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Wall Street May Open Slightly Higher, Extend Recent Gains


Slightly higher index futures points to a marginally positive start for U.S. stocks on Friday morning, and the Dow may move on to record its seventh successive day of gains, amid expectations that the Fed may not go for aggressive rate hikes.

Tame inflation data, the dollar's slight retreat against most major currencies, and expectations of positive outcome from the forthcoming meeting between President Donald Trump and North Korean leader Kim Jong Un are likely to aid sentiment.

However, the lead from European markets is rather muted. Also, with no big data coming up to warrant significant moves, buying interest at higher levels may be a bit subdued.

On Thursday, the Dow ended up 196.99 points or 0.8 percent at 24,739.53, while the Nasdaq jumped 65.07 points or 0.9 percent to 7,404.98, and the S&P 500 advanced 25.28 points or 0.9 percent to 2,723.07.

Traders will be keenly tracking the trend in crude oil prices following recent U.S. decision to withdraw from the nuclear pact with Iran. Crude oil futures for June are currently up marginally at $71.40 a barrel, looking good to end the week with soild gains.

Reuters, Nvidia, and Symantec will see action, with investors reacting to quarterly earnings reports.

The market is awaiting the drug price plan from Donald Trump. It is expected that the president, who had remarked in reference to the high costs that the sector was getting away with murder, will reveal strategies to bring down drug prices.

On the economic front, the data on exports and import price for the months of April will be out by 8.30 am ET.

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