Futures Index Says Wall Street To Open On A Positive Bias

Futures Index Says Wall Street To Open On A Positive Bias

The investors are closely watching the developments in China on the trade front as it has decided to cut car tariff to 15 percent, from 25 percent. The talks between U.S. and China is expected to help ease the trade and tariff related tensions.

In relation to the data scandal, Facebook Chief Mark Zuckerberg will be testifying before the European Parliament at 12-noon U.S. Eastern time.

Asian shares closed mixed on Tuesday, while European shares are trading in the green.

Trends from the U.S. Futures this morning suggest that Wall Street might open on a positive bias.
As of 7.30 am ET, the Dow futures were adding 55 points, the S&P 500 futures were up 4.75 points and the Nasdaq 100 futures were climbing 21.75 points.

U.S. stocks closed higher. The Dow Jones Industrial Average rallied 1.21 percent, the S&P 500 gained 0.74 percent and tech-heavy Nasdaq Composite added half a percent.
On the economic front, Redbook data will be issued at 8.55 am ET. The prior week’s Store Sales grew 4.9 percent.

Federal Richmond Fed Manufacturing Index for May will be published at 10.00 am ET. The consensus is for the growth of 10, while it was down 3 last month.
The two year Treasury Note auction will be held at 1.00 pm ET.

In the corporate sector, Kohl’s Corp. announced the company now expects its adjusted fiscal 2018 earnings per share to be $5.05 to $5.50, compared to its prior guidance of $4.95 to $5.45. Including the loss on extinguishment of debt, fiscal 2018 earnings per share is expected to be $4.86 to $5.31. For the quarter ended May 5, 2018, the company reported adjusted earnings per share of $0.64.

Asian stocks ended mixed on Tuesday. Chinese shares ended on a flat note as gains. The benchmark Shanghai Composite index finished marginally higher at 3,214.35.

Japanese shares fell from 3 1/2-month highs reached the previous day. The Nikkei average slid 42.03 points or 0.18 percent to 22,960.34 while the broader Topix index closed 0.23 percent lower at 1,809.57.

Australian markets ended lower for a fourth straight session, with banking stocks coming under selling pressure as the Royal Commission grilled lenders on small business loans. The benchmark S&P/ASX 200 index dropped 42.60 points or 0.70 percent to 6,041.90 while the broader All Ordinaries index ended down 40.30 points or 0.65 percent at 6,149.90.

European shares are broadly up. Among the major indices, CAC 40 of France is climbing 3.03 points or 0.05 percent. DAX of Germany is gaining 53.88 points or 0.41 percent. FTSE 100 of England is progressing 10.40 points or 0.13 percent. Swiss Market Index is up 0.68 points or 0. 01 percent.

Euro Stoxx 50, Europe’s leading Blue-chip index for the Eurozone, is currently up 0.32 percent.

by RTTNews Staff Writer

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