Futures Point To Positive Open For Wall Street

Initial cues from the U.S. Futures Index point to a higher open for Wall Street.

U.S. trade deficit, weekly jobless claims, and labor productivity will be the highlights on economic front.

Markets might be reacting to President Trump’s declaration to raise tariff on China by another $300 billion if required.

Asian shares finished mostly lower, while Europeans shares are trading all positive.

As of 8.00 am ET, the Dow futures were progressing 74.00 points, the S&P 500 futures were up 9.00 points and the Nasdaq 100 futures were adding 28.25 points.
The U.S. major stocks closed higher on Wednesday. The Dow jumped 207.39 points or 0.8 percent to 25,539.57, the Nasdaq climbed 48.36 points or 0.6 percent to 7,575.48 and the S&P 500 advanced 22.88 points or 0.8 percent to 2,826.15.

On the economic front, International Trade Data for April will be published at 8.30 am ET. The consensus is for a deficit of $50.8 billion, compared to deficit of $50.0 billion in the prior week.

The Labor Department’s Jobless Claims for the week will be issued at 8.30 am ET. The economists are looking for consensus of 215K, unchanged from the previous week.

The Productivity and Costs for the first quarter will be released at 8.30 am ET. The consensus for non-farm productivity is an increase of 3.4 percent, while it grew 3.6 percent in the previous quarter.

Dallas Federal Reserve Bank President Robert Kaplan will participate on a panel at Boston College’s 4th Annual Carroll School of Management Finance Conference at 8.40 am ET.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the change was 114 bcf.

Three -year, 10 year Treasury Note auction will be held at 11.00 am ET. The 30-year Treasury Bond auction will be held at 11.00 am ET.

New York Federal Reserve Bank President John Williams will deliver the keynote remarks at the Peter McColough Series on International Economics event held by the Council on Foreign Relations in New York 1.00 pm ET.

The Fed Balance Sheet for the week is expected at 4.30 pm ET. In the previous week, the level was $3.851 trillion.

The Fed Money Supply for week is scheduled at 4.30 pm ET. The M2 weekly change was $45.5 billion.

In the corporate sector Ford plans to close its Bridgend plant in Wales by 2020 and expects 1500 job cuts.

Asian stocks closed mostly red on Thursday. China’s Shanghai Composite index ended down 33.62 points or 1.17 percent at 2,827.80. Hong Kong’s Hang Seng index edged up 0.26 percent to 26,965.28.

Japanese shares ended on a flat note. The Nikkei average fluctuated before finishing marginally lower at 20,774.04. The broader Topix index closed 0.34 percent lower at 1,524.91.

Australian markets gained. The benchmark S&P/ASX 200 index inched up 24.50 points or 0.39 percent to 6,383 while the broader All Ordinaries index ended up 22.80 points or 0.35 percent at 6,466.40.

Australia’s trade surplus fell unexpectedly to A$4.87 billion in April from A$4.88 billion in March on higher imports, data from the Australian Bureau of Statistics showed.

European shares are trading positive. CAC 40 of France is up .62 points or 0.48 percent. DAX of Germany is progressing 25.48 points or 0.21 percent. FTSE 100 of England is adding 33.90 points or 0.47 percent. Swiss Market Index is up 61.51 points or 0.64 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.57 percent.

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