Wednesday, 2 August 2017

Wall Street set for a higher opening; FOMC speakers eyed

Posted by Valentine at 14:56 Labels:

US stock index futures moved higher in pre-session hours on Wednesday as traders await key employment figures later in the week, while keeping an eye on FOMC speakers.

Wall Street top three stock indexes ended higher Tuesday session, with corporate earnings contributing to keep optimism at its best.

The first trading day of August was marked by an outstanding advance of the 30-stock index Dow Jones industrial average, which added more than 80 points to trade near a historic peak at 22,000.

The S&P 500 was up quarter of a percent, with financials leading other sectors higher, while  the tech-heavy Nasdaq composite rose 0.2 percent.

  • Dow Jones Industrial Average: 72.80 / 0.33% / 21963.92
  • Standard & Poor’s 500: 6.05 / 0.24% / 2476.35
  • Nasdaq Composite: 14.81 / 0.23% / 6362.94

US equity indexes have all been performing very well in the last few months, remaining close to all-time highs despite increasing concerns over the Trump administration and alleged ties to Russia.

Washington is now weighing significantly on market sentiment, especially as changes inside the administration seem far from being over.

On Monday, Trump's latest communications director Anthony Scaramucci abandoned his position only ten days after being appointed to it. According to a White House release, Scaramucci left to give the Secretary of Staff the chance to form his own team.

So far this month, seventy two percent of S&P 500 companies have beaten earnings estimates, which is certainly a very promising portion.

In economic news, the core PCE price index grew 1.5 percent in June, above an initially forecasted 1.3 percent advance. Personal spending came in aligned with analysts expectations of 0.1 percent.

In a separate report, the Institute for Supply Management said its manufacturing PMI index for July notched down to 56.3 from a prior 57.8.

Ahead in the session, ADP nonfarm employment change is due at 12:15 GMT, with a 185,000 jobs build eyed. As of 14:30 GMT, attention will turn into the weekly crude stockpiles report from the US Energy Information Administration, with an estimated reduction of 2.957 million barrels.

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