Trading on Friday may be driven by reaction to a report on personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve.
Developments regarding the debt ceiling negotiations may also attract attention along with reports on durable goods orders and consumer sentiment.
Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
Asian shares finished mostly up, while European shares are trading in positive territory.
As of 7.45 am ET, the Dow futures were up 63.00 points, the S&P 500 futures were adding 11.00 points and the Nasdaq 100 futures were progressing 66.25 points.
The U.S. major averages finished mostly up on Wednesday. The Nasdaq surged 213.93 points or 1.7 percent to 12,698.09. The S&P 500 also jumped 36.04 points or 0.9 percent to 4,151.28, while the narrower Dow bucked the downtrend and edged down 35.27 points or 0.1 percent to 32,764.65.
On the economic front, the Commerce Department’s Durable Goods Orders for April is scheduled at 8.30 am ET. The consensus is for a decline of 1.1 percent, while it was up 3.2 percent in February.
International Trade in Goods (Advance) for April will be revealed at 8.30 am ET. The consensus is for a deficit of $85.6 billion, while the prior revised deficit was $85.5 billion in the prior month.
The Commerce Department’s Personal Income and Outlays for April will be published at 8.30 am ET. The consensus is up 0.4 percent, while it was up 0.3 percent in the prior month.
Retail Inventories (Advance) for April will be announced at 8.30 am ET. In the prior month, the inventories were up 0.7 percent.
The University of Michigan’s Consumer Sentiment report for May will be revealed at 10.00 am ET. The consensus is 58.0, while it was up 57.7 in the prior month.
The Baker Hughes Rig Count for the week is scheduled at 1.00 pm ET. In the prior week, the North American rig count was up 805 and the U.S. rig count was up 720.
Asian stocks ended Friday’s session broadly higher. China’s Shanghai Composite index settled 0.35 percent higher at 3,212.50. Hong Kong’s market was closed for a public holiday.
Japanese shares eked out modest gains. The Nikkei average rose 0.37 percent to 30,916.31 while the broader Topix index finished marginally lower at 2,145.84.
Australian markets inched higher. The benchmark S&P ASX 200 rose 0.23 percent to 7,154.80.
The broader All Ordinaries index closed 0.24 percent higher at 7,334.50.
European shares are trading higher. CAC 40 of France is adding 31.32 points or 0.43 percent. DAX of Germany is progressing 37.61 points or 0.24 percent. FTSE 100 of England is up 20.17 points or 0.26 percent. The Swiss Market Index is up 39.74 points or 0.35 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is gaining 0.51 percent.
Business News
Wall Street Targets To Open Positive
2023-05-26 12:10:59
