January 18, 2021

Politics and Commentary News Aggregator

Wall Street Set To Open Higher

2 min read

PMI Manufacturing Final data, Construction Spending, and TD Ameritrade’s Investor Movement Index for December might be the highlights on Monday.

Asian shares finished higher, while European shares are trading broadly up.
Initial cues from the U.S. Futures Index suggest that Wall Street might open positive.

As of 7.35 am ET, the Dow futures were adding 155.00 points, the S&P 500 futures were up 17.50 points and the Nasdaq 100 futures were progressing 57.50 points.

The U.S. major averages all closed in positive territory on Friday. The Nasdaq posted inched up 18.28 points or 0.1 percent to 12,888.28. The Dow advanced 196.92 points or 0.7 percent to 30,606.48 and the S&P 500 climbed 24.03 points or 0.6 percent to 3,756.07.

On the economic front, HIS Markit’s PMI Manufacturing Final for December will be issued at 9.45 am ET. The consensus is for 56.5, while it was up 56.7 in the prior month.

The Commerce Department’s Construction Spending for November will be released at 10.00 am. The consensus is for growth of 1 percent, while it was up 1.3 percent in the previous month.

TD Ameritrade’s Investor Movement Index for December will be released at 12.30 pm ET. In November the index was up 5.41.

Chicago Federal Reserve Bank President Charles Evans will speak on current economic conditions and monetary policy before the virtual American Economic Association Annual Meeting: “Economic Prospects and Policies after COVID-19” Panel via Zoom at 10.00 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic will participate in the “Innovations in Measuring the Economic Impacts of COVID 19” discussion before virtual American Economic Association Annual Meeting at 10.00 am ET.

Cleveland Federal Reserve Bank President Loretta Mester will participate in discussion, “Increasing Diversity in Economics: From Students to Professors” before the virtual AASS Annual Meeting at 12.15 pm ET. She will also participate in a discussion hosted by the Korea-America Economic Association before the virtual ASSA Annual Meeting at 6.00 pm ET.

Asian stocks finished higher on Monday. Chinese shares rose on the day. The benchmark Shanghai Composite index climbed 29.89 points, or 0.86 percent, to 3,502.96. Hong Kong’s Hang Seng index ended up 241.68 points, or 0.89 percent, at 27,472.81.

Japanese markets bucked the regional trend to end notably lower. Prime Minister Yoshihide Suga said he was considering a state of emergency in the greater Tokyo area to curb the spread of the coronavirus.

Australian markets ended sharply higher. The benchmark S&P/ASX 200 index climbed 97.10 points, or 1.47 percent, to 6,684.20, making its best day since Nov. 24. The broader All Ordinaries index ended up 103.10 points, or 1.50 percent, at 6,953.70.

European shares are trading mostly higher. Among the major indexes in the region, the German DAX is gaining 172.87 points or 1.26 percent, the U.K. FTSE 100 Index is adding 87.42 points or 0.82 percent.

The Swiss Market Index is progressing 88.04 points or 0.82 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.41 percent.

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2021-01-04 07:59:15

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