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Futures Point To Positive Open For Wall Street

wallstreetmarch0220 05apr21 lt

Asian shares finished mixed, while European shares are trading lower. Initial cues from the U.S. Futures Index suggest that Wall Street might open positive.

The market might not be that active after the long Easter weekend. Coronavirus infections are ticking back up across the world.

Reaction to the monthly jobs report is likely to drive trading this week.

Reports on service sector activity, factory orders, the U.S. trade deficit, and producer prices might get special attention this week.

As of 7.35 am ET, the Dow futures were adding 227.00 points, the S&P 500 futures were gaining 22.75 points and the Nasdaq 100 futures were progressing 59.50 points.

The U.S. major averages all closed firmly positive on Thursday, although the tech-heavy Nasdaq posted a particularly strong gain. The Nasdaq soared 233.24 points or 1.8 percent to 13,480.11, while the S&P 500 jumped 46.98 points or 1.2 percent to 4,019.87 and the Dow climbed 171.66 points or 0.5 percent to 33,153.21.

On the economic front, IHS Markit's Purchasing Managers' Index or PMI for March will be issued at 9.45 am ET. The consensus is for 59.1, while it was 59.5 in the prior month.

The Commerce Department's Factory Orders for February will be published at 10.00 am ET. The consensus is for a decline of 0.6 percent, while it was up 2.6 percent in January.

The Institute for Supply Management's Services Index for March will be released at 10.00 am ET. The consensus is 58.6, while it was 55.3 in the prior month.

The Investor Movement Index or IMX's Investor Movement Index for March is scheduled at 12.3 pm ET. In the prior month, the Index was at 7.55.

The Six-month Treasury Bill auction will be issued at 11.30 am ET.

Asian stocks were mixed on Monday. Chinese shares were slightly up. Shanghai SE Composite Index was up 1.14 percent.

Japanese shares advanced. The Nikkei average climbed 235.25 points, or 0.79 percent, to 30,089.25. The broader Topix index closed 0.60 percent higher at 1,983.54.

The Australian market was closed on account of Easter Monday. Markets in New Zealand, China, Taiwan, and Hong Kong were also closed due to holidays.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 25.81 points or 0.43 percent. The German DAX is adding 8.23 points or 0.06 percent, the U.K. FTSE 100 Index is declining 4.88 points or 0.07 percent.

The Swiss Market Index is losing 16.50 points or 0.15 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.68 percent.

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