Futures Pointing To Roughly Flat Open On Wall Street – U.S. Commentary

Stocks may show a lack of direction in morning trading on Friday following the mixed performance seen in the previous session. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 10 points.

A mixed batch of earnings news from big-name companies may lead choppy trading on Wall Street early in the trading session.

While online retail giant Amazon (AMZN) is seeing significant pre-market strength after reporting better than expected quarterly earnings, oil giant Exxon Mobil (XOM) is likely to move to the downside after reporting earnings that missed analyst estimates.

Trading may also be impacted by reaction to a Commerce Department report showing a significant acceleration in the pace of U.S. economic growth in the second quarter.

The report said real gross domestic product jumped by 4.1 percent in the second quarter following a 2.2 percent increase in the first quarter. Economists had expected GDP to surge up by 4.2 percent.

Not long after the start of trading, the University of Michigan is scheduled to release its final reading on consumer sentiment in the month of July. The consumer sentiment index for July is expected to be unrevised from the preliminary reading of 97.1.

Stocks turned in a mixed performance during trading on Thursday following the strong upward move seen on Monday.

While the Dow climbed 112.97 points or 0.4 percent to 25,527.07, the Nasdaq slumped 80.05 points or 1 percent to 7,852.18 and the S&P 500 dropped 8.63 points or 0.3 percent to 2,837.44.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan’s Nikkei 225 Index rose by 0.6 percent, while Hong Kong’s Hang Seng Index inched up by 0.1 percent.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.’s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively.

In commodities trading, crude oil futures are slipping $0.07 to $69.54 a barrel after rising $0.31 to $69.61 a barrel on Thursday. Meanwhile, after falling $6.10 to $1,225.70 an ounce in the previous session, gold futures are sliding $4.50 to $1,221.20 an ounce.

On the currency front, the U.S. dollar is trading at 111.09 yen compared to the 111.23 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1632 compared to yesterday’s $1.1643.

by RTTNews Staff Writer

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