Futures Point To Positive Open For Wall Street

The impact of Corona virus outbreak in China and other countries is widening. The disease that killed 565 people infected more than 28 thousand people in more than 25 countries is badly affecting global container good transport and supply chains. Meanwhile, China has halved tariffs on $75 billion worth of U.S. imports, which is viewed as softening of China’s stance. The attempt for finding an effective vaccine for new Corona virus is going on.

Initial cues from the U.S. Futures Index suggest that Wall Street shall open on a positive territory.

Asian shares finished positive on Thursday, while European shares are trading higher.

Weekly jobless claims and labor productivity are the major economic announcements scheduled on Thursday.
On the earnings front, Adtran, GoPro, GrubHub, MetLife, and Qualcomm are among the companies releasing their quarterly results after the close of today’s trading.

As of 7.40 am ET, the Dow futures were gaining 117.00 points, the S&P 500 futures were adding 12.50 points and the Nasdaq 100 futures were progressing 46.25 points.

The U.S. major averages all closed in positive territory on Wednesday. The Nasdaq rose 40.71 points or 0.4 percent to 9,508.68, the Dow surged 483.22 points or 1.7 percent to 29,290.85 and the S&P 500 jumped 37.10 points or 1.1 percent to 3,334.69.

On the economic front, the Labor Department’s Jobless Claims for the week will be issued at 8.30 am ET. The economists are looking for consensus of 215K while it was 216K in the previous week.

The Labor Department’s Productivity and Costs for the fourth quarter will be released at 8.30 am ET. The consensus is for an increase of 1.5 percent, while it declined 0.2 percent in the prior quarter.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be published at 10.30 am ET. In the prior week, the change was decline of 201 bcf.

The Fed Balance Sheet for the week is expected at 4.30 pm ET. In the previous week, the level was $4.152 trillion.

The Fed Money Supply for week is scheduled at 4.30 pm ET. The M2 weekly change was up $62.3 billion.

Asian stocks posted strong gains on Thursday. China’s Shanghai Composite index rallied 48.42 points, or 1.72 percent, to 2,866.51. Hong Kong’s Hang Seng index ended up 706.96 points, or 2.64 percent, at 27,493.70.

Japanese markets surged. The Nikkei average climbed 554.03 points, or 2.38 percent, to a two-week high of 23,873.59. The broader Topix index closed 2.07 percent higher at 1,736.98.

Australian markets rose sharply. The benchmark S&P/ASX 200 index rallied 73.10 points, or 1.05 percent, to 7,049.20, while the broader All Ordinaries index ended up 67.80 points, or 0.96 percent, at 7,148.70.

European shares are trading broadly higher. CAC 40 of France is adding 40.58 points or 0.68 percent. DAX of Germany is progressing 92.58 points or 0.69 percent. FTSE 100 of England is gaining 21.65 points or 0.29 percent. Swiss Market Index is up 36.61 points or 0.33 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.57 percent.

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