Tuesday, 28 February 2017
Wall Street set for a lower open ahead of Trump’s speech
US stock indexes pointed to a lower opening in pre-session hours on Tuesday as market players looked ahead of President Donald Trump speech and batch of economic data and Fed officials scheduled later in the day.
On Monday, top three Wall Street indexes ended with moderate gains amid low trading volumes. Traders opted for a cautious positioning ahead of Trump’s address to the Congress.
WRITE IT DOWN ---> Trump’s speech at 21:00 GMT
Investors will be searching for hints on its tax reform and deregulation plan. A positive outcome for markets could involve a softer pro-growth rhetoric, rather than a populist hard-line approach.
President Trump promised to unveil his long-awaited tax plan in the near term and said it would be a “phenomenal” change for individual and business.
The Dow Jones industrial average reached a record high yesterday, with investment bank Goldman Sachs leading advancers. The index is now at its longest winning streak since 1987. Meanwhile, the S&P 500 added 0.1 percent by the end of session, with energy components contributing the most. The Nasdaq composite was up 0.28 percent.
- Dow Jones Industrial Average: +0.08 percent / 20837.44 points
- Standard & Poor’s 500: +0.10 percent / 2369.73 points
- Nasdaq Composite: +0.28 percent / 5861.90 points
Monday was a light day for economic events. Durable goods orders increased by 1.8 percent in January, a tick above expectations. Pending home sales fell 2.8 percent. Dallas Fed President Robert Kaplan reaffirmed that a rate hike would be better sooner than later.
Apart from Trump’s speech, investors will pay close attention to data later today. Fourth-quarter gross domestic product will come at 13:30 GMT, with analysts pointing at a 2.1 percent build. Goods trade balance for January is due at the same time and it’s expected to move to -$66 billion from a previous -$64.40 billion. Conference board consumer confidence index for February will be out at 15:00 GMT. FOMC members Harker, Williams and Bullard are due to speak overnight.
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