Wall Street Likely To See Positive Start

Higher futures, firm European markets and modestly higher crude oil prices point to a positive start for stocks on Wall Street Monday morning.

The Dow futures are up nearly 1 percent. The Nasdaq futures are surging up 0.88 percent and the Nasdaq futures are gaining 0.6 percent.

Traders are likely to indulge in hectic bargain hunting after stocks suffered some sharp setbacks last week, weighed down by disappointing results and earnings guidance from several top companies, including Walmart and Target. The Dow extended its losing streak to an eighth consecutive week, while the S&P 500 last week suffered its seventh successive weekly loss.

Symbotic LLC, an A.I.-powered supply chain technology company, and retail giant Walmart Inc. announced Monday an expanded commercial agreement to implement Symbotic’s robotics and software automation platform in all 42 of Walmart’s regional distribution centers over the coming years.

The focus this will be on the Fed minutes, the central bank’s report on core personal consumption expenditure, data on durable goods orders, jobless claims, new home sales and revised data on first quarter GDP.

On Friday, stocks experienced another extremely volatile session during trading, with the major averages once again showing wild swings as the day progressed.

The major averages pulled back sharply after failing to sustain an early upward move but staged a significant recovery attempt going into the close. After plunging more than 600 points at its worst levels, the Dow edged up 8.77 points or less than tenth of a percent to 31,261.90.

The S&P 500 also ended the day roughly flat, inching up 0.57 points or less than a tenth of a percent to 3,901.36, while the Nasdaq dipped 33.88 points or 0.3 percent to 11,354.62.

In overseas trading, Asian stocks ended on a mixed note on Monday, as parts of Beijing have again come under a lockdown amid signs the pandemic outbreak is spreading in more and more Chinese cities.

The authorities have imposed a lockdown in the Haidian district along with Chaoyang, Fengtai, Shunyi, and Fangshan districts, China’s Global Times reported citing a statement of the city government’s spokesperson, Xu in Hejian.

European stocks are modestly higher despite persisting concerns about growth and news about fresh lockdown in several areas in China amid signs the pandemic outbreak is spreading in more and more cities.

Crude oil prices are higher. West Texas Intermediate Crude oil futures are up $0.86 or 0.75 percent at $111.14 a barrel.

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