Wall Street To Open Positive Despite Corona Fear

(RTTNews) - A slew of economic reports, such as Retails Sales report, Import and Export Prices, Industrial Production report as well as Business Inventories will attract the investors on Friday.

The global concern on Corona outbreak continues to be high with the final death toll of more than 1400. In the last 24 hours 121 were dead. More than 1700 health workers are infected by the virus and six of them are dead. This is pausing a serious threat to China's effort to contain the deadly infection.

Asian shares finished mostly higher, while European shares are trading mixed.

Initial trend on U.S. Futures index point suggest that Wall Street might open positive.

As of 8.00 am ET, the Dow futures were gaining 44.00 points, the S&P 500 futures were adding 7.75 points and the Nasdaq 100 futures were up 34.25 points.

The U.S. major averages all finished the session in the red. The Dow fell 128.11 points or 0.4 percent to 29,423.31, the Nasdaq edged down 13.99 points or 0.1 percent to 9,711.97 and the S&P 500 dipped 5.51 points or 0.2 percent to 3,373.94.

On the economic front, the Commerce Department's Retail Sales for January will be published at 8.30 am ET. The consensus is for an increase of 0.3 percent, unchanged from the prior month.

The Labor Department's Import and Export Prices for January will be released at 8.30 am ET. The consensus is for a decline of 0.2 percent, compared to an increase of 0.3 percent in the previous month.

Fed's Industrial Production for January will be revealed at 9.15 am ET. The consensus is for a decline of 0.3 percent, unchanged from the prior year.

The Commerce Departments Business Inventories for December will be issued at 10.00 am ET. The consensus is for an increase of 0.1 percent, while it declined 0.2 percent in the previous month.

Consumer Sentiment report for February is scheduled to report at 10.00 am ET. The consensus is for a growth of 99.7, slightly down from 99.8 in January.

The Baker Hughes North American Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1047, while U.S. European Rig Count was 790.

Asian stocks ended mostly higher on Friday. Chinese stocks rose. The benchmark Shanghai Composite index inched up 10.93 points, or 0.38 percent, to 2,917.01 and ended the week up by 1.4 percent. Hong Kong's Hang Seng index rose 0.31 percent to 27,815.60.

Japanese stocks declined. The Nikkei average dropped 140.14 points, or 0.59 percent, to 23,687.59, while the broader Topix index closed 0.60 percent lower at 1,702.87.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 index rose 27 points, or 0.38 percent, to 7,130.20, while the broader All Ordinaries index gained 22.50 points, or 0.31 percent, to finish at 7,227.10.

European shares are trading mixed. Among the major indexes in the region, the CAC 40 Index of France is sliding 8.45 points or 0.14 percent. The German DAX is progressing 30.79 points or 0.22 percent, the U.K. FTSE 100 Index is climbing is down 1.97 points or 0.03 percent. The Swiss Market Index is up 43.78 points or 0.40 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.032 percent.

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

Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More