Yellen's Speech Keeps Markets on Tenterhooks
The major U.S. index futures are pointing to a modestly higher opening on Friday, with sentiment still fragile despite GDP data showing an upward revision to first estimates, roughly in line with estimates. Commodities are mostly lower and the dollar is firmer. The mood across the Atlantic is also wavering after Asian stocks closed mostly higher. The domestic markets could keep an eye on the direction of commodity prices and a domestic consumer sentiment reading ahead of an all important speech by Fed Chair Janet Yellen.
5/31/2016 6:35:32 AM Early indications suggest that Wall Street stocks may open Tuesday's session higher, although the mood reflected uneasiness following recent gains. Commodities are lower, with oil being the exception with its modest gain, and the dollar is firmer. With little corporate news to sway the markets, it is all about fears of a potential June interest rate hike and the interpretation of the week's key economic data, including the monthly NFP report, against the backdrop. Personal income and spending, consumer confidence and Chicago area business barometer and the direction of commodity prices could be key for the market movement of the day.