Wall Street Set To Open Higher

The spread of the Delta variant of COVID-19 and low rates of vaccination is a real concern for investors. Trading activity may be somewhat subdued on Friday.

Initial cues from the U.S. Futures Index trading point to higher open for Wall Street.

Asian shares finished mixed, while European shares are trading higher.

As of 8.10 am ET, the Dow futures were adding 255.00 points, the S&P 500 futures were progressing 17.25 points and the Nasdaq 100 futures were adding 24.00 points.

U.S. major averages finished in negative territory on Thursday. After plunging by more than 500 points in early trading, the Dow ended the day down 259.86 points or 0.8 percent at 34,421.93. The Nasdaq slid 105.28 points or 0.7 percent to 14,559.79 and the S&P 500 slumped 37.31 points or 0.9 percent to 4,320.82.

On the economic front, the Commerce Department’s Wholesale Inventories (Preliminary) for May will be released at 10.00 am ET. The consensus is for an increase of 1.0 percent, while it was up 0.8 percent in the prior month.

The Baker Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North America rig count was 611, while the U.S. rig count was up 475.

Asian stocks fell broadly on Friday. Chinese shares ended marginally lower. Hong Kong’s Hang Seng index rose 0.7 percent to 27,344.54.

Japanese shares extended losses for the third day. The Nikkei average dropped 177.61 points, or 0.63 percent, to finish at 27,940.42, while the broader Topix index closed 0.41 percent lower at 1,912.38.

Australian markets fell sharply after two straight sessions of gains. The benchmark S&P/ASX 200 index dropped 68.10 points, or 0.93 percent, to 7,273.30 while the broader All Ordinaries index ended down 69.60 points, or 0.91 percent, at 7,545.30.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 116.01 points or 1.82 percent. The German DAX is adding 159.90 points or 1.03 percent, the U.K. FTSE 100 Index is gaining 58.83 points or 0.82 percent.

The Swiss Market Index is adding 71.54 points or 0.60 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.43 percent.

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