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Wall Street Aims To Open Substantially Higher

wallstreet july07 lt

Early cues from the U.S. Futures Index suggest that Wall Street might open significantly higher.

Asian shares finished mostly up, while European shares are trading higher.
After the long holiday weekend, this week's trading might be impacted by the latest news on the coronavirus infections.

As of 8.25 am ET, the Dow futures were gaining 390.00 points, the S&P 500 futures were up 40.50 points and the Nasdaq 100 futures were adding 130.25 points.

The U.S. markets were closed on Friday for the Independence Day holiday. European markets ended Friday's session lower.

On the economic front, the Markit Economics' PMI Services Index for June 2020 will be issued at 9.45 am ET. The consensus is for 46.7, compared to the prior month's level of 37.5.
ISM Non-Manufacturing Index for June will be published at 10.00 am ET. The consensus is for 50.1, up from 45.4 in the prior month.

TD Ameritrade's Investor Movement Index or IMX for June will be released at 12.30 pm ET. In the prior month, the level was at 4.35.

Asian stocks rose broadly on Monday. Chinese stocks posted strong gains. The benchmark Shanghai Composite index surged 180.07 points, or 5.71 percent, to 3,332.88, while Hong Kong's Hang Seng index jumped 3.81 percent to 26,339.16.
Japanese shares hit a near one-month high. The Nikkei average rallied 407.96 points, or 1.83 percent, to 22,714.44, the highest close since June 10. The broader Topix index closed 1.60 percent higher at 1,577.15.

Australian markets finished modestly lower. The benchmark S&P/ASX 200 dropped 43.30 points, or 0.71 percent, to 6,014.60, while the broader All Ordinaries index ended down 37.80 points, or 0.61 percent, at 6,125.90.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 86.63 points or 1.73 percent. The German DAX is progressing 222.15 points or 1.78 percent, the U.K. FTSE 100 Index is up 109.93 points or 1.79 percent.

The Swiss Market Index is gaining 102.66 points or 1.02 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.90 percent.

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