Futures Points To Positive Open For Wall Street

The pre-market trend on the U.S.Futures Index suggests that Wall Street might open positive on Friday.

Asian shares climbed higher, while European shares are trading up.

Purchasing Managers’ Index, Existing Home Sales for April might and Fed talks might get special attention on the day.

The ceasefire between Palestine and Israel has reduced political tension in that region.

Investors are closely monitoring the developments in the fight against the pandemic.

As of 7.55 am ET, the Dow futures were adding 160.00 points, the S&P 500 futures were gaining 18.00 points and the Nasdaq 100 futures were up 55.25 points.
The U.S. major averages all closed notably higher on Thursday. The Dow came off day’s high of 34,233.40 but still closed with a gain of 188.11 points or 0.55 percent at 34,084.15. The S&P 500 ended up by 43.44 points or 1.06 percent at 4,159.12, while the Nasdaq settled at 13,535.74, gaining 236 points or 1.77 percent.

On the economic front, HIS Markit’s Purchasing Managers’ Index or PMI for May will be published at 9.45 am ET. The consensus for the manufacturing index is 60.5, while it was up 60.6 in the prior month. In the prior year, the Composite Index was up 62.2 in the previous month.

National Association of Realtors’ Existing Home Sales for April will be issued at 10.00 am ET. The consensus is for 6.085 million, while it was up 6.010 million in March.

The Baker Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North America Rig Count was 512 and the U.S. Rig Count was 453.

Dallas Federal Reserve Bank President Robert Kaplan will give an introduction and opening remarks before the virtual Technology-Enabled Disruption Conference: Implications for Business, Labor Markets and Monetary Policy organized by the Federal Reserve Banks of Atlanta at 9.15 am ET.

Kaplan will moderate “Technology-Enabled Disruption: A Conversation” discussion before the virtual Technology-Enabled Disruption Conference: Implications for Business, Labor Markets and Monetary Policy organized by the Federal Reserve Banks of Atlanta, Dallas and Richmond at 9.30 am ET.

Later at 4.55 pm, Kaplan will give concluding remarks before the virtual Technology-Enabled Disruption Conference: Implications for Business, Labor Markets and Monetary Policy organized by the Federal Reserve Banks of Atlanta, Dallas and Richmond.

San Francisco Federal Reserve Bank President Mary Daly will participate in “Wage Dynamics” panel discussion before virtual NBER (National Bureau of Economic Research” Spring ’21 Wage Dynamics in the 21st Century Conference at 1.30 pm ET.

Asian stocks ended mostly higher on Friday. Chinese markets ended lower. The benchmark Shanghai Composite index fell 20.39 points, or 0.58 percent, to 3,486.56, while Hong Kong’s Hang Seng index finished marginally higher at 28,458.44.

Japanese shares ended higher. The Nikkei average climbed 219.58 points, or 0.78 percent, to 28,317.83, while the broader Topix index closed 0.46 percent higher at 1,904.69.

Australian markets fluctuated before ending slightly higher.

The benchmark S&P/ASX 200 edged up 10.70 points, or 0.15 percent, to 7,030.30 while the broader All Ordinaries index ended up 12.70 points, or 0.18 percent, at 7,265.30.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 41.33 points or 0.65 percent. The German DAX is adding 59.71 points or 0.39 percent, the U.K. FTSE 100 Index is down 3.25 points or 0.05 percent.

The Swiss Market Index is adding 48.73 points or 0.44 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.58 percent.