Plus   Neg

Wall Street Likely To Open Higher


Higher futures and optimism about a phase one trade deal between the U.S. and China point to a positive start for stocks on Wall Street Monday morning.

Investors, looking ahead to quarterly earnings announcements from big banks on Tuesday, may choose to make cautious moves at higher levels. Citigroup, JP Morgan Chase and Wells Fargo are scheduled to report their earnings on Tuesday, while Bank of America and Goldman Sachs will announce their results on Wednesday.

On the trade front, Chinese Vice Premier Liu He is scheduled to visit Washington this week to sign the trade deal.

Amid easing concerns about U.S.-Iran tensions, crude oil prices dropped to one-month lows in early trades this morning.

Asian stocks ended mixed on Monday after the United States imposed additional sanctions on Iran and rebuffed the Iraqi government's request to begin discussions on pulling out troops.

Reports of another rocket attack on an Iraqi airbase and caution ahead of the signing of a U.S.-China trade agreement this week also kept investors nervous.

European stocks were broadly higher on Monday as investors looked ahead to the signing of a 'phase one' trade deal between the United States and China this week.

On Friday, U.S. stocks pulled back after opening higher. The Dow shed 0.46 percent, the Nasdaq ended down 0.37 percent and the S&P 500 declined 0.29 percent.

While continued optimism over easing concerns about U.S.-Iran conflict pushed up stock prices early on in the session, disappointing non-farm payroll data dragged the market down.

The Labor Department's report showed the pace of job growth slowed by more than expected in the month of December. The report said non-farm payroll employment climbed by 145,000 jobs in December after spiking by a revised 256,000 in November. Economists had expected employment to increase by about 164,000 jobs compared to the jump of 266,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate came in at 3.5 percent in December, unchanged from the previous month and in line with economist estimates.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT