Wall Street Set To Open Positive
(RTTNews) - Initial signs from the U.S. Futures Index suggest that Wall Street might open moderately up on Monday. Investors will have their focus on earnings for the week. COVID-19 updates also might be influencing market sentiments.
Markit's Purchasing Managers' Manufacturing Index, ISM Manufacturing Index are the major economic announcements on the day.
Ralph Lauren (RL), Disney (DIS), CVS Health (CVS), Office Depot (ODP), Wendy's (WEN), Bristol Myers (BMY), and Uber (UBER) have scheduled their quarterly results this week.
As of 8.25 am ET, the Dow futures were adding 134.00 points, the S&P 500 futures were up 20.25 points and the Nasdaq 100 futures were gaining 98.50 points. The U.S. major indices broadly lower on Friday. The Dow ended the day up 114.67 points or 0.4 percent at 26,428.32. The Nasdaq surged up 157.46 points or 1.5 percent to 10,745.27 and the S&P 500 climbed 24.90 points or 0.8 percent at 3,271.12.
On the economic front, Markit Economics' the Purchasing Managers' Manufacturing Index or PMI for July will be issued at 9.45 am ET. The consensus is for 51.3, while it was 49.8 in the prior month.
Institute for Supply Management's Manufacturing Index for July will be released at 10.00 am ET. The consensus is for 53.5, slightly up from 52.6 in the previous month. The U.S. Department of Commerce's Construction Spending for June is scheduled at 10.00 am ET. The consensus is for an increase of 1.3 percent, compared to a decline of 2.1 percent in the prior month.
St. Louis Federal Reserve Bank President James Bullard to speak in a virtual event on the U.S. economy and monetary policy at 12.30 pm ET.
Chicago Federal Reserve Bank President Charles Evans will speak at a virtual roundtable session with news media at 2.00 pm ET.
Asian stocks ended mixed on Monday. Chinese shares rallied.
The Caixin manufacturing Purchasing Managers' Index rose to 52.8 in July from 51.2 in June. The benchmark Shanghai Composite index climbed 57.96 points, or 1.75 percent, to 3,367.97, while Hong Kong's Hang Seng index 137.22 points, or 0.56 percent, to 24,458.13.
Japanese shares posted strong gains to snap a six-day losing streak. The Nikkei average jumped 485.38 points, or 2.24 percent, to 22,195.38, after having fallen 4.6 percent last week. The broader Topix index closed 1.03 percent higher at 1,522.64, recovering from a two-month low hit on Friday.
Australian markets finished marginally lower after the reintroduction of lockdown measures in Victoria.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 74.45 points or 1.56 percent. The German DAX is adding 313.74 points or 2.55 percent, the U.K. FTSE 100 Index is gaining 79.05 points or 1.34 percent.
The Swiss Market Index is up 1.93 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 1.83 percent.
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