Early cues from the U.S. Futures Index suggest that Wall Street might open significantly up on Monday, bouncing back from the last day’s trading.
Asian shares finished higher, while European shares are trading up.
The economic calendar for this week is relatively quiet. Industrial production, Housing Starts, and Existing Home Sales might get special attention.
Earnings news may take over the spotlight, however, with Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), Netflix (NFLX), Procter & Gamble (PG), IBM Corp. (IBM), Tesla (TSLA), AT&T (T) and American Express (AXP) among the companies due to report their quarterly results.
As of 7.35 am ET, the Dow futures were up 286.00 points, the S&P 500 futures were adding 42.00 points and the Nasdaq 100 futures were progressing 147.50 points.
The U.S. major averages finished lower on Friday. The Dow slumped 403.89 points or 1.3 percent to 29,634.83, the Nasdaq dove 327.76 points or 3.1 percent to 10,321.39 and the S&P 500 tumbled 86.84 points or 2.4 percent to 3,583.07.
On the economic front, the Federal Reserve Bank of New York’s Empire State Manufacturing Index for October will be published at 8.30 am ET. The consensus is for negative 2.5, while it was negative 1.5 in the prior month.
The six-month treasury bill auction will be issued at 11.30 am ET. Three-month Treasury bill auction will be held at 11.30 am ET.
Asian stocks ended mixed on Monday. Chinese shares closed higher. The benchmark Shanghai Composite index rose 0.42 percent to 3,084.94.
Hong Kong’s Hang Seng index ended 0.15 percent higher at 16,612.90.
Japanese shares fell sharply. The Nikkei average slipped 1.16 percent to 26,775.79 while the broader Topix index closed 0.98 percent lower at 1,879.56.
Australian stocks fell on Monday. The benchmark S&P/ASX 200 slid 1.40 percent to 6,664.40 while the broader All Ordinaries index ended 1.36 percent lower at 6,854.30.
European shares are trading higher. CAC 40 of France is progressing 53.22 points or 0.90 percent. DAX of Germany is adding 132.73 points or 1.07 percent. FTSE 100 of England is up 57.01 points or 0.83 percent. Swiss Market Index is advancing 112.99 points or 1.09 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.88 percent.
Business News
Wall Street Set To Bounce Back
2022-10-17 11:58:37
