Wall Street Aims To Open On Negative Note

FILE PHOTO: Federal appeals court judges L-R: Raymond Kethledge, Brett Kavanaugh, Amy Coney Barrett, and Thomas Hardiman, being considered by President Donald Trump for the U.S. Supreme Court, are seen in this combination photo from files. REUTERS/File Photos

On Thursday, investors are likely to keep an eye on reports on personal income and spending, consumer sentiment, and Chicago-area business activity. Earnings reports also might get special attention, with Amazon (AMZN), Gilead Sciences (GILD), Twitter (TWTR), U.S. Steel (X) and Western Digital (WDC) have scheduled their quarterly results after the close of today’s trading.

Asian shares finished mostly lower, while European shares are trading down.

As of 7.40 am ET, the Dow futures were declining 147.00 points, the S&P 500 futures were down 21.25 points and the Nasdaq 100 futures were sliding 88.50 points.

The major averages all closed in positive territory on Thursday. The Nasdaq edged up 31.52 points or 0.2 percent to 14,082.55, the Dow climbed 239.98 points or 0.7 percent to 34,060.36 and the S&P 500 advanced 28.29 points or 0.7 percent to 4,211.47.

On the economic front, the Labor Department’s Employment Cost Index for the first quarter is scheduled at $8.30 am ET. The consensus is for 0.7 percent, while it was up 0.7 percent in the prior quarter.

The Commerce Department’s Personal Income and Outlays for March will be published at 8.30 am ET. The consensus for personal income is for an increase of 20.3 percent, while it was down 7.1 percent. Personal Consumption Expenditure is projected to increase 4.0 percent.

The Institute for Supply Management – Chicago PMI for April will be issued at 9.45 am ET. The consensus is for 64.0, while it was up 66.3, last month.

University of Michigan’s Consumer Sentiment report for April will be released at 10.00 am ET. The consensus is for 87.1 percent, while it was up 86.5 in February.

The Baker Hughes Rig Count for the week that tracks changes in the number of active operating oil & gas rigs is scheduled at 1.00 pm ET. In the prior week, the North America Rig Count was 493, while it was up 438.

Dallas Federal Reserve Bank President Robert Kaplan will participate in moderated question-and-answer session before virtual Montgomery (Texas) Are Chamber of Commerce event at 9.45 am ET.

Asian stocks finished mixed on Friday. Chinese shares fell as regulators imposed wide-ranging restrictions on the financial divisions of 13 companies. The benchmark Shanghai Composite index ended down 28.04 points, or 0.81 percent, at 3,446.86 while Hong Kong’s Hang Seng index dipped 578.38 points, or 1.97 percent, to 28,724.88.

Japanese shares fell on the day, the highest since the second state of emergency was completely lifted in late March. The Nikkei average slid 241.34 points, or 0.83 percent, to 28,812.63, while the broader Topix index closed 0.57 percent lower at 1,898.24.

Japan’s industrial output posted a surprise increase in March and the jobless rate fell from the previous month while Tokyo consumer prices fell unexpectedly in April, separate reports showed.

Australian markets fell sharply, dragged down by energy stocks. The benchmark S&P/ASX 200 index dropped 56.50 points, or 0.80 percent, to 7,025.80 after hitting a 14-month high the previous day. The broader All Ordinaries index ended down 55.30 points, or 0.75 percent, at 7,290.70.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 15.06 points or 0.24 percent. The German DAX is gaining 24.60 points or 0.17 percent, the U.K. FTSE 100 Index is down 10.02 points or 0.13 percent.

The Swiss Market Index is declining 40.60 points or 0.37 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.26 percent.

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