Early signs from the U.S. Futures Index suggest that Wall Street might open moderately up.
This week’s trading might be impacted by reaction to the latest U.S. economic data, especially retail sales, industrial production, housing starts as well as existing home sales.
Bank of America, Goldman Sachs, Johnson & Johnson, Morgan Stanley, Procter & Gamble, Netflix, Tesla have scheduled their earnings this week.
Israeli Prime Minister has denied reports of a ceasefire in Gaza.
As of 7.55 am ET, the Dow futures were up 142.00 points, the S&P 500 futures were adding 11.50 points and the Nasdaq 100 futures were progressing 13.75 points.
The Nasdaq tumbled 166.98 points or 1.2 percent to 13,407.23 and the S&P 500 slid 21.83 points or 0.5 percent to 4,327.78. Meanwhile, the narrower Dow inched up 39.15 points or 0.1 percent to 33,670.29.
On the economic front, the Empire State Manufacturing Index of October will be published at 8.30 am ET. The consensus is minus 5.0, while it was plus 1.9 in the prior month.
Six-month Treasury bill auction will be held at 11.30 am ET.
Philadelphia Federal Reserve Bank President Patrick Harker to speak on the economic outlook before the Mortgage Bankers Association Annual Convention & Expo at 10.30 am ET. Harker will virtually participate on the economic outlook before the National Association of Corporate Directors Webinar at 4.30 pm ET.
Asian stocks fell on Monday. Chinese shares closed lower. China’s Shanghai Composite index dropped 0.46 percent to 3,073.81 while Hong Kong’s Hang Seng index fell 0.97 percent to 17,640.36.
Japanese shares finished lower. The Nikkei average tumbled 2.03 percent to 31,659.03 while the broader Topix index settled 1.63 percent lower at 2,273.54.
Australian markets ended with modest losses. The benchmark S&P ASX 200 ended down 0.35 percent at 7,026.50, with tech stocks leading losses. The broader All Ordinaries index slipped 0.40 percent to 7,214.60.
Market Analysis
Wall Street Might Open Moderately Positive
2023-10-16 12:23:59
