Plus   Neg

Wall Street Set For Positive Start Ahead Of Key Jobs Report

us pre market 053119 10jan20 lt

U.S. stocks look set to open higher on Friday amid relief over a de-escalation of tensions in the Middle East. Iran denied that a Ukrainian airliner that crashed near Tehran had been hit by a missile.

Meanwhile, in a significant development, the House of Representatives on Thursday approved a resolution that would force President Donald Trump to seek consent from Congress before taking new military action against Iran.

Around 7.45 a.m. ET, the Dow futures were up 54 points, futures on the S&P rose 8 points and the Nasdaq futures were up 38 points.

On the trade front, the Phase 1 trade deal with China, struck last month, would be signed on Jan. 15.

"I think it will be January 15th, but shortly thereafter", Trump said in an interview with the ABC TV affiliate in Toledo, Ohio.

The trade deal is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property.

"We'll start right away negotiating phase two, but I might want to wait to finish it until after the election because I think we can make a little bit better deal, maybe a lot better deal", Trump told reporters.

In economic releases, the Department of Labor will release employment figures for December at 8:30 a.m. ET.

Economists expect employment to increase by 164,000 jobs in December after an increase of 266,000 jobs in November. The jobless rate is expected to hold at 3.5 percent.

Federal Reserve Vice Chairman Richard Clarida said at an appearance before the Council on Foreign Relations in New York on Thursday that the U.S. economy is in a good place and the central bank isn't about to switch course.

Average hourly wages for December and wholesale inventories for November will also be released today morning.

Elsewhere, Asian stocks ended broadly higher today while European markets were narrowly mixed.

The dollar edged up against a basket of currencies while gold and oil prices slipped as the threat of war in the Middle East receded.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT