Wall Street Targets To Open Significantly Higher

The weekly jobless claims and pending home sales might be the highlight on Thursday. Investors have their focus on major inflation readings.

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

As of 7.10 am ET, the Dow futures were gaining 177.00 points, the S&P 500 futures were adding 10.75 points, and the Nasdaq 100 futures were progressing 44.50 points.

The U.S. major averages ended Wednesday narrowly mixed. The Dow gained 13.44 points or less than a tenth of a percent to 35,430.42, the Nasdaq slipped 23.27 points or 0.2 percent to 14,258.49 and the S&P 500 edged down 4.31 points or 0.1 percent to 4,550.58.

On the economic front, the Jobless Claims for the week is scheduled at 8.30 am ET.

The consensus is for 219K, while it was up 209K in the prior week.

The Personal Income and Outlays for October will be published at 8.30 am ET. The consensus is for growth of 0.2 percent, while it was up 0.3 percent in the prior month.

The Chicago PMI for November will be issued at 9.45 am ET. The consensus is for an increase of 45.1, while it was up 44.0 in October.

The Pending Home Sales Index for October is expected at 10.00 am ET. The consensus is for a decline of 2.0 percent, while it was up 1.1 percent in the prior month.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be revealed at 10.30 am ET. In the prior week, the gas stock was down 7 bcf.

The Agriculture Department’s Farm Prices for October issued at 3.00 pm ET. In the prior month the prices were down 2.9 percent.

The Fed Balance Sheet for the week will be released at 4.30 pm ET. The level is at $7.811 trillion.

New York Fed President John Williams will give keynote before the Bretton Woods Committee’s “Exploring Innovations in Central Banking” conference at 9.15 am ET.

Asian markets finished positive. China’s Shanghai Composite Index gained 0.26 percent to finish trading at 3,029.67. The Shenzhen Component Index lost 0.18 percent to close at 9,726.92.

The Japanese benchmark Nikkei 225 gained 165 points or 0.50 percent to end trading at 33,260.14.

The Hang Seng Index of the Hong Kong Stock Exchange added 49 points or 0.29 percent from the previous close to finish trading at 17,042.88.

Australia’s S&P/ASX200 closed trading at 7,087.30, adding 52 points or 0.74 percent.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 33.19 points or 0.46 percent. The German DAX is progressing 262.15 points or 1.65 percent, the U.K. FTSE 100 Index is up 45.14 points or 0.61 percent.

The Swiss Market Index is gaining 47.11 points or 0.44 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.33 percent.

Source: Read Full Article