Futures Suggest Higher Opening For Wall Street

The oil price changes and geopolitical developments are closely watched by the investors. The U.S. – China trade war might continue to reflect on market sentiments.

The unexpected resignation of British Brexit Secretary David Davis is considered a real blow to Prime Minister Theresa May.

Asian shares finished higher, while European shares are trading in the green
Initial trends from the U.S. Futures are pointing to a significantly higher opening for Wall Street.

As of 7.45 am ET, the Dow futures were gaining 103.00 points, the S&P 500 futures were adding 26.25 points and the Nasdaq 100 futures were up 500 points.

U.S. stocks closed higher on Friday. The Dow Jones Industrial Average gained 99 points, or 0.4%, to 24,456. The S&P 500 rose 23 points, or 0.8%, to 2,759 to close up 1.5% higher on the week while the Nasdaq Composite Index added 101 points, or 1.3%, to 7,688 for weekly gain of 2.4%.

On the economic front, TD Ameritrade’s Investor Movement Index or IMX for June will be issued at 12.30 pm ET. In the prior month the IMX was 5.06.

Fed’s Consumer Credit for May will be published at 3.00 pm ET. The consensus is for $12.4 billion, up from $9.3 billion in the prior month.

Minneapolis Federal Reserve Bank President Neel Kashkari will give welcome remarks for the “Homeownership in Indian Country: Creating the Opportunity for Choice” conference in Prior Lake, Minnesota at 9.10 am ET.

In the corporate sector, Helen of Troy Ltd. Announced said the company now expects fiscal year 2019 consolidated earnings from continuing operations of $6.27 to $6.42 and adjusted earnings per share from continuing operations in the range of $7.45 to $7.70. For fiscal 2019, the company continues to expect consolidated net sales revenue in the range of $1.485 to $1.510 billion, which implies consolidated sales growth of 0.4% to 2.1%.

AFG Holdings, Inc. said it commenced an initial public offering of 18.2 million shares of its common stock at an anticipated IPO range of between $15.00 and $18.00 per share. The shares have been authorized for listing on the NYSE under the ticker symbol, AFGL.

Asian stocks finished significantly up on Monday. China’s Shanghai Composite index climbed 67.88 points or 2.47 percent to 2,815.11. Hong Kong’s Hang Seng index rallied 372.88 points or 1.32 percent to 28,688.50.

Japanese shares hit a one-week high. The Nikkei average ended up 264.04 points or 1.21 percent at 22,052.18. The broader Topix index finished up 1.20 percent at 1,711.79.

In economic releases, Japan had a current account surplus of 1,938.3 billion yen in May. The trade balance reflected a deficit of 303.9 billion yen, exceeding forecasts for a shortfall of 483.1 billion yen following the 573.8 billion yen surplus in the previous month.

Australian shares hit 10-1/2 year high as higher copper prices helped lift mining stocks. The benchmark S&P/ASX 200 index rose 13.70 points or 0.22 percent to 6,286 while the broader All Ordinaries index ended up 10.70 points or 0.17 percent at 6,366.40.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is adding 17.55 points or 0.33 percent.

The German DAX is climbing 2.80 points or 0.02 percent, the U.K. FTSE 100 Index is up 22.73 points or 0.30 percent. The Swiss Market Index is progressing points or 0.25 percent.

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

by RTTNews Staff Writer

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