Futures Point To Positive Open For Wall Street

Initial Jobless Claims and Factory Orders might be the highlights on Thursday. Private Sector Employment also will be of importance for the investors. The Monthly Jobs Report is scheduled for Friday.

Asian stocks finished mostly lower, while European shares are trading positive.

Early signs from the U.S. Futures Index suggest that Wall Street might open higher on Thursday.

As of 7.40 am ET, the Dow futures were up 142.00 points, the S&P 500 futures were adding 22.00 points and the Nasdaq 100 futures were progressing 84.75 points.

After much fluctuation in Wednesday’s session, the U.S. major stock finished lower. The Dow fell 176.89 points or 0.5 percent to 32,813.23, the Nasdaq declined 86.93 points or 0.7 percent to 11,994.46 and the S&P 500 slid 30.92 points or 0.8 percent to 4,101.23.

On the economic front, the ADP Employment Report for May will be published at 8.15 am ET. The consensus is for a growth of 240,000, while it was up 247,000 in the prior month.

The Labor Department’s Jobless Claims for the week is scheduled at 8.30 am ET. The consensus is 210K, while it was at 210K in the previous week.

The Labor Department’s Productivity Costs for the first quarter is expected at 8.30 am ET. The consensus is for a decline of 7.5 percent, while it was down 7.5 percent in the prior quarter.

Factory Orders for April is scheduled at 10.00 am ET. The consensus is for an increase of 0.8 percent, while it was up 2.2 percent in March 2022.

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 80 bcf. The Petroleum Status Report for the week will be released at 11.00 am ET. In the prior week, the Crude Oil Inventories were down 1.0 million barrels, and the Gasoline Inventories were down 0.5 million barrels.

Fed Balance Sheet for the week is expected at 4.30 pm ET. In the prior week, the level was at $8.914 trillion.

Three-year and five-year Treasury Note auctions will be held at 11.00 am ET.
Thirty-year Treasury Bond auction will be held at 11.00 am ET.

New York Federal Reserve Bank Executive Vice President Lorie Logan shall give closing remarks before the Monetary Policy Implementation and Digital Innovation workshop at 12.00 pm ET.

Cleveland Federal Reserve Bank President Loretta Mester will speak on the economic outlook via video conference before the Philadelphia Council for Business Economics Meeting at 1.00 pm ET.

Asian stocks finished lower on Thursday. China’s Composite index rose 0.42 percent to 3,195.46.

Hong Kong’s Hang Seng index dropped 1 percent to 21,082.13.

Japanese shares ended lower on the day. The Nikkei average slipped 0.16 percent to 27,413.88, after having ended at the highest since April 21 the previous day. The broader Topix index closed 0.63 percent lower at 1,926.39.

Australian stocks retreated on Thursday. The benchmark S&P/ASX200 index slid 0.8 percent to 7,175.90 while the broader All Ordinaries ended 0.83 percent lower at 7,400.80.

European shares are trading higher. CAC 40 of France is progressing 69.78 points or 1.10 percent. DAX of Germany is adding 115.34 points or 0.80 percent. Swiss Market Index is up 64.35 points or 0.56 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.79 percent.

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