Futures Point To Positive Open For Wall Street

Weekly jobless claims might be the top highlight on Thursday. A slew of Fed speeches and the Congressional testimony by Fed Chair Jerome Powell also will get special attention.

The Government is poised to avoid shutdown after the U.S. Senate announced it would vote on a stopgap funding bill.

Asian shares finished mixed, while European shares are trading broadly down.
Initial cues from the U.S. Futures Index suggest that Wall Street might open higher.

As of 8.10 am ET, the Dow futures were up 93.00 points, the S&P 500 futures were adding 14.75 points and the Nasdaq 100 futures were progressing 64.25 points.

The U.S. major averages finished broadly higher. The Nasdaq dipped 34.24 points or 0.2 percent to 14,512.44, the Dow rose 90.73 points or 0.3 percent to 34,390.72 and the S&P 500 inched up 6.83 points or 0.2 percent to 4,359.46.

On the economic front, the Commerce Department’s Gross Domestic Product or GDP for the second quarter will be issued at 8.30 am ET. The consensus is for an increase of 6.7 percent, while it was up 6.6 percent in the prior quarter.

The Labor Department’s Jobless Claims for the week will be released at 8.30 am ET. The consensus is for growth of 335K, while it was up 351K in the previous week.
The Corporate Profits for the second quarter is scheduled at 8.30 am ET. In the prior quarter the after-tax profits were up 69.3 percent.

Market News International’s Chicago PMI for September will be released at 9.45 am ET. The consensus is for 65.3, while it was up 66.8 in August.

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

Agriculture Department’s Farm Prices for August will be published at 3.00 pm ET. In the prior month, the farm prices were down 0.5 percent.

The Fed Balance Sheet for the week will be revealed at 4.30 pm ET. In the prior week, the level was at $8.490 trillion.

New York Federal Reserve Bank President John Williams to make opening remarks at Webinar titled “Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic” at 10.00 am ET.

Atlanta Federal Reserve Bank President Raphael Bostic to speak on “Economic Mobility as a Tool for Sustainability” and participates in a moderated question-and-answer session before virtual Georgia Tech Library Scholars Event Network at 11.00 am ET.

Philadelphia Federal Reserve Bank President Patrick Harker to speak virtually on “The Federal Reserve in Conversation: Developing Regulation, Sustainable Assets and Financial Markets” at the Official Monetary and Financial Institutions Forum at 11.30 am ET.

Chicago Federal Reserve Bank President Charles Evans to participate in a virtual moderated question-and-answer session hosted by the Bendheim Center for Finance at 12.30 am ET.

St. Louis Federal Reserve Bank President James Bullard to speak via Zoom at the Aspen Institute at 1.05 pm ET.

San Francisco Federal Reserve Bank President Mary Daly to participate in a virtual fireside chat before the 2021 Idaho Women and Leadership Conference hosted by the Andrus Center for Public Policy at Boise State University at 2.30 pm ET.

Asian stocks ended Thursday’s session on a mixed note. China’s Shanghai Composite index rose 31.87 points, or 0.90 percent, to 3,568.17 after the release of mixed economic data.

Hong Kong’s Hang Seng index ended down 87.86 points, or 0.36 percent, at 24,575.64.
Japanese shares ended a tad lower. The Nikkei average dropped 91.63 points, or 0.31 percent, to 29,452.66.

The broader Topix index ended 0.40 percent lower at 2,030.16.

Australian markets posted strong gains to snap a two-session losing streak. The benchmark S&P/ASX 200 climbed 135.50 points, or 1.88 percent, to finish at 7,332.20. The broader All Ordinaries index rallied 129.50 points, or 1.73 percent, to close at 7,629.70.

European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 2.41 points or 0.04 percent. The German DAX is losing 44.25 points or 0.29 percent, the U.K. FTSE 100 Index is gaining 14.26 points or 0.19 percent.

The Swiss Market Index is adding 39.45 points or 0.34 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.16 percent.

Source: Read Full Article