Wall Street To Edge Up At Opening

Wall Street To Edge Up At Opening

Initial trading on U.S. Futures is giving an impression that Wall Street might open slightly higher on Friday. Asian shares finished mostly higher, while European shares are climbing higher.

It is a quiet day as far as economic announcements are concerned. The investors are looking for earnings reports as well as a set of Fed speeches.

The geopolitical developments as well as commodity price movements are closely watched by the investors.

As of 7.00 am ET, the Dow futures were adding 5.00 points, the S&P 500 futures were climbing 3.50 points and the Nasdaq 100 futures were improving 3.50 points.

U.S. stocks ended lower on Thursday. The Dow fell 83.18 points or 0.3 percent to 24,664.89, the Nasdaq slid 57.18 points or 0.8 percent to 7,238.06 and the S&P 500 dropped 15.51 points or 0.6 percent to 2,693.13.

On the economic front, Baker-Hughes Rig Count for the week will be issued at 1.00 pm ET. The prior week’s North American Rig Count were 1110 and U.S. rig counts were 1008.

Chicago Federal Reserve Bank President Charles Evans will speak about current economic conditions and monetary policy at the Graaskamp Center Spring Board Conference in Chicago, with audience and media Q&A at 9.40 am ET.

San Francisco Federal Reserve Bank President John Williams will participate in a Fireside chat at the UC Berkeley Fischer Center for Real Estate and Urban Economies in Pebble Beach, California 11.15 am ET.

In the corporate sector, General Electric Co (GE) reported first-quarter consolidated adjusted earnings of $0.16 compared to $0.14, prior year. The company reported strong performance in Aviation, Healthcare, Renewables, Transportation, & Corporate partly offset by lower Power, Oil & Gas, & GE Capital earnings. First-quarter earnings per share from continuing operations was $0.04 compared to $0.01. Earnings from continuing operations increased to $440 million from $52 million. First-quarter adjusted Industrial earnings per share was $0.18, up 29% from prior year.

First-quarter total revenues increased 7% year-over-year to $28.66 billion.

Baker-Hughes, a GE Company (BHGE) reported first quarter attributable net income of $70 million, while adjusted net income was $38 million. On a per share basis, earnings were $0.17. Revenue for the quarter increased to $5.399 billion from $5.324 billion last year.

Asian markets drifted lower and ended in the red on Friday. Shanghai ended notably lower with its benchmark Shanghai Composite drifting down 45.83 points or 1.47 percent at 3,071.54, due largely to heavy selling in telecom and software stocks. Hong Kong’s Hang Seng declined 290.11 points or 0.94 percent to finish at 30,418.33.

The Japanese market ended slightly lower with its benchmark Nikkei 225 edging down by about 0.1 percent to 22,170.50.

In the Australian market, the benchmark S&P/ASX 200 ended down 12.20 points or 0.21 percent at 5,868.80. The broader All Ordinaries index declined 12 points or 0.2 percent to 5,964.40.

European shares are mostly progressing. France’s CAC 40 is climbing 31.66 points or 0.59 percent. Germany’s DAX is up 11.13 points or 0.09 percent. FTSE 100 of U.K. is advancing 35.71 points or 0.49 percent. Swiss Market Index is down 24.15 points or 0.27 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is progressing 0.45 percent.

by RTTNews Staff Writer

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