08/10/2022

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Futures Suggests That Wall Street Might Open Moderately Up

The Import and Exports prices and Consumer Sentiment report are the key announcements on Friday. Earnings reports from major corporates also will get special attention.

Investors are keenly watching the COVID-19 outbreaks in Beijing in China and North Korea.

The Russian invasion of Ukraine is continuing with strong counterattacks in Luhansk region.

Early trends on the U.S. Futures Index suggest that Wall Street might open higher.

As of 7.25 am ET, the Dow futures were gaining 42.50 points, the S&P 500 futures were adding 199.00 points and the Nasdaq 100 futures were up 141.00 points.

The U.S. major averages closed higher on Thursday. The tech-heavy Nasdaq inched up 6.73 points or 0.1 percent to 11,370.96. Meanwhile, the S&P 500 edged down 5.10 points or 0.1 percent to 3,930.08 and the narrower Dow dipped 103.81 points or 0.3 percent at 31,730.30.

On the economic front, the Labor Department’s Import and Export Prices for April will be released at 8.30 pm ET. The consensus is for 0.6 percent, while it was up 2.6 percent in the previous month.

The University of Michigan’s Consumer Sentiment Report for May will be issued at 10.00 am ET. The Consensus is 63.7, compared to 65.2 in the prior 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 796 and the U.S. Rig Count was 705.

Minneapolis Federal Reserve Bank President Neel Kashkari will about speak about prices and their influence on inflation in a virtual meeting at 11.00 am ET.

Cleveland Federal Reserve Bank President Loretta Mester will participate in virtual International Research Forum on Monetary Policy panel, Monetary Policy During and After the Pandemic before the event hosted by Euro Area Business Cycle Network, the European Central Bank, and the Federal Reserve Board of Governors at 12.00 pm ET.

Asian stocks climbed on Friday. China’s Shanghai Composite index jumped 0.96 percent to 3,084.28.

Hong Kong’s Hang Seng index climbed as much as 2.68 percent to 19,898.77.

Japanese shares gained strong. The Nikkei average soared 2.64 percent to 26,427.65.
Australian markets bounced back. The benchmark S&P/ASX 200 index jumped 1.93 percent to 7,075.10.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 96.38 points or 1.54 percent. The German DAX is progressing 189.92 points or 1.38 percent, the U.K. FTSE 100 Index is up 115.48 points or 1.60 percent.

The Swiss Market Index is gaining 88.62 points or 0.77 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.44 percent.

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