Wall Street Might Start With A Positive Bias
In a new found enthusiasm, the markets are rising higher. A slew of Fed speeches and the congressional testimony of Fed Chair Jerome Powel are the major highlights, apart from JOLTS report on Tuesday. Growing virus impact is really worrying investors as the death toll crossed 1000. Experts are looking for a peak of infection this month.
Asian shares finished mostly higher, while European shares are trading positive.
Early signs from the U.S. Futures Index clearly point to a higher open for Wall Street.
As of 7.45 am ET, the Dow futures were gaining 90.00 points, the S&P 500 futures were up 10.00 points and the Nasdaq 100 futures were progressing 41.50 points.
The U.S. major averages finished higher on Monday. The Dow climbed 174.31 points or 0.6 percent to 29,276.82, the Nasdaq jumped 107.88 points or 1.1 percent to 9,628.39 and the S&P 500 advanced 24.38 points or 0.7 percent to 3,352.09.
On the economic front, Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be released at 8.55 am ET. In the prior week, the store sales were up 5.7 percent.
Fed Chair Jerome Powell will speak at a public meeting at 10.00 am ET.
The Job Openings and Labor Turnover Survey or JOLTS report for December will be published at 10.00 am ET. The consensus is for $6.775 million, while it was up 6.800 in the previous month.
Federal Reserve Vice Chair Randal Quarles will speak at 12.15 pm ET. Federal Reserve St. Louis President and CEO James Brian Bullard will make a public speech at 1.30 am ET, while Neel Kashkari will speak at 2.15 am ET.
Asian stocks rose on Tuesday. China’s Shanghai Composite index edged up 11.19 points, or 0.39 percent, to 2,901.67. Hong Kong’s Hang Seng index climbed 1.26 percent to 27,583.88.
Markets in Japan were closed in observance of National Day.
Australian markets rose notably. The benchmark S&P/ASX 200 index gained 42.80 points, or 0.61 percent, to 7,055.30, led by financial and industrial companies. The broader All Ordinaries index rose by 43.40 points, or 0.61 percent, to 7,151.40.
European shares are gaining. France’s CAC 40 is up 23.06 points or 0.38 percent. Germany’s DAX is adding 105.37 points or 0.78 percent. FTSE 100 of U.K. is progressing 59.44 points or 0.80 percent. Swiss Market Index is rising 44.61 points or 0.40 percent.
Eurozone’s leading Blue Chip index, Euro Stoxx 50, is up 0.55 percent.
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