Wall Street To Bounce Back To Positive Territory

(RTTNews) - Initial cues from the U.S. Futures suggest that Wall Street might open positive on Friday, despite the news that Iran-backed group has captured an island in the Bab al-Mandeb Strait in the major shipping route.

In the Asian trading session, oil prices traded lower. Brent crude futures tumbled 2.7 percent to $104.68 a barrel.

Gold edged higher. Spot gold rose 0.6 percent to $4,343.32 an ounce after hitting a one-week low earlier.

Asian shares finished lower, while European shares are trading in positive territory.

As of 8.00 am ET, the Dow futures were adding 293.00 points, the S&P 500 futures were up 41.25 points and the Nasdaq 100 futures were gaining 189.00 points.

The U.S. major averages firmly in negative territory on Thursday. The Dow fell 316.56 points or 0.6 percent to 52,064.10, the Nasdaq slid 171.62 points or 0.7 percent to 26,081.72 and the S&P 500 declined 44.66 points or 0.6 percent to 7,591.70.

On the economic front, the Consumer Price Index for August will be published at 8.30 am ET. The consensus is 0.4 percent, while it was up 0.1 percent in the prior month.

The Consumer Sentiment for September will be released at 10.00 am ET. The consensus is 51.4, while it was up 51.7 in August.

The Baker Hughes Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North America rig count was 792, while the U.S. rig count was 588.

The Treasury Statement for August is expected at 2.00 pm ET. The consensus is for a deficit of $250 billion, while the deficit in the prior

Asian stocks fell sharply on Friday. China's Shanghai Composite index fell 1.18 percent to 3,888.11 while Hong Kong's Hang Seng index dropped 0.60 percent to 24,805.63.

Japanese markets tumbled. The Nikkei average slumped 1.93 percent to 64,011.34 while the broader Topix index closed 0.65 percent lower at 4,028.30.

Australian markets ended notably lower. The benchmark S&P/ASX 200 dropped 0.89 percent to 8,741.20 while the broader All Ordinaries index closed 0.98 percent lower at 8,920.20.