Wall Street Might Start Positive

Early cues from the U.S. Futures Index suggest that Wall Street might open positive.

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

The economic calendar is relatively quiet this week, although traders are likely to keep an eye on reports on the Initial Jobless Claims, the U.S. Trade Deficit and Consumer Sentiment are the major announcements this week. The Fed Chair Jerome Powell is a highly anticipated announcement this week. This announcement is expected to give more clarity on the interest rate outlook.

As of 6.45 am ET, the Dow futures were gaining 43.00 points, the S&P 500 futures were adding 9.75 points and the Nasdaq 100 futures were progressing 38 points.

The U.S. major averages pulled back off their best levels going into the close but remained firmly positive. The Nasdaq surged 184.09 points or 1.4 percent to 13,478.28, the S&P 500 jumped 40.56 points or 0.9 percent to 4,358.34 and the Dow advanced 222.24 points or 0.7 percent to 34,061.32.

On the economic front, the Investor Movement Index or IMX for October will be published at 12.30 pm ET. In the prior month, the Index was at 5.64.

The Three-month and Six-month Treasury Bill auctions will be held at 11.30 am ET.

Asian stocks closed higher on Monday. China’s Shanghai Composite index jumped 0.91 percent to 3,058.41 and Hong Kong’s Hang Seng index soared 1.71 percent to 17,966.59.
Japanese shares posted strong gains today. The Nikkei average rallied 2.37 percent to 32,708.48. The broader Topix index rose 1.64 percent to 2,360.46.

Australian markets eked out cautious gains. The benchmark S&P ASX 200 edged up 0.28 percent to 6,997.40 while the broader All Ordinaries index inched up 0.24 percent to 7,192.30.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is sliding 24.99 points or 0.34 percent. The German DAX is progressing 13.45 points or 0.09 percent, the U.K. FTSE 100 Index is declining 1.99 points or 0.03 percent.

The Swiss Market Index is falling 26.63 points or 0.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.21 percent.

Source: Read Full Article