Street Set To Open Broadly Higher

The additional stimulus packages and the upcoming executive orders by President Biden might be the focus of this week. Initial cues from the U.S. Futures on Monday point to a broadly higher opening for Wall Street.

Asian shares finished mostly up, while European shares are trading down.

The Federal Reserve’s monetary policy decision this week as well as reports on Consumer Confidence, Durable Goods Orders, New Home Sales, and Personal Income and Spending are the important announcements.

Major companies such as 3M (MMM), American Express (AXP), General Electric (GE), Johnson & Johnson (JNJ), Verizon (VZ), Microsoft (MSFT), Boeing (BA), Apple (AAPL), Tesla (TSLA), and McDonald’s (MCD) will be reporting their quarterly results this week.

As of 7.35 am ET, the Dow futures were losing 80.00 points, the S&P 500 futures were progressing 6.25 points and the Nasdaq 100 futures were gaining 128.50 points.

The U.S. major averages came under pressure going into the close on Friday, but the Nasdaq held on to a modest gain. The Nasdaq inched up 12.15 points or 0.1 percent to a record closing high of 13,543.06, the Dow slid 179.03 points or 0.6 percent to 30,996.98 and the S&P 500 fell 11.60 points or 0.3 percent to 3,841.47.

On the economic front, the Chicago Fed National Activity Index for December will be released at 8.30 am ET. In the prior month, the Index was at 0.27.

Two-year Treasury Note Auction will be held at 1.00 pm ET.

The Dallas Fed Manufacturing Survey report for January will be issued at 10.30 am ET.
Asian stock markets finished mostly higher on Monday. China’s Shanghai SE Composite Index gained 0.48 percent or 17.49 points at 3,624.24. Hong Kong’s Hang Seng index climbed 711.16 points, or 2.41 percent, to 30,159.01.

Japanese shares ended at a 30-year high as focus shifted to the corporate earnings season and data showed that new coronavirus cases in Tokyo dropped below 1,000 for the first time in twelve days.

The Nikkei average gained 190.84 points, or 0.67 percent, to close at 28,822.29, marking its highest closing level since Aug. 3, 1990. The broader Topix index closed 0.29 percent higher at 1,862.00.

Australian markets finished modestly higher, ahead of a public holiday on Tuesday for Australia Day. The benchmark S&P/ASX 200 rose 24.30 points, or 0.36 percent, to 6,824.70, while the broader All Ordinaries index ended up 32.50 points, or 0.46 percent, at 7,111.40.

European shares are trading mostly down. Among the major indexes in the region, the German DAX is losing 135.50 points or 0.99 percent, the U.K. FTSE 100 Index is down 50.41 points or 0.75 percent.

The Swiss Market Index is adding 37.94 points or 0.35 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.77 percent.

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