Wall Street Set To Open Positive

On a day of light economic announcements, the attention continues to be on the stimulus package and the spread of new strains of the virus across the globe.

Initial cues from the U.S. Futures Index suggest that Wall Street might open positive.

Asian shares finished higher, while European shares are trading broadly up.

As of 7.30 am ET, the Dow futures were adding 137.00 points, the S&P 500 futures were gaining 17.50 points and the Nasdaq 100 futures were progressing 54.75 points.

The U.S. major averages all finished Monday firmly in positive territory. The Dow climbed 204.10 points or 0.7 percent to 30,403.97, the Nasdaq rose 94.69 points or 0.7 percent to 12,899.42, and the S&P 500 advanced 32.30 points or 0.9 percent to 3,735.36.

On the economic front, the Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores is scheduled at 8.55 am ET. In the prior week, the Store Sales were up 6.5 percent.

Standard & Poor’s Corelogic Case-Shiller home price index for October that tracks changes in the value of residential real estate in 20 metropolitan regions is scheduled at 9.00 am ET. The consensus is for an increase of 0.7 percent, while it was up 1.3 percent in the prior month.

Seven-year Treasury Note Auction will be held at 1.00 pm ET.

Asian stock markets are mostly higher on Tuesday. The Chinese market ended weak.

Shanghai’s Composite Index ended down 18.25 points or 0.54 percent at 3,379.04. Hong Kong’s Hang Seng Index moved up by a little over 1%.

Japanese stocks hit their highest level in about 30 years. The benchmark Nikkei 225 Index soared 714.12 points or 2.66 percent to settle at 27,568.15.

In the Australian market, where trading resumed after a long weekend. The benchmark S&P/ASX 200 Index ended higher by 35.50 points or 0.53 percent at 6,700.30, after rising to a high of 6,725.10. The broader All Ordinaries Index ended up by 44.60 points or 0.64 percent at 6,962.10.

New Zealand’s NZX 50 gained 1.6 percent and South Korea’s KOSPI climbed 0.4 percent
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 66.37 points or 1.20 percent. The German DAX is adding 39.53 points or 0.29 percent, the U.K. FTSE 100 Index is gaining 137.57 points or 2.11 percent.

The Swiss Market Index is adding 74.86 points or 0.70 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.41 percent.

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