Wall Street To Open Higher On Investors' Enthusiasm

Wall Street To Open Higher On Investors' Enthusiasm

The latest developments in Korean peninsula are adding confidence to markets across the globe. On the last trading day in May, initial trading from U.S. Futures Index suggests that Wall Street might open strongly up.

Asian shares finished higher, while European shares are trading on a positive track.
The investors are keenly watching a slew of earnings reports from major corporate this week.

As of 7.45 am ET, the Dow futures were adding 126 points, the S&P 500 futures were up 7.75 points and the Nasdaq 100 futures are progressing 26.50 points.

U.S. stocks closed mostly up on Friday. The Dow edged down 11.15 points or 0.1 percent to 24,311.19, the Nasdaq crept up 1.12 points or less than a tenth of a percent to 7,119.80 and the S&P 500 inched up 2.97 points or 0.1 percent to 2,669.91.
On the Economic front, the Commerce Department’s Personal Income and Outlays for March will be issued at 8.30 am ET. The market analysts’ consensus is for an increase of 0.4 percent, unchanged from the prior month. Consumer spending is projected to grow 0.4 percent, up from 0.2 percent in February.

The Institute For Supply Management – Chicago’s PMI for April will be published at 9.45 am ET. The consensus is for 57.8, slightly down from 57.4 a month ago.
National Association of Realtors’ Pending Home Sales Index for March will be revealed at 10.00 am. The consensus is for 1.0 percent, down from 3.1 percent in the prior month.

Dallas Fed Manufacturing Survey for April will be issued at 10.30 am ET. The consensus for General Activity Index is 18.0, down from 21.4 a month ago.

In the corporate sector, IDEX Corp. announced an increase in 2018 earnings and organic revenue guidance. The company now expects full-year 2018 adjusted earnings of $5.05 to $5.20 per share with projected second-quarter earnings of $1.30 to $1.32 per share, while delivering organic revenue growth of 5 to 6 percent for both the full year and the second quarter.

First Data Corp. said it expects 2018 adjusted EPS in a range of $1.42 to $1.47, compared to the prior guidance of $1.35 to $1.40. Total segment EBITDA growth is now expected to be 8 to 10 percent, compared to previously disclosed guidance of 7 to 9 percent. The company now expects total segment revenue growth of 6 to 7 percent, compared to previously disclosed guidance of 5 to 7 percent. Free cash flow guidance remains unchanged at or above $1.4 billion.

First-quarter adjusted earnings per share increased 6 percent to $0.29.

Asian stocks closed broadly higher on Monday. Investors have not reacted much to the slower pace of growth of China’s manufacturing sector in April. The official manufacturing PMI fell slightly to 51.4 from 51.5 in March. However, the non-manufacturing PMI that covers services and construction, improved to 54.8 from 54.6 a month ago.

Hong Kong’s Hang Seng index climbed 527.78 points or 1.74 percent at 30,808.45.
Australian shares progressed. The benchmark S&P/ASX 200 index rose 29.10 points or 0.49 percent to 5,982.70 while the broader All Ordinaries index ended up 28.70 points or 0.47 percent at 6,071.60.

European shares are trading higher. Among the major indices, CAC 40 of France is climbing 16.44 points or 0.30 points. DAX of Germany is gaining 7.72 points or 0.06 percent. FTSE 100 of England is progressing 29.85 points or 0.40 percent. Swiss Market Index is gaining 32.04 points or 0.36 percent.

Euro Stoxx 50, Europe’s leading Blue-chip index for the Eurozone, is currently up 0.17 percent.

by RTTNews Staff Writer

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