Geopolitical developments might influence the market on Monday, as there are no major corporate announcements.
Inflation data is likely to be in the spotlight this week. The Labor Department’s consumer and producer prices for April are scheduled this week.
In the Asian session, gold dropped half a percent below $2,350 per ounce in Asian trading while oil prices were marginally lower ahead of an OPEC+ policy meeting on supply policy.
Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
As of 8.05 am ET, the Dow futures were up 69.00 points, the S&P 500 futures were adding 13.50 points and the Nasdaq 100 futures were progressing 64.50 points.
The U.S. averages finished broadly up. The tech-heavy Nasdaq edged down 5.40 points or less than a tenth of a percent to 16,340.87, the S&P 500 crept up 8.60 points or 0.2 percent to 5,222.68 and the Dow rose 125.08 points or 0.3 percent to a new one-month closing high of 39,512.84.
On the economic front, the six-month Treasury bill auction will be held at 11.30 am ET.
Cleveland Fed President Loretta Mester will participate in a discussion before the Central Bank Communications: Theory and Practice Conference hosted by the Federal Reserve Bank of Cleveland at 9.00 am ET.
Asian stocks ended lower on Monday. Chinese markets ended slightly. The benchmark Shanghai Composite index slipped 0.21 percent to 3,148.02.
Hong Kong’s Hang Seng index climbed 0.80 percent to 19,115.06 as Beijing ramped up plans to stimulate the economy.
Japanese stocks ended marginally lower. The Nikkei average slid 0.13 percent to 38,179.46. The broader Topix index settled 0.15 percent lower at 2,724.08.
Australian markets also ended on a flat note.
New Zealand’s benchmark S&P NZX-50 index fell 0.88 percent to 11,652.16.
Business News
Wall Street Set To Open Higher
2024-05-13 12:24:22
