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Wall Street Set To Open Higher

wallstreet aug31 17jun22 lt

Congressional testimony by Fed Chair Jerome Powell might be of interest to investors. Earnings reports in the coming weeks also will get special attention.

Early signs from the U.S. Futures suggest that Wall Street might open positive on Tuesday.

Asian shares finished mostly higher, while European shares are trending up.

As of 7.40 am ET, the Dow futures were up 458.00 points, the S&P 500 futures were adding 62.00 points and the Nasdaq 100 futures were gaining 189.50 points.

The U.S. major averages finished Friday's session mixed. While the tech-heavy Nasdaq jumped 152.25 points or 1.4 percent to 10,798.35 and the S&P 500 crept up 8.07 points or 0.2 percent to 3,674.84, the narrower Dow edged down 38.29 points or 0.1 percent to 29,888.78, closing at its lowest level since December of 2020.

On the economic front, Chicago Fed National Activity Index for May will be issued at 8.30 am ET. In the prior month, the Index was up 0.47.

The Existing Home Sales for May will be released at 10.00 am ET. The consensus is 5.400 million, while it was up 5.61 million in April.

The six-month Treasury bill auction will be held at 11.30 am ET.

Richmond Federal Reserve Bank President Thomas Barkin will speak before the Risk Management Association at 3.30 pm ET.

Asian stocks finished mostly positive on Tuesday. Chinese shares ended slightly lower. Shanghai Composite closed down 0.26 percent at 3,306.72. Hong Kong's Hang Seng index gained 1.87 percent to 21,559.59.

Japanese shares bounced back from a three-month low. The Nikkei average rallied 1.84 percent to 26,246.31, while the broader Topix index closed 2.05 percent higher at 1,856.20.
Australian markets rose sharply. The benchmark S&P/ASX 200 gained 1.41 percent to close at 6,523.80 while the broader All Ordinaries index ended 1.38 percent higher at 6,700.80.

European shares are trading higher. CAC 40 of France is progressing 68.44 points or 1.16 percent. DAX of Germany is gaining 98.48 points or 0.75 percent. FTSE 100 of England is adding 56.41 points or 0.79 percent. Swiss Market Index is 64.51 points or 0.61 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is 0.91 percent.

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