July 24, 2021

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Wall Street Targets To Open Moderately Higher

3 min read

Initial cues from the U.S. Futures Index suggest that Wall Street might open higher.
Weekly Jobless Claims, Existing Sales, and leading economic indicators might influence the market movement. Renewed optimism on earnings growth also might be supporting the positive trend.

Whirlpool (WHR), Texas Instruments (TXN), Tenet Healthcare (THC), Landstar (LSTR), and CSX Corp. (CSX) are among the companies releasing their quarterly results after the close of today’s trading.

Asian shares finished higher, while European shares are trading mostly up.

As of 7.55 am ET, the Dow futures were adding 46.00 points, the S&P 500 futures were gaining 5.00 points and the Nasdaq 100 futures were adding 19.50 points.

The U.S. major averages closed higher on Wednesday. The Dow climbed 286.01 points or 0.8 percent to 34,798.00, the Nasdaq advanced 133.08 points or 0.9 percent to 14,631.95 and the S&P 500 rose 35.63 points or 0.8 percent to 4,358.69.

On the economic front, Jobless Claims for the week will be published at 8.30 am ET. The consensus is for 350K, while it was up 360K in the prior week.

The Chicago Fed National Activity Index or CFNAI for June will be issued at 8.30 am ET. The consensus is for 0.30, while it was at 0.29 in May.

National Association of Realtors’ Existing Home Sales for June will be released at 10.00 am ET. The consensus is for 5.900 million while it was up 5.800 million in the previous month.

Existing Home Sales for June will be revealed at 10.00 am ET. The consensus is for 5.900 million, while it was up 5.800 million in May.

Leading Indicators for June is scheduled at 10.00 am ET. The consensus is for an increase of 1.0 percent, while it was up 1.3 percent in the previous month.

The Energy Information Administration or EIA’s Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the gas stock was at 55 bcf.

Two-year, five-year, and seven-year Treasury Note auction will be held at 11.00 am ET.

A ten-year TIPS auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $8.202 trillion.

Asian stocks advanced on Thursday. Chinese shares eked out modest gains, with the benchmark Shanghai Composite index ending up 12.07 points or 0.34 percent, at 3,574.73. Hong Kong’s Hang Seng index settled at 27,723.84, up 499.26 points, or 1.83 percent, from its previous close.

Japanese markets were closed for a long weekend.

Australian markets rallied after Wall Street ended higher for a second straight session overnight. The benchmark S&P/ASX 200 index jumped 77.70 points, or 1.06 percent, to 7,386.40 while the broader All Ordinaries index ended up 78 points, or 1.03 percent, at 7,658.90.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 47.37 points or 0.73 percent. The German DAX is adding 120.94 points or 0.79 percent, the U.K. FTSE 100 Index is gaining 2.31 points or 0.04 percent.

The Swiss Market Index is sliding 3.67 points or 0.03 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.09 percent.

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2021-07-22 08:15:04

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