Wall Street Aims To Open Broadly Lower

(RTTNews) - Earnings reports from major corporates will be the focus this week. The Labor Department's monthly jobs report is likely to get special attention. The Chicago PMI for January, and the Dallas Fed Manufacturing Survey are the major economic announcements on the day.

Asian shares finished mostly up, while European shares are trading broadly higher. Early signs from the U.S. Futures Index suggest that Wall Street might open mostly on a negative tone.

As of 7.00 am ET, the Dow futures were down 161.00 points, the S&P 500 futures were declining 8.00 points and the Nasdaq 100 futures were progressing 49.75 points.

The U.S. major averages all posted strong gains on Friday, with the tech-heavy Nasdaq leading the rally. While the Nasdaq spiked 417.79 points or 3.1 percent to 13,770.57, the S&P 500 surged 105.34 points or 2.4 percent to 4,431.85 and the Dow jumped 564.69 points or 1.7 percent to 34,725.47.

On the economic front, the Chicago PMI for January will be released at 9.45 am ET. The consensus is for 9.45 am ET, while it was up 63.1 in the prior month.

The Dallas Fed Manufacturing Survey for January will be published at 10.30 am ET. The consensus is for 10.0, while it was up 8.1 in the prior month.

The Agriculture Department's Farm Prices for December will be issued at 3.00 pm ET. In the prior month, the farm prices were up 1.9 percent. San Francisco Federal Reserve Bank President Mary Daly will participate in Refinitiv Breakingviews Predictions 2022 virtual discussion on the economy, inflation challenges, and the post-pandemic job market at 11.30 am ET.

Kansas City Federal Reserve Bank President Esther George to speak on the economic and monetary policy outlook before hybrid Economic Club of Indiana event at 12.40 pm ET.

Asian stocks finished higher on Monday. Chinese and South Korean markets were closed for the Lunar New Year holiday. Hong Kong's Hang Seng index jumped 1.07 percent to close at 23,802.26. Hong Kong markets will resume on February 4 after the holidays. Japanese shares rallied on the day. The Nikkei average jumped 284.64 points, or 1.07 percent, to 27,001.98. The broader Topix index closed 1.01 percent higher at 1,895.93.

Australian markets fell slightly. The benchmark S&P/ASX 200 index dropped 16.50 points, or 0.24 percent, to 6,971.60, while the broader All Ordinaries index finished marginally higher at 7,268.30.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is declining 11.30 points or 0.16 percent. The German DAX is adding 55.86 points or 0.36 percent, the U.K. FTSE 100 Index is gaining 7.92 points or 0.11 percent.

The Swiss Market Index is progressing 105.01 points or 0.87 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.26 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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