Futures Suggest Wall Street To Open Lower

Reaction to a slew of U.S. economic data, including reports on retail sales, industrial production, and consumer sentiment might be the focus on Friday’s trading.
Major corporates also will be reporting their earnings.

Asian shares finished lower, while European shares are trading down.
Initial cues from the U.S. futures Index suggest that Wall Street might open lower.

As of 7.20 am ET, the Dow futures were down 50.00 points, the S&P 500 futures were declining 6.75 points and the Nasdaq 100 futures were down 37.75 points.

The U.S. major averages ended Thursday’s session near their worst levels of the day. The Nasdaq plunged 381.58 points or 2.5 percent to 14,806.81, the S&P 500 tumbled 67.32 points or 1.4 percent to 4,659.03 and the Dow fell 176.70 points or 0.5 percent to 36,113.62.

On the economic front, the Commerce Department’s Retail Sales for December will be released at 8.30 am ET. The consensus is for 0.0 percent, while it was 0.3 percent in the prior month.

The Labor Department’s Import and Export Prices for December will be published at 8.30 am ET. The consensus for Import prices is up 0.3 percent, while it was up 0.7 percent in November. Export prices is expected to increase 0.4 percent, while it was up 1.0 percent.

The Fed’s Industrial Production for December will be released at 9.15 am ET. The consensus is for 0.3 percent, while it was up 0.5 percent in the prior month.

The Commerce Department’s Business Inventories for November will be published at 10.00 am ET. The consensus is for an increase of 1.1 percent, while it was up 1.2 percent in the prior month.

The University of Michigan’s Consumer Sentiment Survey report for January will be issued at 10.00 am ET. The consensus is 70.4, while it was up 70.6 in December.

The Baker Hughes Rig Count for the week will be revealed at 1.00 pm ET. In the prior week, the North America Rig Count was 729 and the U.S. Rig Count was 588.

Philadelphia Federal Reserve Bank President Patrick Harker to speak on the local economic outlook before the virtual Chamber of Commerce for Greater Philadelphia Economic Outlook event at 10.00 am ET.

New York Federal Reserve Bank President John Williams to make keynote remarks in the webinar at C. Peter McColough Series on International Economics with John C. Williams, organized by Council on Foreign Relations at 11.00 am ET.

Asian stock markets recorded major losses on Friday. China’s Shanghai Composite Index lost 34 points or 0.96 percent to finish at 3,521.26. Exports from China in December grew 20.9 percent year-on-year while imports to China rose by 19.5 percent.

The Hang Seng Index of the Hong Kong Stock Exchange lost 46.45 points or 0.19 percent from the previous close to finishing trading at 24,383.32. The day’s high was at 24,383.32 and low at 24,140.81.

The Japanese benchmark Nikkei 225 shed 365 points or 1.28 percent.

Australia’s S&P/ASX200 closed trading at 7,393.90 after losing 81 points or 1.08 percent. The index is currently 3.13 percent below its 52-week high of 7632.80.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is declining 57.14 points or 0.79 percent. The German DAX is losing 125.02 points or 0.78 percent, the U.K. FTSE 100 Index is sliding 13.34 points or 0.18 percent.

The Swiss Market Index is declining 75.09 points or 0.60 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.92 percent.

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