Wall Street Set To Bounce Back
The U.S. has released oil reserves to ease out price-hike of oil in view of the Russia-Ukraine war. President Biden said the release of 1 million barrels of oil on a daily basis will help ease the supply crunch.
The evacuation corridor for the people of Mariupol is open now and more than 2000 people from the region are on their way to escape the war-torn area.
The monthly jobs report might be the highlight on Friday. Manufacturing activity and construction spending also will get special attention.
Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
Asian shares finished higher, while European shares are trading higher.
The U.S. major averages ended Thursday’s session at their worst levels of the day.
The Dow plunged 550.46 points or 1.6 percent at 34,678.35, the Nasdaq tumbled 221.76 points or 1.5 percent to 14,220.52 and the S&P 500 slumped 72.04 points or 1.6 percent to 4,530.41.
On the economic front, the Labor Department’s Employment Situation report for March will be published at 8.30 am ET. The consensus is for 490,000, while it was up 678,000 in the previous month. The Unemployment rate is expected to be up 3.7 percent, while it was at 3.8 percent up in February.
The Purchasing Manager’s Manufacturing Index for March is scheduled at 9.45 am ET. The consensus is for 58.5 percent, while it was up 58.5 in the prior month.
The Institute for Supply Management or ISM’s Manufacturing Index for March will be issued at 10.00 am ET. The consensus is for 59.0, while it was up 58.6 in the previous month.
The Construction Spending for February will be released at 10.00 am ET. The consensus is for growth of 0.9 percent, while it was up 1.3 percent in January.
The Baker Hughes Rig Count for the week will be revealed at 1.00 pm ET. In the prior week, the North America Rig Count was up 810, while the U.S. Rig Count was up 670.
Chicago Federal Reserve Bank President Charles Evans will speak at Prairie State College Foundation Economic Forecast Breakfast at 9.05 am ET.
Asian stocks ended mixed on Friday. Chinese shares climbed higher on Friday. The benchmark Shanghai Composite index surged 0.91 percent to finish at 3,281.74 while Hong Kong’s Hang Seng index edged up 0.19 percent, up 42.70 to settle at 22,039.55.
The Nikkei 225 finished 0.56 percent or 155.45 points lower at 27,665.98.
Australian markets fluctuated before closing marginally lower on Friday.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding138.56 points or 2.12 percent. The German DAX is progressing 52.86 points or 0.37 percent, the U.K. FTSE 100 Index is up 20.56 points or 0.27 percent.
The Swiss Market Index is gaining 16.25 points or 0.13 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.60 percent.
Source: Read Full Article