Wall Street Aims To Start Higher

The market might be reacting to the latest earnings news as several companies have scheduled to report quarterly this week. The Fed announcement is likely to be in the spotlight and the monthly jobs report as well as reports on manufacturing and service sector activity also will get special attention.

Asian shares finished mixed, while European shares are trading positive.

Early cues from the U.S. Futures Index suggest that Wall Street might open positive.
As of 7.50 am ET, the Dow futures were up 155.00 points, the S&P 500 futures were adding 19.25 points and the Nasdaq 100 futures were progressing 61.00 points.

U.S. major averages finished higher on Friday. The Dow rose 89.08 points or 0.3 percent to 35,819.56, the Nasdaq climbed 50.27 points or 0.3 percent to 15,498.39 and the S&P 500 edged up 8.96 points or 0.2 percent to 4,605.38.

On the economic front, IHS Markit’s PMI Manufacturing Final for October will be issued at 9.45 am ET. The consensus is for 59.2.

The Institute for Supply Management or ISM’s Manufacturing Index for October will be published at 10.00 am ET. The consensus is for 60.3, while it was up 61.1 in the prior month.

Construction Spending for September will be released at 10.00 am ET. The consensus is for an increase of 0.5 percent, while it was at 0.0 percent in the previous month.

Asian stocks turned in a mixed performance on Monday. China’s Shanghai Composite index finished marginally lower at 3,544.48. Hong Kong’s Hang Seng index fell 222.92 points, or 0.88 percent, to 25,154.32.

Japanese shares rallied to reach a one-month high. The Nikkei average surged 754.39 points, or 2.61 percent, to settle at 29,647.08 while the broader Topix index ended 2.18 percent higher at 2,044.72.

Australian markets rose notably. The benchmark S&P/ASX 200 index rose 47.10 points, or 0.64 percent, to 7,370.80. The broader All Ordinaries index ended up 53.10 points, or 0.70 percent, at 7,692.20.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 54.33 points or 0.80 percent. The German DAX is adding 108.86 points or 0.69 percent, the U.K. FTSE 100 Index is gaining 24.97 points or 0.35 percent.

The Swiss Market Index is adding 87.08 points or 0.72 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.59 percent.

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