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Wall Street Seen Opening On Subdued Note

wallstreet july16 22jan21 lt

U.S. stocks are likely to stay somewhat subdued at the start on Friday, tracking weakness in European and Asian markets amid persisting worries about coronavirus cases and restrictions on movements in several countries.

Optimism about larger economic stimulus from the Joe Biden administration may help limit market's downside.

A preliminary report on activity in the manufacturing and service sectors in the month of January is due out at 9:45 AM ET.

At 10 AM ET, data on existing home sales for the month of December is due.

The Energy Information Administration's crude inventory data for the week ended January 16th is due out at 10:30 AM ET.

On the earnings front, Intel Corp. (INTC) Thursday reported a profit and revenues for the fourth quarter that beat estimates. The firm reported fourth-quarter profit of $5.9 billion or $1.42 per share, down from $6.9 billion or $1.58 per share last year.

Adjusted earnings for the quarter were $1.52 per share, same as last year. On average, 33 analysts polled by Thomson Reuters estimated earnings of $1.10 per share for the quarter.

In overseas trading, Asian stocks ended broadly lower on Friday as investors chose to take profits, cashing in recent gains. Optimism about ramped up efforts to combat the coronavirus and expectations for more stimulus under the new Biden administration pushed up stock prices in recent sessions.

European markets are notably lower, weighed down by disappointing data on euro area manufacturing and services sector activity, and rising concerns about spikes in coronavirus cases and tighter lockdown restrictions in several places across the continent.

The U.S. stocks ended on a mixed note on Thursday after a lackluster session amid uncertainty about the near-term outlook for the markets after the historic run up north.

The Dow edged down 12.37 points or less than a tenth of a percent to 31,176.01 and the S&P 500 inched up 1.22 points to 3,853.07, while the Nasdaq climbed 73.67 points or 0.6 percent to 13,530.92, a record closing high.

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