Futures Suggest Wall Street To Open Positive

Futures Suggest Wall Street To Open Positive

Earnings reports from major global corporate would be the highlight on Thursday. The U.S. weekly Jobless Claims, Durable Goods Orders as well as International Trade scheduled for the day might influence investors’ sentiments.

Asian shares finished mixed, while European shares are trading in positive.

Initial trading on U.S. Futures Index suggests that Wall Street might open positive.
As of 7.15 am ET, the Dow futures were gaining 39 points, the S&P 500 futures are up 6.00 points and the Nasdaq 100 futures are adding 40.75 points.

U.S. stocks closed mixed on Wednesday. The Nasdaq edged down 3.61 points or 0.1 percent to 7,003.74, the Dow rose 59.70 points or 0.3 percent to 24,083.83 and the S&P 500 inched up 4.84 points or 0.2 percent to 2,639.40.

On the economic front, Durable Goods Orders for March will be issued at 8.30 am ET. The New Orders consensus is for increase of 1.7 percent, compared to 3.1 percent last month.

Census Bureau’s International Trade in Goods data for March will be published at 8.30 am ET. The market analysts are looking for consensus of a deficit of $74.5 billion unchanged from the prior month.

The Department of Labor’s Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 230K, slightly down from 232K last week.

In the corporate sector, Snack and beverage giant PepsiCo Inc. reported an increase in net income for the first quarter, reflecting higher revenues. Both adjusted earnings per share and net revenues for the quarter beat analysts’ estimates. The company also reaffirmed its earnings and revenue outlook for the full-year 2018. For the first quarter, net income attributable to the company grew to $1.34 billion or $0.94 per share from $1.32 billion or $0.91 per share in the year-ago quarter. The results for both quarters were impacted by restructuring charges and commodity mark-to-market impacts. Core earnings for the quarter were $0.96 per share, compared to $.94 per share in the year-ago quarter. Net revenue for the quarter grew 4.3 percent to $12.56 billion from $12.05 billion last year. Analysts expected revenues of $12.40 billion. Organic revenue growth for the quarter was 2.3 percent.

Bristol-Myers Squibb Co. reported a profit for first quarter that decreased from the same period last year.

The company’s earnings came in at $1.47 billion, or $0.91 per share. This compares with $1.57 billion, or $0.94 per share, in last year’s first quarter. Excluding items, Bristol-Myers Squibb Co. reported adjusted earnings of $1.55 billion or $0.94 per share for the period. The company’s revenue for the quarter rose 5.3% to $5.19 billion from $4.93 billion last year.

Asian stocks ended mixed on Thursday. China’s Shanghai Composite index tumbled 42.94 points or 1.38 percent to finish at 3,075.03. Hong Kong’s Hang Seng index slipped 42.94 points or 1.38 percent to finish at 3,075.03.

Japanese shares rose amid widespread gains in the technology sector. The Nikkei average rose 104.29 points or 0.47 percent to 22,319.61 while the broader Topix index closed 0.25 percent higher at 1,772.13.

Australian shares finished slightly lower. The benchmark S&P/ASX 200 index dropped 10.80 points or 0.18 percent to 5,910.80 as trading resumed after a public holiday on Wednesday. The broader All Ordinaries index ended down 6.40 points or 0.11 percent at 6,003.

European shares are trading higher. France’s CAC 40 is adding 29.56 points or 0.54 percent, Germany’s DAX is climbing 37.92 points or 0.30 percent. FTSE 100 of England is progressing 15.67 points or 0.21 percent. Swiss Market Index is up 69.89 points or 0. 80 percent.

Euro Stoxx 50 is increasing 0.35 percent.

by RTTNews Staff Writer

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