Tuesday, 8 August 2017

Wall Street futures flat with new data in focus

Posted by Valentine at 02:55 Labels:

US equity index futures pointed to a flat open on Tuesday pre-session hours, with traders looking ahead of further economic reports in the day.

On Monday, Wall Street three major indexe settled in green territory, with the Dow Jones industrial average ending in a fresh record high, extending previous week gains.

The S&P 500 rose 0.16 percent in the session at a new peak of 2,480.91. The Nasdaq composite added 0.51 percent by the closing bell to 6,383.77 points.

The second-quarter earnings season continues to be in focus this week with major companies from the retail sector such as Macy’s, Nordstrom, Michael Kors and Disney on schedule.

So far this year, the private sector has shown great performance, with the Dow gaining 11.8 percent, the S&P growing 10.6 percent and the tech-heavy Nasdaq 17.9 percent.

Market participants are been constantly cheered by solid economic and earnings data. Attention this week is mainly directed to the producer price and consumer price index due on Thursday and Friday respectively, with a 0.1 percent and 0.2 percent increase seen.

  • Dow Jones Industrial Average: 25.61 / 0.12% / 22118.42
  • Standard & Poor’s 500: 4.08 / 0.16% / 2480.91
  • Nasdaq Composite: 32.21 / 0.51% / 6383.77

No relevant economic reports were released on Monday, although traders received dovish comments from FOMC speakers. Among those, St. Louis Federal Reserve President James Bullard probably had the biggest impact on market sentiment.

"The current level of the policy rate is likely to remain appropriate over the near term," Bullard said at a conference, suggesting no further rate moves should be expected for some time.

Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari said the country should embrace immigration in order to guarantee economic growth. "Do we want economic growth, or not? That's what it comes down to," stated Kashkari.

In a light day for economic data, traders will be keeping an eye on the JOLTs jobs applications for June as the report is seen as a good parameter for labor market health.

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