Futures Indicates Higher Open For Wall Street

Early trend on U.S. Futures Index is for a higher opening for Wall Street at open. Investors are closely following the progress of efforts of China to control Kovid 19 outbreak.

FOMC minutes, Housing Starts data and Producer Price index are the major economic announcements on the day. A slew of Fed speeches would also attract attention.

Asian shares finished broadly higher, while European shares are trading higher.

As of 8.00 am ET, the Dow futures were up 97.00 points, the S&P 500 futures were adding 10.50 points and the Nasdaq 100 futures were gaining 48.75 points.

The U.S. stocks moved mostly lower during trading on Tuesday. The Nasdaq inched up 1.57 points or less than a tenth of a percent to 9,732.74, but the Dow slid 165.69 points or 0.6 percent to 29,232.39 and the S&P 500 fell 9.87 points or 0.3 percent to 3,370.29.

On the economic front, the Department of Commerce and Housing & Urban Development’s Housing Starts data for January will be issued at 8.30 am ET. The Starts consensus is up 1.420 million, but lower than 1.608 million in the prior month. The permits are expected to increase slightly to 1.453 million, compared to 1.416 million in the prior month.

The Bureau of Labor Statistics’ Producer Price Index or PPI – Final Demand for January will be released at 8.30 am ET. The consensus is for an increase of 0.1 percent, unchanged from the prior month.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters and department stores, are expected at 8.55 am ET. In the prior year, the store sales were up 4.8 percent.

E-Commerce Retail Sales for the fourth quarter will be published at 10.00 am ET. In the prior quarter the change was up 5.0 percent.

The Census Bureau’s quarterly Service Report for the fourth quarter will be released at 10.00 am ET. In the previous quarter the change was up 0.8 percent.

The minutes of the Federal Open Market Committee will be revealed at 2.00 pm ET.

Minneapolis Fed President Neel Kashkari will speak at 12th Annual Ag Symposium in Mankator in Minnesota at 11.45 am ET.

Dallas Fed President Robert Kaplan will speak at the Urban Land Institute of North Texas in Dallas at 1.30 pm ET.

Cleveland Fed President Loretta Mester will speak at the Forum of Executive Women in Philadelphia at 8.30 am ET.

Richmond Federal Reserve President Tom Barkin will make a speech at Duke University in North Carolina at 4.30 pm ET.

In the corporate sector, DISH Network Corp. reported that net income attributable to the company for the fourth-quarter rose 15.4 percent to $389 million from last year’s $337 million, with earnings per share improving to $0.69 from $0.64 in the prior year. Net Pay-TV subscribers for the quarter decreased by about 194,000 from the prior quarter.

Quarterly revenue decreased 2.11 percent to $3.24 billion from $3.31 billion in the prior year.

Asian stocks ended mostly higher on Wednesday. Chinese shares declined to snap a three-day winning streak. The benchmark Shanghai Composite index dropped 9.57 points, or 0.32 percent, to 2,975.40, while Hong Kong’s Hang Seng index ended up 0.46 percent at 27,655.81.

Japanese shares rebounded. The Nikkei average rallied 206.90 points, or 0.89 percent, to 23,400.70, while the broader Topix index closed 0.37 percent higher at 1,671.86.

Australian markets finished modestly higher. The benchmark S&P/ASX 200 index edged up 30.90 points, or 0.43 percent, to 7,144.60, while the broader All Ordinaries index ended up 29.10 points, or 0.40 percent, at 7,237.40.

European shares are trading higher. France’s CAC 40 is gaining 38.12 points or 0.63 percent. Germany’s DAX is adding 66.54 points or 0.49 percent. FTSE 100 of U.K. is trading higher at 49.76 points or 0.67 percent. Swiss Market Index is up 77.62 points or 0.69 percent.

Eurozone’s leading Blue Chip index, Euro Stoxx 50, is progressing 0.51 percent.

Source: Read Full Article