Wall Street To Open Broadly Higher

wallstreet 071718

The upcoming earnings report might be the focus of investors in the coming days. Federal Reserve Chairman Jerome Powell's two days of testimony on Capitol Hill also is keenly watched.

The meeting between U.S. President Donald Trump and Russian President Putin in Finland is an important political event to be tracked.

Early signs from the U.S. Futures suggest that Wall Street might be opening mostly higher.

Asian shares finished in the red, while European shares are trading mostly lower.

As of 7.45 am ET, the Dow futures were adding 15.00 points, the S&P 500 futures were declining 0.75 points and the Nasdaq 100 futures were gaining 3.50 points.

U.S. stocks closed higher on Friday. The Dow rose 94.52 points or 0.4 percent to 25,019.41, the Nasdaq inched up 2.06 points or less than a tenth of a percent to 7,825.98 and the S&P 500 edged up 3.02 points or 0.1 percent to 2,801.31.

On the economic front, the Commerce Department's Retail Sales for June will be published at 8.30 am ET. The consensus is for increase of 0.6 percent, compared to 0.8 percent growth last month.

Federal Reserve Bank of New York's Empire State Manufacturing Survey for July will be issued at 8.30 am ET. The consensus is for 21.0, down from 25.0 in the prior month.

The Commerce Department's Business Inventories for May will be revealed at 10.00 am ET. The consensus is for increase of 0.4 percent versus 0.3 percent in April.

In the corporate sector, Bank of America Corp. reported 43 percent increase in second-quarter earnings per share to $0.63. Net income to shareholders increased to $6.5 billion from $4.8 billion, driven by improved operating performance and the benefits of tax reform .

Second-quarter revenue, net of interest expense, decreased 1% to $22.6 billion. Excluding the gain in the prior year quarter, revenue was up 3%. Net interest income increased 6%, to $11.7 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth.

Asian stocks closed mostly lower on Monday. China's Shanghai Composite index shed 17.14 points or 0.61 percent to close at 2,814.04

Official data showed that China's GDP growth slowed to 6.7 percent in the second quarter, its slowest pace since 2016. That was a tad lower than 6.8 percent in the first quarter of 2018.

Hong Kong's Hang Seng index closed 14.22 points or 0.05 percent at 28.539.66.
The Japanese market was closed in observance of Marine Day.

Australian shares fell modestly as investors awaited quarterly production results from mining and energy companies, and weak weekend property auction results weighed on the banking sector.

The benchmark S&P/ASX 200 index dropped 26.90 points or 0.43 percent to 6,241.50 while the broader All Ordinaries index ended down 25.20 points or 0.40 percent at 6,326.70.

European shares are mostly lower. France's CAC 40 is declining 0.19 points or 0.00 percent. Germany's DAX is down 0.69 points or 0.01 percent. FTSE 100 of U.K. is lowering 79.77 points or 1.04 percent. Swiss Market Index is edging down 39.41 points or 0.44 percent.

Eurozone's leading Blue Chip index,Euro Stoxx 50, is down 0.28 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT