Futures Point To Positive Bias For Wall Street At Open

Import and export prices as well as consumer sentiment might be the focus on Friday.
Worries about the health of U.S. banks and the ongoing impasse over the U.S. debt ceiling are influencing market sentiments.

Ukraine claimed that in the past week, its forces have pushed the Russian army back two kilometers from Bakhmut. Russia rejected the claim and said it is on the front foot.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
As of 7.40 am ET, the Dow futures were up 126.00 points, the S&P 500 futures were adding 14.50 points and the Nasdaq 100 futures were progressing 25.50 points.

The U.S. major averages finished broadly lower on Thursday. The Nasdaq rose 22.06 points or 0.2 percent to 12,328.51. The S&P 500 dipped 7.02 points or 0.2 percent to 4,130.62 and the Dow slid 221.82 points or 0.7 percent to 33,309.51.

On the economic front, the Import and Export Prices for April will be published at 8.30 am ET. The imports prices consensus is for a growth of 0.3 percent, while it was down 0.6 percent in the prior month. The export prices consensus is for growth of 0.2 percent, while it was down 0.3 percent in the prior month.

Consumer Sentiment for May will be released at 10.00 am ET. The consensus is 63.0, while it was up 63.5 in April.

The Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, the North America Rig Count was 841, U.S. Rig Count was 748.

San Francisco Federal Reserve Bank President Mary Daly will give a commencement address before the University of Southern California Sol Price School of Public Policy at 2.20 pm ET.

St. Louis Federal Reserve Bank President James Bullard will speak on Toward a Monetary Policy Strategy in a panel discussion at the Hoover Monetary Policy Conference: How to Get Back on Track hosted by the Stanford University Hoover Institution at 7.45 pm ET.

Asian stocks finished mixed on Friday. Chinese shares tumbled The benchmark Shanghai Composite index fell 1.12 percent to 3,272.36 while Hong Kong’s Hang Seng index dropped 0.59 percent to 19,627.24.

Japanese shares advanced today. The Nikkei average climbed 0.90 percent to 29,388.30 while the broader Topix index closed 0.64 percent higher at 2,096.39.

Australian markets ended flat with a positive bias. ASX All Ordinaries were up 3.50 points or 0.05 percent at 7,453.20.

European shares are progressing. France’s CAC 40 is climbing 51.84 points or 0.69 percent. Germany’s DAX is up 71.08 points or 0.45 percent. FTSE 100 of the U.K. is advancing 14.09 points or 0.18 percent. Swiss Market Index is adding 49.19 points or 0.43 percent.

Eurozone’s leading Blue Chip index, Euro Stoxx 50, is progressing 0.43 percent.

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