All Eyes On Washington, Wall Street Aims To Open Positive

The developments in Washington might be the focus on Friday as the investors are looking ahead to a better economy.

Initial signs from the U.S. Futures point to a positive open for Wall Street.
Asian shares finished mostly higher, while European shares are trading up.

As of 8.10 am ET, the Dow futures were adding 111.00 points, the S&P 500 futures were up 14.75 points and the Nasdaq 100 futures were progressing 41.75 points.

The U.S. major averages all ended Thursday in positive territory. The Dow rose 122.05 points or 0.4 percent to 28,425.51, the Nasdaq climbed 56.38 points or 0.5 percent to 11,420.98 and the S&P 500 advanced 27.38 points or 0.8 percent to 3,446.83.

On the economic front, the Commerce Department’s Wholesale Inventories for August will be issued at 10.00 am ET. The consensus is for an increase of 0.5 percent, while it was down 0.3 percent in July.

The Baker Hughes Rig Count for the week will be announced at 1.00 pm ET. In the prior week, the North American Rig Count was 341 and the U.S. Rig Count was 266.
Richmond Federal Reserve Bank President Thomas Barkin will speak at a “Community Conversation: Resiliency of the Economy” virtual event held by the Fredericksburg Regional Chamber of Commerce at 9.00 pm ET.

Asian stocks ended broadly higher on Friday. Chinese markets rose as the indices resumed trading after the Golden Week holidays. The benchmark Shanghai Composite index climbed 54.02 points, or 1.68 percent, to 3,272.08. Hong Kong’s Hang Seng index ended down 0.31 percent at 24,119.13.

Japan’s Nikkei average was down 27.38 points, or 0.12 percent, to 23,619.69, but rose 2.6 percent for the week, posting its largest gain in two months. The broader Topix index closed 0.49 percent lower at 1,647.38.

Australian markets finished marginally higher for the day as the country reported its second straight day without any Covid-19 deaths. The benchmark S&P/ASX 200 ended largely unchanged at 6,102.20, while the broader All Ordinaries index closed up 6.70 points, or 0.11 percent, at 6,312.50.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 29.94 points or 0.61 percent. The German DAX is adding 18.15 points or 0.14 percent, the U.K. FTSE 100 Index is gaining 44.67 points or 0.74 percent.

The Swiss Market Index is adding 51.44 points or 0.50 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.34 percent.

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