Wall Street Aims To Open Broadly Up

The Retail Sales for January and Fed Chairman Jerome Powell’s videotaped remarks will be the major focus on Monday.

The market is trying to bounce back, however, the initial trading on U.S. Futures Index point to a broadly higher opening for Wall Street.

Asian shares finished mostly positive, while European shares are trading up.

As of 8.00 am ET, the Dow futures were down 187.00 points, the S&P 500 futures were adding 3.50 points and the Nasdaq 100 futures were gaining 20.25 points.

The U.S. stocks modestly lower on Friday. The Dow edged down 22.99 points or 0.1 percent to 25,450.24, the Nasdaq dipped 13.32 points or 0.2 percent to 7,408.14 and the S&P 500 slipped 5.86 points or 0.2 percent to 2,743.07.

On the economic front, the Commerce Department’s Retail Sales for January will be published at 8.30 am ET. The consensus is for no change, while it declined 1.2 percent in the prior month.

Business Inventories for December will be issued at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it slipped 0.1 percent in the prior month.

Three-year Treasury Note auction will be held at 1.00 pm ET.

Federal Reserve Chairman Jerome Powell will give videotaped welcoming remarks at the National Community Reinvestment Coalition’s Just Economy Conference in Washington, D.C.

In the corporate sector, Nvidia said it reached an agreement to acquire Mellanox for $125 per share in cash and the total deal is worth $6.9 billion. The acquisition is expected to be accretive to Nvidia’s adjusted earnings per share.

Asian stocks turned in a broadly positive performance on Monday.

Chinese stocks rebounded from heavy losses in the previous session. The benchmark Shanghai Composite index rallied 57.13 points or 1.92 percent to 3,026.99 while Hong Kong’s Hang Seng index climbed 1 percent to finish at 28,503.30.

Japanese shares bounced back from four days of losses. The Nikkei average rose 99.53 points or 0.47 percent to 21,125.09 while the broader Topix index ended up by 0.57 percent at 1,581.44.

Australian markets fell. The benchmark S&P/ASX 200 index dropped 23.60 points or 0.38 percent to 6,180.20 while the broader All Ordinaries index ended down 23.80 points or 0.38 percent at 6,263.30.

European shares are trading positive. France’s CAC 40 is gaining 15.64 points or 0.30 percent. Germany’s DAX is up 40.75 points or 0.36 percent. FTSE 100 of U.K. is climbing 40.33 points or 0.58 percent. Swiss Market Index is up 48.10 points or 0.53 percent.

Eurozone’s leading Blue Chip index, Euro Stoxx 50, is adding 0.21 percent.

Source: Read Full Article