Futures Suggest Wall Street To Open Significantly Higher

Reports on the U.S. trade deficit and labor productivity and costs might be the highlight on Tuesday.

The concern on the new highly spreading variant is on a rise ahead of the Christmas season. Analysts expect a ditch in the travel and tourism industry.

Asian shares finished higher, while European shares are trading positive.

Early signs from the U.S. Futures Index suggest that Wall Street might open significantly up.

As of 7.00 am ET, the Dow futures were up 335.00 points, the S&P 500 futures were adding 58.25 points and the Nasdaq 100 futures were progressing 276.25 points.

The U.S. major averages finished just off their highs of the session on Monday. The Dow is up 738.06 points or 2.1 percent at 35,318.14, the Nasdaq is up 168.77 points or 1.1 percent at 15,254.24 and the S&P 500 is up 68.27 points or 1.5 percent at 4,606.70.

On the economic front, the International Trade in Goods and Services for October will be released at 8.30 am ET. The consensus is for a deficit of $66.8 billion, compared to a deficit of $80.9 billion in the prior month.

The Labor Department’s Productivity and Costs for the third quarter will be published at 8.30 am ET. The consensus is for a decline of 4.9 percent, while it was down 5.0 percent in the prior quarter.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores will be issued at 8.55 am ET. In the prior week, the store sales were up 16.9 percent.

A three-year Treasury Note auction will be held at 1.00 pm ET.

The Consumer Credit for October will be revealed at 3.00 pm ET. The consensus is for $30.0 billion, while it was up $29.9 billion in September.

Asian stocks advanced on Tuesday. Chinese shares ended slightly higher. The benchmark Shanghai Composite index edged up 5.78 points, or 0.16 percent, to 3,595.09 while Hong Kong’s Hang Seng index ended up as much as 2.72 percent at 23,983.66.

China’s exports grew more than expected in November, data from the General Administration of Customs showed earlier today.

Japanese shares rose the most in over a month. The Nikkei average climbed 528.23 points, or 1.89 percent, to 28,455.60. The broader Topix index closed 2.17 percent higher at 1,989.85.

Australian markets advanced. The benchmark S&P/ASX 200 index climbed 68.80 points, or 0.95 percent, to 7,313.90 while the broader All Ordinaries index ended up 76.20 points, or 1.01 percent, at 7,605.20.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 157.90 points or 2.30 percent. The German DAX is adding 324.72 points or 2.10 percent, the U.K. FTSE 100 Index is gaining 80.21 points or 1.10 percent.

The Swiss Market Index is adding 87.82 points or 0.70 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 2.41 percent.

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