Wall Street Might Open Lower As Investors Awaits Outcome Of U.S-China Talks

The market is patiently waiting for the outcome of the U.S. China trade talks on Friday. Labor Department’s Consumer Price Index for April is the important economic data to be released on the day. There are a few fed talks also.

Asian shares finished mixed, while European shares closed positive.

Initial signs from the U.S. Futures Index suggest that Wall Street might open in negative territory.

As of 7.59 am ET, the Dow futures were losing 109.00 points, the S&P 500 futures were down 15.75 points and the Nasdaq 100 futures were declining 41.00 points.

The U.S. major averages finished the session on Thursday in negative territory. The Dow slid 138.97 points or 0.5 percent to 25,828.36, the Nasdaq fell 32.73 points or 0.4 percent to 7,910.59 and the S&P 500 slipped 8.70 points or 0.3 percent to 2,870.72.

On the economic front, the Labor Department’s Consumer Price Index for April will be published at 8.30 am ET. The consensus is for a growth of 0.4 percent, unchanged from the prior month.

Federal Reserve Member of the Board of Governors Lael Brainard will deliver opening remarks on the second day of the “Renewing the Promise of the Middle Class” Federal Reserve System Community Development Research Conference, in Washington DC at 8.30 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic will participate in a discussion about economic outlook and monetary policy at the East Mississippi Business Development Corporation’s Bank President’s Roundtable in Meridian, MS, with audience Q&A at 9.05 am ET.

San Francisco Federal Reserve Bank President Mary Daly will deliver the Syracuse University 2019 commencement address in Syracuse, New York at 10.55 am ET.

Baker-Hughers Rig Count for the week will be issued at 1.00 pm ET. In the prior week, the North American Rig Count was 1051 and U.S. rig count was 990.

Treasury Budget for April will be published at 2.00 pm ET. The consensus is for $150 billion, compared to a deficit of $146.9 billion in the previous month.

Asian stocks ended mixed on Friday. China’s Shanghai Composite index jumped as much as 3.1 percent to 2,939.21. Hong Kong’s Hang Seng index advanced 0.84 percent to 28,550.24.

Japanese shares ended lower. The Nikkei average ended down 57.21 points or 0.27 percent at 21,344.92, extending losses for a fifth straight session. For the week, the Nikkei ended down more than 4 percent, marking the biggest weekly loss this year. The broader Topix index ended marginally lower at 1,549.42.

Australian markets fluctuated before finishing modestly higher. The benchmark S&P/ASX 200 rose 15.60 points or 0.25 percent to 6,310.90 while the broader All Ordinaries index ended up 15.80 points or 0.25 percent at 6,393.10.

European shares are trading higher. The CAC 40 Index of France is climbing 26.86 points or 0.51 percent. The German DAX is gaining 100.14 points or 0.82 percent, the U.K. FTSE 100 Index is up 28.54 points or 0.39 percent. The Swiss Market Index is adding 77.26 points or 0.82 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 0.48 percent.

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