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Wall Street Set To Open Higher

wallstreet oct19 lt

Homebuilder confidence, Housing Starts, and Existing Home Sales might be the focus on Monday.

As the earning gaining full steam, bigwigs such as IBM (IBM), Procter & Gamble (PG), Netflix (NFLX), Verizon (VZ), Tesla (TSLA), AT&T (T), Coca-Cola (KO), Intel (INTC), and Honeywell (HON) will be reporting their quarterly results this week.

Early signs from the U.S. Futures Index suggest that Wall Street might open higher. Asian shares ended mixed, while European shares are trading positive.


As of 8.15 am ET, the Dow futures were adding 183.00 points, the S&P 500 futures were gaining 26.50 points and the Nasdaq 100 futures were progressing 113.50 points.


The U.S. major averages ended the session on opposite sides of the unchanged line on Friday. While the Nasdaq fell 42.32 points or 0.4 percent to 11,671.56, the Dow rose 112.11 points or 0.4 percent to 28,606.31 and the S&P 500 inched up 0.47 points or less than a tenth of a percent to 3,483.81.

On the economic front, Housing Market Index for October will be issued at 10.00 am ET. The consensus is for 83, while it was up 83 in the prior month.

Federal Reserve Board of Directors Vice Chair Richard Clarida will deliver speech on "U.S. Economic Outlook and Monetary Policy" at the American Bankers Association Convention virtual meeting at 11.45 am ET.
Six-month Treasury Bill auction will be held at 11.30 am ET.

Asian stocks ended mostly higher on Monday. Chinese shares fell notably. The benchmark Shanghai Composite Index slid 23.69 points, or 0.7 percent, to 3,312.67, while Hong Kong's Hang Seng index rose 0.6 percent to 24,542.26.

Japanese shares posted strong gains. The Nikkei 225 Index jumped 260.50 points, or 1.1 percent, to 23,671.13, while the broader Topix index closed 1.3 percent higher at 1,637.98.

Australian markets hit a fresh seven-month high amid loosening Covid-19 restrictions in Victoria. The benchmark S&P/ASX 200 ended up 52.60 points, or 0.9 percent, at 6,229.40. The broader All Ordinaries index rose 50.60 points, or 0.8 percent, to 6,435.60.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 98.44 points or 2.03 percent. The German DAX is losing 23.65 points or 0.18 percent, the U.K. FTSE 100 Index is declining 17.42 points or 0.95 percent.

The Swiss Market Index is adding 29.14 points or 0.28 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.14 percent.

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