Investors Await GDP Data, Wall Street Might Open Mostly Lower

Investors Await GDP Data, Wall Street Might Open Mostly Lower

GDP data will be the key factor in deciding consumer sentiments on Friday. Consumer Sentiment Index as well as the Labor’s Employment Cost Index are also important.

Asian shares finished higher, while European shares are trading mostly in green

U.S. Futures are pointing to a mostly lower opening for Wall Street.

As of 7.30 am ET, the Dow futures were down 77.00 points, the S&P 500 futures were declining 3.50 points and the Nasdaq 100 futures were up 16.50 points.

U.S. stocks closed higher on Thursday. The Dow jumped 238.51 points or 1 percent to 24,322.34, the Nasdaq soared 114.94 points or 1.6 percent to 7,118.68 and the S&P 500 surged up 27.54 points or 1 percent to 2,666.94.

The Commerce Department’s quarterly GDP data will be published at 8.30 am ET. The consensus is for increase of 2.0 percent, compared to 2.9 percent in the prior quarter.

The U.S. Labor Department’s Employment Cost Index for the first quarter will be issued at 8.30 am ET. The consensus is for growth of 0.7 percent, up from 0.6 percent in the prior quarter.

Consumer Sentiment index for April will be revealed at 10.00 am ET. The consensus is for 98.0, almost in line with 97.8 in the previous month.

Baker-Hughes Rig Count for the week is scheduled at 1.00 pm ET. The prior week’s North American Rig Count were 1106, while U.S. Rig Count were 1013.

The Agriculture Department’s Farm Prices for March will be issued at 3.00 pm ET. The previous month’s Farm Prices was 5.7 percent.

In the corporate sector, Colgate-Palmolive Co. announced that it is planning for a year of gross margin expansion and expect double-digit earnings per share growth. Based on current spot rates, the company expects a mid-single-digit net sales increase and low-single-digit organic sales growth in 2018, with sequential improvement in organic sales growth in the balance of the year.

Asian shares finished positive on Friday. Chinese shares reversed early losses to finish higher. The benchmark Shanghai Composite index rose 7.20 points or 0.23 percent to 3,082.23, while Hong Kong’s Hang Seng index closed up 272.99 points or 0.91 percent at 30,280.67.

Japanese shares closed near three-month highs. Japan’s industrial output rose 1.2 percent sequentially in March to beat forecasts and the jobless rate held flat at 2.5 percent in line with expectations, while retail sales and consumer inflation figures fell short of expectations. The Nikkei average ended 148.26 points or 0.66 percent higher at 22,467.87, the highest closing level since early February, ahead of a long holiday weekend. The broader Topix index rose by 0.29 percent to finish at 1,777.23.

Australian shares ended notably higher. The benchmark S&P/ASX 200 index climbed 42.80 points or 0.72 percent to 5,953.60, while the broader All Ordinaries index ended 39.90 points or 0.66 percent higher at 6,042.90.

European shares are mostly up. France’s CAC 40 is climbing 14.04 points or 0.26 percent. Germany’s DAX is up 96.11 points or 0.77 percent. FTSE 100 of U.K. is advancing 63.44 points or 0.85 percent. Swiss Market Index is down 9.61 points or 0.11 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is progressing 0.35 percent.

by RTTNews Staff Writer

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