Wall Street Might Open Broadly Up

As the invasion of Russia is progressing, Ukraine claimed that its soldiers have shot down 10 Russian missiles at Kyiv. At least three people were killed due to falling debris, including a nine-year-old girl and her mother.

Initial cues from the U.S. Futures Index suggest that Wall Street might open broadly up. Asian shares finished mixed, while European shares are trading all positive.

As of 7.35 am ET, the Dow futures were down 3.00 points, the S&P 500 futures were adding 6.75 points and the Nasdaq 100 futures were progressing 10.75 points.

The U.S. major averages all ended with moderate losses on Wednesday. The Dow, which dropped to 32,739.73 around mid-morning, ended the session at 32,908.27 with a loss of 134.51 points or 0.41 percent. The S&P 500 settled with a loss of 25.69 points or 0.61 percent at 4,179.83, while the Nasdaq ended down 82.14 points or 0.63 percent at 12,935.29.

On the economic front, The Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The consensus is 235K, while it was up 229K in the prior week.

The Productivity and Costs for the first quarter will be issued at 8.30 am ET. The consensus is for a decline of 2.7 percent, while it was down 2.7 percent in the prior quarter.

The Purchasing Managers’ Manufacturing Index or PMI will be released at 9.45 am ET.

The Commerce Department’s Construction Spending for April is scheduled at 10.00 am ET. The consensus is 0.2 percent, while it was up 0.3 percent in March.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be revealed at 10.30 am ET. In the prior week, the gas stock was up 96 bcf.

Asian stocks rose broadly on Thursday. The China Caixin/S&P Global manufacturing PMI rose to 50.9 in May from 49.5 in April.

China’s Shanghai Composite Index ended marginally higher at 3,204.63. Hong Kong’s Hang Seng index ended little changed at 18,216.91.

Japanese shares rose notably after losses in the previous session. The Nikkei average climbed 0.84 percent to 31,148.0. The broader Topix index ended 0.88 percent higher at 2,149.29.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.27 percent to 7,110.80. The broader All Ordinaries index settled 0.24 percent higher at 7,290.70.

European shares are trading higher. CAC 40 of France is adding 46.42 points or 0.65 percent. DAX of Germany is progressing 172.51 points or 1.10 percent. FTSE 100 of England is progressing 25.41 points or 0.34 percent. The Swiss Market Index is up 74.51 points or 0.66 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.84 percent.

Source: Read Full Article