice Chairman for Supervision Governor Randal Quarles to give semi-annual testimony before the House Financial Services Committee in Washington at 10.00 am ET.

Philadelphia Federal Reserve Bank President Patrick Harker will speak at Saint Joseph’s University in Philadelphia, with audience Q&A at 11.00 am ET.

Chicago Federal Reserve Bank President Charles Evans will speak about current economic conditions or monetary policy at a Chicago Rotary Club Luncheon event in Chicago, with audience and media Q&A at 1.40 pm ET.

In the corporate sector, UnitedHealth Group said it increased its outlook for 2018 net earnings to a range of $11.70 to $11.95 per share and adjusted net earnings of $12.40 to $12.65 per share. In January, UnitedHealth projected 2018 net earnings in a range of $11.65 to $11.95 per share and adjusted net earnings in the range of $12.30 to $12.60 per share.

Asian stocks ended mixed on Tuesday. China’s Shanghai Composite index fell as much as 1.41 percent to end at 3,066.80. Hong Kong’s Hang Seng index finished down 252.84 points or 0.83 percent at 30,062.75. Official data showed that China’s gross domestic product rose 6.8 percent in the first quarter on a yearly basis – in line with expectations and down from 6.9 percent in the previous quarter.

Japanese shares ended on a flat note. The Nikkei average ended up 12.06 points at 21,847.59 while the broader Topix index closed 0.36 percent lower at 1,729.98.

Australian shares closed marginally higher. Both the benchmark S&P/ASX 200 and the All Ordinaries index closed marginally higher at 5,841.50 and 5,934.30, respectively. Rio Tinto, Fortescue Metals Group and South32 rose between 0.2 percent and 0.8 percent.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 22.50 or 0.42 percent. The German DAX is climbing 94.40 points or 0.76 percent, the U.K. FTSE 100 Index is up 10.21 points or 0.14 percent. The Swiss Market Index is progressing 27.46 points or 0.31 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is increasing 0.59 percent.

by RTTNews Staff Writer

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