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Street Might Open Mostly Higher

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On a lean weekly closing day, the market may be looking for Home Resales data. The consensus is for a slight increase from the previous record. Earlier trading in the U.S. future Index points to a mixed opening for Wall Street. Asian shares closed broadly higher, while European shares are trading lower.

As of 6.45 am ET, the Dow futures were slipping 3 points, the S&P 500 futures were adding 1.25 points and the Nasdaq 100 futures were progressing 8.25 points.

U.S. stocks closed significantly higher on Thursday. The Dow advanced 174.22 points or 0.9 percent to 20,578.71, the Nasdaq jumped 53.74 points or 0.9 percent to 5,916.78 and the S&P 500 climbed 17.67 points or 0.8 percent to 2,355.84.

On the economic front, Minneapolis Federal Reserve Bank President Neel Kashkari will take part in a Q&A on the state of the economy, the role local community developers play in our financial health, and what lies ahead for community development corporations at the Hamline University Community Economic Development Symposium in St. Paul, Minn., with audience Q&A at 9.30 am ET.

The flash composite Purchasing Managers' Index or PMI for April will be released at 9.45 am ET. Economists are looking for manufacturing index of 53.9, slightly up from 53.4 last month. In the prior year Composite index was at 53.2.

The National Association of Realtors' existing home sales for March will be released at 10.00 am ET. The consensus for existing home sales or resales is 5.605 million, an increase from 5.480 million last month.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be revealed at 1.00 pm ET. In the previous week, the North American Rig count was 965, while U.S. count reached 847.

In the corporate sector, General Motors Venezolana said Thursday that it was forced to cease operations in Venezuela due to an illegal judicial seizure of its assets. The plant was unexpectedly taken by the public authorities on Wednesday, preventing normal operations. Other assets of the company, such as vehicles, have been illegally taken from its facilities, the company noted.

Tire maker Michelin Cie Des Estb reported that its net sales for the first quarter totaled 5.567 billion euros, a gain of 9.9 percent on the year-earlier period. For the full year, Michelin confirmed its targets of volume growth in line with global market trends, operating income from recurring activities equal to or exceeding the 2016 figure at constant exchange rates.

Electric car maker Tesla has issued a voluntary recall for 53 thousand of its Model S and Model X vehicles due to a faulty gear in the electric parking brakes. According to Tesla, electric parking brakes installed on Model S and Model X vehicles built between February and October 2016 may contain a small gear that could have been manufactured improperly by its third-party supplier. The issued could lead to a break and prevent the brake from releasing.

Asian stocks closed broadly higher on Friday. Chinese stocks eked out marginal gains but posted their worst weekly loss this year on concerns over cooling growth and tightening regulatory scrutiny. The benchmark Shanghai Composite index inched up 1.05 points or 0.03 percent to 3,173.15, but ended the week with a 2.2 percent loss. Hong Kong's Hang Seng index finished down 36.34 points or 0.15 percent at 24,020.66.

Japanese shares hit 1-1/2 week. The Nikkei 225 average jumped 190.25 points or 1.03 percent to 18,620.75, while the broader Topix index closed 1.07 percent higher at 1,488.58.

Australian shares extended gains from the previous session. The benchmark S&P/ASX 200 index climbed 32.70 points or 0.56 percent to 5,854.10, while the broader All Ordinaries index closed up 31.20 points or 0.53 percent at 5,885.60.

European shares are broadly in the red. The CAC 40 of France is down 29.44 points or 0.58 percent. DAX of Germany is climbing 13.64 points or 0.11 percent. FTSE 100 of England is declining 8.06 points or 0.11 percent. Swiss Market Index is slipping 11.43 points or 0.13 percent.

Euro stoxx 50, a Blue-chip representation of supersector leaders in the Eurozone, is currently declining 0.11 percent.

by RTT Staff Writer

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