logo
Plus   Neg
Share
Email

Wall Street Might Open All Positive

wallstreet lt

The OPEC meeting is scheduled on Friday in Vienna. It is expected that the members might give a nod for production increase that would reduce pressure on oil price.

The strong results recorded by major banks in a stress test is adding optimism in investors.

No major economic announcements are expected on economic front.

Asian shares finished mixed, while European shares are trading positive.

Initial trading signs from the U.S. Futures Index suggest that Wall Street might open moderately higher.

As of 7.45 am ET, the Dow futures were gaining 99.00 points, the S&P 500 futures were adding 11.50 points and the Nasdaq 100 futures were up 22.00 points.

U.S. stocks closed firmly negative on Thursday. The Dow fell 196.10 points or 0.8 percent to 24,461.70, the Nasdaq slid 68.56 points or 0.9 percent to 7,712.95 and the S&P 500 dropped 17.56 points or 0.6 percent to 2,749.76.

On the economics front, the Markit Economics' Purchasing Managers' Index or PMI for June will be published at 9.45 am ET. The consensus is for 56.3, down from 55.7 in the prior month.

Baker-Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North American Rig Count was 1198 and U.S. rig count was 1059.

In the corporate sector, CarMax Inc. first quarter profit of $0.24 billion, or $1.33 per share, compared to $0.21 billion, or $1.13 per share last year. Revenue for the quarter rose 5.5 percent to $4.79 billion from $4.54 billion last year.

Asian stocks ended mixed on Friday. Chinese shares edged up. The benchmark Shanghai Composite index rose by 0.49 percent to 2.889.76 but ended the week down about 4 percent.

Hong Kong's Hang Seng index ended up 0.15 percent at 29,338.70. Hong Kong's consumer price inflation climbed an annual 2.1 percent in May, faster than the 1.9 percent rise seen in April, data from the Census and Statistics Department showed.

Japanese shares fell as a firmer yen and tariff concerns pulled down automakers. The Nikkei average lost 176.21 points or 0.78 percent to finish at 22,516.83 while the broader Topix index closed 0.33 percent lower at 1,744.83.
Australian markets fell modestly. The benchmark S&P/ASX 200 index slid 6.90 points or 0.11 percent to 6,225.20. The broader All Ordinaries index eased 0.17 percent to close at 6,322.10.

European shares are trading in the green. Among the major indexes in the region, the CAC 40 Index of France is progressing 47.90 points or 0.90 percent. The German DAX is climbing 57.67 points or 0.45 percent, the U.K. FTSE 100 Index is adding 76.82 points or 1.01 percent. The Swiss Market Index is up 107.04 points or 1.27 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.83 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT