Wall Street Set To Open In Positive Territory

U.S. economic data might be the highlight on Friday. Personal income and spending, manufacturing activity, construction spending and consumer sentiment will special attention.

Concerns are there in the atmosphere on a tapering of stimulus to manage inflation.

Asian shares finished mixed, while European shares are trading mostly lower.
Early signs from the U.S. Futures Index suggest that Wall Street might open positive.

As of 8.15 am ET, the Dow futures were up 167.00 points, the S&P 500 futures were adding 19.25 points and the Nasdaq 100 futures were progressing 51.00 points.

The U.S. Averages finished lower on Thursday. The Dow plunged 546.80 points or 1.6 percent to 33,843.92 and the S&P 500 slumped 51.92 points or 1.2 percent to 4,307.54, while the Nasdaq spent the day bouncing back and forth across the unchanged line before closing down 63.86 points or 0.4 percent at 14,448.58.

On the economic front, the commerce Department’s Personal Income and Outlays for August will be issued at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was up 1.1 percent in the prior month. Personal Consumption Expenditure is expected to be up 0.6 percent.

PMI Manufacturing Final is scheduled at 9.45 am ET.
Institute for Supply Management’s Manufacturing Index for September will be published at 10.00 am ET. The consensus is for 59.8, while it was up 59.9 in the prior month.

The Commerce Department’s Construction Spending for August will be released at 10.00 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.3 percent in the prior month.

The University of Michigan’s Consumer Sentiment report is expected at 10.00 am ET.
Philadelphia Federal Reserve Bank President Patrick Harker to speak virtually at New Castle County Chamber of Commerce at 11.00 am ET.

Cleveland Federal Reserve Bank President Loretta Mester to participate in discussion before virtual Shadow Open Market Committee Forum: “Inflation, Employment, and the Federal Reserve” at 1.00 pm ET.

Asian stocks fell broadly on Friday. Chinese and Hong Kong markets were closed for holidays. Japanese shares hit a one-month low.

The Nikkei average fell as much as 681.59 points, or 2.31 percent, to settle at 28,771.07 while the broader Topix index closed 2.16 percent lower at 1,986.31.

Australian markets fell sharply, with banks and miners leading losses after Wall Street posted its worst monthly retreat in September since the start of the pandemic.

The benchmark S&P/ASX 200 fell 146.70 points, or 2.0 percent, to 7,185.50 while the broader All Ordinaries index ended down 143.10 points, or 1.88 percent, at 7,486.60.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is progressing 7.69 points or 0.12 percent. The German DAX is losing 16.79 points or 0.09 percent, the U.K. FTSE 100 Index is sliding 32.41 points or 0.46 percent.

The Swiss Market Index is declining 86.87 points or 0.75 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.12 percent.