Wall Street Aims For A Racing Start

The initial trends of U.S. Futures Index point to a racing start for Wall Street on Tuesday. The market might react to the Personal Income and Outlays Index for June. Asian stocks closed higher, while European shares are trading up.

As of 6.45 am ET, the Dow futures were adding 102 points, the S&P 500 futures were climbing 5.50 points and the Nasdaq 100 futures were progressing 20.50 points.

U.S. stocks closed mixed on Monday. The Dow climbed 60.81 points or 0.3 percent to 21,891.12, the Nasdaq fell 26.55 points or 0.4 percent to 6,348.12 and the S&P 500 edged down 1.80 points or 0.1 percent to 2,470.30.

On the economic front, the Personal Income and Outlays for June will be issued at 8.30 am ET. The economists are looking for unchanged growth of 0.4 percent in personal income from the prior period. Consumer Spending is expected to be in line with last month at 0.1 percent.

Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. In the prior week, the store sales grew 2.1 percent.

PMI manufacturing Index for July will be released at 9.45 am ET. The forecasters are expecting 53.2, compared to 52 in the previous month.

The Commerce Department’s Construction Spending for June will be revealed at 10.00 am ET. The consensus is for 0.5 percent.

Gallup’s U.S. Economic Confidence Index for July will be published at 2.00 pm ET. The previous year index was plus 3.

In the corporate segment, Sony Corp. reported an increase in first quarter net income attributable to stockholders to 80.9 billion yen or $722 million from last year’s 21.2 billion yen. Earnings per share grew to 62.70 yen or $0.56 from 16.44 yen last year. Looking ahead, for fiscal 2018, the company maintained earnings forecast, while listed sales view. Sales and operating revenues climbed 15.2 percent to 1.86 trillion yen or $16.59 billion from prior year’s 1.61 trillion yen. On a constant currency basis, sales increased 14 percent.

Pfizer Inc. (PFE) reported a growth in second quarter net profit attributable to the company to $3.07 billion from last year’s $2.05 billion. Earnings per share grew 53 percent to $0.51 from $0.33 a year ago.

Adjusted attributable net income was $4.06 billion or $0.67 per share, compared to $3.93 billion or $0.64 per share a year ago. Quarterly revenues for declined 2 percent to $12.90 billion from prior year’s $13.15 billion.

BP Plc (BP) reported a turn around to profit in the second…

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