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Wall Street Seen Opening On Cautious Note

wallstreet oct26 08nov19 lt

The U.S. market is likely to open on a cautious note on Friday, amid some uncertainty about tariffs rollback by the Trump administration.

Although both China and the U.S. have agreed to reduce tariffs, several advisers of Trump appear to be opposing the rollback proposal.

On the economic front, a report on consumer sentiment and data on wholesale trade are due out at 10 AM ET.

Data showing Germany's exports to have seen the biggest increase in six months in September and a report showing continued expansion in France's industrial production may help ease concerns about global economy and limit market's downside if any.

Asian markets ended mixed as investors made cautious moves amid uncertainty about tariff cuts by the U.S.

European markets were edging lower with investors looking for some concrete news on U.S.-China trade negotiations.

On Thursday, stocks gave up some early gains, but still ended on a firm note. The Dow, which surged 0.7% and the Nasdaq, which gained 0.3%, settled at new record closing highs. The S&P 500 edged up 0.3%.

While comments from a spokesman of the Chinese Commerce Ministry that the U.S. and China have agreed to lift existing tariffs in phases contributed to early strength in the market, a reuters report saying many of Trump's advisers were against lifting tariffs even in phases, pulled the market down from higher levels.

In commodities, West Texas Intermediate Crude oil futures for December were down $0.87, or 1.52%, at $56.28 a barrel.

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