Wall Street Aims To Open Positive, Awaits Fed Chairman’s Comments

Investors are awaiting remarks from Fed Chairman Jerome Powell on Friday. The industrial production report for May and Leading Indicators also might get special attention.

Early trends on the U.S. Futures Index suggest that Wall Street might open positive.

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

As of 7.40 am ET, the Dow futures were up 199.00 points, the S&P 500 futures were adding 32.00 points and the Nasdaq 100 futures were progressing 129.75 points.

The U.S. major averages posted steep losses on Thursday. The Dow plunged 741.46 points or 2.4 percent to 29,927.07, The Nasdaq plummeted 453.06 points or 4.1 percent to 10,646.10 and the S&P 500 dove 123.22 points or 3.3 percent to 3,666.77.

On the economic front, the Federal Reserve’s monthly index of industrial production for May is expected at 9.15 am ET. The consensus for industrial production is an increase of 0.4 percent, while it was up 1.1 percent in April.

The Conference Board’s Leading Indicators for May will be released at 10.00 am ET. The consensus is for a decline of 0.4 percent, while it was down 0.3 percent in the prior month.

The Baker Hughes Rig Count for the week will be announced at 1.00 pm ET. In the prior week, the North America Rig Count was 874 and the U.S. Rig Count was 733.

Federal Reserve Chairman Jerome Powell will give welcome remarks before the Inaugural Conference on the International Roles of the U.S. Dollar at 8.45 am ET.

Asian stocks ended broadly lower on Friday. China’s Shanghai Composite index jumped 0.96 percent to 3,316.79. Hong Kong’s Hang Seng index climbed 1.10 percent to 21,075, led by gains in tech stocks.

Japanese shares tumbled on Friday. The Nikkei average fell 1.77 percent to 25,963. The broader Topix index closed 1.71 percent lower at 1,835.90.

Australian markets tumbled. The benchmark S&P/ASX 200 index plunged 1.76 percent to 6,474.80 while the broader All Ordinaries index closed 1.77 percent lower at 6,663.30.

European shares are trading higher. CAC 40 of France is gaining 82.39 points or 1.40 percent. DAX of Germany is progressing 196.29 points or 1.53 percent. FTSE 100 of England is adding 85.80 points or 1.20 percent. Swiss Market Index is up 73.23 points or 0.70 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.53 percent.

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