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Wall Street Set To Open Higher

wallstreet july17 08feb21 lt

On a very lean day of economic announcements, the early signs from the U.S. Futures Index suggest that Wall Street might be significantly positive at the open.

Asian shares finished higher, while European shares are trading up.

Though there is a dip in the number of cases of COVID-19 cases, medical scientists are still on an alert. The spread is still rapid across the globe.

As per President Biden's $1.9 trillion relief package, the legislation will be unveiled on Monday. The new legislation will provide families with at least $3000 per child. Meanwhile, Donald Trump's second impeachment trial will start tomorrow.

As of 7.25 am ET, the Dow futures were adding 134.00 points, the S&P 500 futures were progressing 12.50 points and the Nasdaq 100 futures were up 40.50 points.

The U.S. major averages all finished Friday moderately higher. The Dow rose 92.38 points or 0.3 percent to 31,148.24, the Nasdaq advanced 78.55 points or 0.6 percent to 13,856.30 and the S&P 500 climbed 15.09 points or 0.4 percent to 3,886.83.

On the economic front, the six-month Treasury bill auction will be held at 11.30 pm ET.

The Investor Movement Index for January will be issued at 12.30 pm ET. The previous Index was 6.26.

Cleveland Federal Reserve Bank President Loretta Mester to participate in a fireside chat on the economy before virtual Rotary Club of Toledo meeting, via videoconference at 12.00 pm ET.

Asian stocks ended broadly higher on Monday. Chinese shares rallied. The benchmark Shanghai Composite index jumped 36.11 points, or 1.03 percent, to 3,532.45, while Hong Kong's Hang Seng index edged up 0.11 percent to settle at 29,319.47.

Japanese shares hit a fresh 30-year high. Credit ratings agency Fitch kept Japan's sovereign rating at 'A' with a 'negative' outlook.

The Nikkei average climbed 609.31 points, or 2.12 percent, to 29,388.50, marking the highest level since August 1990. The broader Topix index closed 1.75 percent higher at 1,923.95, the highest since June 1991.

European shares are trading higher. Among the major indexes in the region, the German DAX is adding 39.35 points or 0.28 percent, the U.K. FTSE 100 Index is gaining 65.37 points or 1.01 percent.

The Swiss Market Index is progressing 56.88 points or 0.53 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.45 percent.

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