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Wall Street Poised To Open Positive

wallstreet april16 lt

The first signs from the U.S. Futures Index point to a moderate gain at opening for Wall Street. Traders are likely to focus on earnings report on Tuesday. Industrial Production Report as well as Housing Market Index will get much attention among economic announcements.
Asian shares finished positive, while European shares are trading higher.

As of 7.50 am ET, the Dow futures were gaining 149.00 points, the S&P 500 futures were adding 10.25 points and the Nasdaq 100 futures were up 29.50 points.

The U.S. major averages finished the session just below the unchanged line on Monday. The Dow slipped 26.53 points or 0.1 percent to 26,384.77, the Nasdaq dipped 8.15 points or 0.1 percent to 7,976.01 and the S&P 500 edged down 1.83 points or 0.1 percent to 2,905.58.
On the economic front, the Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. In the prior week, the Store Sales were down 4.8 percent.

Industrial Production for March will be published at 9.15 am ET. The consensus is for increase of 0.3 percent versus 0.1 percent in the prior month.

Housing Market Index for April will be released at 10.00 am ET. The consensus is for 63, slightly up from 62 in the prior month.

Dallas Federal Reserve Bank President Robert Kaplan will participate in a moderated Q&A session at the Community Forum Hosted by the Federal Reserve Bank of Dallas in El Paso, TX, with audience Q&A at 2.00 pm ET.

In the corporate sector, Bank of America Corp.'s first quarter net profit applicable to common shareholders increased year-over-year to $6.87 billion from $6.49 billion. Earnings per share were $0.70, up 13 percent from $0.62, a year ago. First-quarter total revenue, net of interest expense, was $23.00 billion compared to $23.07 billion, prior year.

Asian stocks advanced on Tuesday. Chinese shares hit their highest level in nearly 13 months. The benchmark Shanghai Composite index surged 75.81 points or 2.39 percent to 3,253.60. Hong Kong's Hang Seng index rose 1.07 percent to 30,129.87.

Japanese shares hit a fresh four-month high. The Nikkei average rose 52.55 points or 0.24 percent to 22,221.66, a fresh four-month high, while the broader Topix index ended marginally lower at 1,626.46.

Australian markets ended modestly higher. The benchmark S&P/ASX 200 rose 26 points or 0.42 percent to 6,277.40 while the All Ordinaries index ended up 24.40 points or 0.38 percent at 6,372.30.

European shares are trading higher. The CAC 40 Index of France is edging up 3.38 points or 0.06 percent. The German DAX is gaining 85.76 points or 0.71 percent, the U.K. FTSE 100 Index is up 32.32 points or 0.44 percent. The Swiss Market Index is adding 66.98 points or 0.70 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 0.28 percent.

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