Futures Point To Significantly Higher Open For Wall Street

Investors are closely observing the spiking of COVID -19 cases in U.S. and other countries.

The corporates such as Disney (DIS), Cisco (CSCO), and Applied Materials (AMAT) are releasing their quarterly results after the close of the trading.

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

Initial cues from the U.S. Futures Index suggest that Wall Street might open higher.
As of 7.25 am ET, the Dow futures were adding 213.00 points, the S&P 500 futures were gaining 25 points and the Nasdaq 100 futures were progressing 91.50 points.

The U.S. major averages climbed off their worst levels going into the close but remained notably lower on Thursday. The Dow tumbled 317.46 points or 1.1 percent to 29,080.17, the Nasdaq slid 76.84 points or 0.7 percent to 11,709.59 and the S&P 500 slumped 35.65 points or 1 percent to 3,537.01.

On the economic front, the Labor Department’s Producer Price Index for October will be issued at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.4 percent in the prior month.

St. Louis Federal Reserve Bank President James Bullard will give a presentation on the U.S. economy and monetary policy at an Economic Club of Memphis webinar
The University of Michigan’s Consumer Sentiment for November will be released at 10.00 am ET. The consensus is for 82.0, slightly up from 81.8 in October.

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 Gas stock was down 36 bcf.

The Baker Hughes North American rig count for the week is scheduled at 1.00 pm ET. In the previous week, the North America Rig Count was 386 and the U.S. Rig Count was 300.

Asian stocks ended broadly lower on Friday. Chinese stocks fell. The benchmark Shanghai Composite index dropped 28.57 points, or 0.86 percent, to 3,310.10, while Hong Kong’s Hang Seng index finished marginally lower at 26,156.86.

Japanese shares ended lower to snap an eight-day winning streak. Tokyo confirmed 374 new Covid-19 infections today, topping 300 for three consecutive days.
The Nikkei average ended down 135.01 points, or 0.53 percent, at 25,385.87, while the broader Topix index closed 1.33 percent lower at 1,703.22. The Nikkei index rose more than 4 percent for the week.

Australian markets ended slightly lower. The benchmark S&P/ASX 200 slid 13 points, or 0.20 percent, to 6,405.20, but rose about 3 percent for the week. The broader All Ordinaries index ended down 10.10 points, or 0.15 percent, at 6,609.30.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is declining 159.54 points or 3.37 percent. The German DAX is gaining 10.51 points or 0.08 percent, the U.K. FTSE 100 Index is sliding 32.04 points or 0.52 percent.

The Swiss Market Index is adding 1.09 points or 0.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.20 percent.

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