Wall Street Poised To Open Broadly Up

wallstreet oct30 31mar23 lt

The political development around former U.S. President Donald Trump's indictment might get much attention on Friday. Trump is expected to appear in court on Tuesday for arraignment after he is facing criminal charges after a long investigation into a payment to an adult film star. The allegation was that Trump has falsified the payment of $130,000 to Stormy Daniel as a business expense during the election in 2016.

The personal income and spending report might be the focus on Friday. Consumer sentiment and Chicago-area business activity also will be monitored by investors.

Pre-market trends on the U.S. Futures Index suggest that Wall Street might open broadly up on Friday.

As of 7.50 am ET, the Dow futures were adding 75.00 points, the S&P 500 futures were up 7.00 points and the Nasdaq 100 futures were down 4.75 points.

The U.S. major averages finished positive on Thursday. The Nasdaq advanced 87.24 points or 0.7 percent to 12,013.47, the S&P 500 climbed 23.02 points or 0.6 percent to 4,050.83 and the Dow rose 141.43 points or 0.4 percent to 32,859.03.

On the economic front, the Institute For Supply Management - Chicago's Purchasing Manager's Index for March will be released at 9.45 am ET. The consensus is 43.9, while it was up 43.6 in the prior month.

The University of Michigan's Consumer Sentiment for March will be published at 10.00 am ET. The consensus is 63.4, while it was up 63.4 in the previous month.

The Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, the North America Rig Count was up 923 and the U.S. Rig Count was up 758.

The Agriculture Department's Farm Prices for February will be published at 3.00 pm ET. In January, Farm prices were down 9.7 percent.

The Commerce Department's Personal Income and Outlays for February will be issued at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was up 0.6 percent in January.

New York Federal Reserve Bank President John Williams will speak in a moderated discussion covering the economic outlook and monetary policy at an event hosted by Housatonic Community College at 3.05 pm ET.

Federal Reserve Board Governor Lisa Cook will speak on the U.S. economic outlook and monetary policy before the 2023 Midwest Economics Association 87th Annual Meeting at 5.45 pm ET.

Asian stocks closed higher on Friday. Chinese and Hong Kong stocks advanced. China's Shanghai Composite index rose 0.36 percent to 3,272.86 while Hong Kong's Hang Seng index added 0.45 percent to settle at 20,400.11.

Japanese shares rose sharply. The Nikkei average jumped 0.93 percent to 28,041.48 and gained 2.4 percent for the week. The broader Topix index ended 1.02 percent higher at 2,003.50.

Australian markets ended the March quarter. The benchmark S&P/ASX 200 rose 0.78 percent to 7,177.80 and ended the week up more than 3 percent.

The broader All Ordinaries index settled 0.83 percent higher at 7,373.30 after strong gains in U.S. stocks overnight.

European shares are gaining. The CAC 40 Index of France is adding 40.94 points or 0.56 percent. The German DAX is gaining 65.98 points or 0.43 percent, the U.K. FTSE 100 Index is up 15.13 points or 0.20 percent. The Swiss Market Index is progressing 61.06 points or 0.56 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.38 percent.

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