Monday, 3 July 2017

Wall Street to extend gains; new data in focus

Posted by Anonymous at 15:35 Labels:

The top three Wall Street index futures were higher in early trading hours on Monday, with market players looking at fresh economic data, while preparing for the release of Federal Reserve’s June meeting minutes later in the week.

Last week, US stock indexes ended mostly in green territory. The Dow Jones industrial average was up by nearly 63 points at the closing bell, with Nike adding the most during the session.

The S&P 500 closed 0.1 percent higher. Energy and consumer discretionary were top advancers in the day. The tech index Nasdaq composite suffered a minor lost.

On Friday, US markets finished this year’s first-half, with the Dow Jones up by 8 percent, the S&P 500 soaring 8.3 percent so far and the Nasdaq growing 14.1 percent. Despite a recent downward correction, the tech sector has been by the time of this writing the best performing.

  • Dow Jones Industrial Average: 62.60 / 0.29% / 21349.63
  • Standard & Poor’s 500: 3.71 / 0.15% / 21349.63
  • Nasdaq Composite: -3.93 / -0.06% / 6140.42

In economic news, the core PCE price index for May came in at 1.4 percent, in line with market expectations. Personal spending grew 0.1 percent.

In a separate report, Michigan University said consumer expectations and sentiment for June established at 83.9 and 95.1 respectively, with an initially estimated values of 84.7 and 94.5.

Earlier that week, the Federal Reserve had approved the capital return plans of all American banks following the regulator’s stress test. This was actually the first year that all institutions were granted the mandatory approval for their capital plans as the Fed considered they were capitalized enough, according to the current market context.

Ahead in the day, attention will be directed to the manufacturing PMI and the ISM manufacturing PMI for June at 13:45 GMT and 14:00 GMT.

On Tuesday, US markets will remain closed due to the Independence Day holiday.

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