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Wall Street Seen Opening On Positive Note

wallstreet july26 18nov22 lt

Higher futures point to a solid start for U.S. stocks on Friday. A firm trend in Europe is also likely to aid sentiment.

The Dow futures are rising 0.51 percent, the S&P futures are gaining 0.73 percent, and the Nasdaq futures are moving up nearly 1 percent.

On the economic front, data on existing home sales for the month of October is due at 10 AM ET. Existing home sales in the U.S. dropped by 1.5 percent to a seasonally adjusted annual rate of 4.71 million in September, the lowest since May 2020.

The Conference Board is scheduled to release the reading of the Leading Index for the month of October at 10 AM ET.

Amazon (AMZN) willl be in focus after the company said late Thursday that its layoffs would extend into 2023, and that it is targeting around 10,000 job cuts.

Ross Stores Inc. (ROST) lifted its outlook for the fourth quarter and full year 2022 on Thursday. The company expects fourth quarter earnings of $1.13 to $1.26 per share, up from prior outlook of $1.04 to $1.21 per share. For the full year 2022, Ross expects expects earnings per share of $4.21 to $4.34, up from previous outlook of $3.84 to $4.12 per share.

Stocks turned in a volatile performance on Thursday with investors reacting to hawkish comments from Federal Reserve officials, and reports about a surge in Covid-19 cases in China.

The major averages all ended in negative territory despite paring losses. The Dow edged down 7.51 points or less than a tenth of a percent to 33,546.32, the Nasdaq fell 38.70 points or 0.4 percent to 11,144.96 and the S&P 500 dipped 12.23 points or 0.3 percent to 3,946.56.

Asian stocks turned in a mixed performance on Friday amid worries about the U.S. Federal Reserve's tightening cycle and a flare-up in COVID-19 cases in China despite strict measures to fight new outbreaks.

European stocks are up firmly in positive territory in early afternoon trades, rebounding on bargain hunting despite concerns about the outlook for interest rates.

Among the major markets in Europe, the U.K., Germany and France are all up with strong gains. The U.K.'s FTSE 100 is gaining 0.84 percent, Germany's DAX is rising 1.1 percent, and France's CAC 40 is advancing 1.05 percent. The pan European Stoxx 600 is also climbing more than 1 percent.

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