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Futures Point To Positive Open For Wall Street

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Fed Chairman Jerome Powell's second day of testimony on Capitol Hill might attract attention on Thursday.

Jobless Claims and Consumer Price Index are the major economic announcements on the day.

Asian shares finished mostly higher, while European shares finished broadly up.

Early cues from the U.S. Futures Index point to a moderately positive open for Wall Street.

As of 8.15 am ET, the Dow futures were adding 104.00 points, the S&P 500 futures were up 6.75 points and the Nasdaq 100 futures were gaining 19.00 points.

U.S. Stocks closed higher on Wednesday. The Dow rose 76.71 points or 0.3 percent to 26,860.20, the Nasdaq advanced 60.80 points or 0.8 percent to 8,202.53 and the S&P 500 climbed 13.44 points or 0.5 percent to 2,993.07.

On the economic front, the Labor Department's Consumer Price Index or CPI for June will be issued at 8.30 am ET. The consensus is for no change from the prior month, while it grew 0.1 percent in May.

The Jobless Claims for the week will be issued at 8.30 am ET. The economists are looking for consensus of 220K while it was 221K in the previous week.

Federal Reserve Chairman Jerome Powell will deliver his semiannual monetary policy testimony to the Senate Banking Committee in Washington, DC at 10.00 am ET.

The Energy Information Administration or EIA's Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the change was up 89 bcf.

New York Federal Reserve Bank President John Williams will speak on Albany region community revitalization during a Hudson Valley and Albany regional visit in Albany, NY.

30 -year Treasury Bond Auction will be held at 11.00 am ET. The 30-year Treasury inflation-indexed securities or TIPS auction will be held at 11.00 pm ET.

New York Federal Reserve Bank President John Williams will give the keynote address on the regional economy at the conclusion of the Hudson Valley and Albany Regional Visit in Albany, NY, followed by Q&A at 1.30 pm ET.

Fed Vice Chairman for Supervision Randal Quarles will speak at the Special Patriot Award Ceremony Recognizing Alice Rivlin at the Bipartisan Policy Center in Washington, D.C at 1.30 pm ET.

Treasury Budget for June will be presented at 2.00 pm ET. In the prior month the deficit was $207.8 billion.

The Fed Balance Sheet for the week is expected at 4.30 pm ET. In the previous week, the level was $3.813 trillion.

The Fed Money Supply for week is scheduled at 4.30 pm ET. The M2 weekly change was $19.5 billion.

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a town hall meeting in Aberdeen, South Dakota, with audience Q&A at 5.00 pm ET.

Asian stocks closed mostly higher on Thursday. China's Shanghai Composite index inched up marginally to 2,917.76 while Hong Kong's Hang Seng index ended up 0.81 percent at 28,431.80.

Japanese shares rose. The Nikkei average rose 110.05 points or 0.51 percent to 21,643.53, while the broader Topix Index closed 0.47 percent higher at 1,578.63.

Australian markets advanced on Fed policy expectations. The benchmark S&P/ASX 200 index rose 26.30 points or 0.39 percent to 6,716.10 while the broader All Ordinaries index ended up 28.10 points or 0.41 percent at 6,805.80.

European shares are trading mostly higher. CAC 40 of France is adding 4.19 points or 0.07 percent. DAX of Germany is declining 29.19 points or 0.23 percent. FTSE 100 of England is losing 6.64 points or 0.09 percent. Swiss Market Index is down 3.11 points or 0.03 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.12 percent.

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