Wall Street Might Open Higher

On Tuesday, traders are keenly watching the two-day monetary policy meeting of the Federal Open Market Committee. The FOMC meeting that meets eight times in an year is expected to provide a clear direction of monetary policy. Housing Starts Data is a major focus of the day. The early signs from the U.S. Futures Index points to higher opening for Wall Street. Asian shares closed mixed while European shares are mostly higher.

As of 7.00 am ET, the Dow futures were progressing 17 points, the S&P 500 futures were adding 1.50 points and the Nasdaq 100 futures were gainig 3.25 points.

U.S. stocks closed higher on Monday. The Dow Jones Industrial Average rose 63 points, or 0.3%, to 22,331. The S&P 500 index advanced about 3 points, or 0.2%, to 2,503. The Nasdaq Composite finished up 6 points, or 0.1%, at 6,454.

On the economic front, the Housing Starts data for August will be issued at 8.30 am ET. The economists are looking for consensus of 1.173 million, up from 1.155 million a month ago. The Permits levels is projected to decline to 1.220 million from 1.223 million in the previous period.

The Commerce Department’s Current Account data for the second quarter will be published at 8.30 am ET. The consensus is for a deficit of $115.1 billion, compared to deficit of $116.8 billion in the prior quarter.

Import and Export Prices Data for August is expected at 8.30 am ET. The forecasters are looking for growth consensus of 0.4 percent, up from 0.1 percent a month ago. Export prices are expected to grow 0.2 percent, slightly down from 0.4 percent in July.

The Redbook data for the week will be published at 8.55 am ET. The prior week store sales were up 4.5 percent.

In the corporate sector, AutoZone Inc. reported that its fourth-quarter net income increased 1.7 percent to $433.90 million from last year’s $426.77 million. Earnings per share grew $15.27 per share from $14.30 in the year-ago quarter. Net sales of $3.5 billion increased 3.3 percent from $3.40 billion last year.

Macy’s, Inc. (M) announced plans to hire approximately 80,000 seasonal associates for positions at its Macy’s and Bloomingdale’s stores, call centers, distribution centers and online fulfillment centers nationwide for the 2017 Christmas and holiday season.

Asian markets closed mostly lower on Tuesday. The Japanese market surged as it resumed trading after a public holiday.

Chines Shanghai Composite Index declined 6.01 points or 0.18 percent to close at 5772.40. The Hang Seng of Hong Kong lost 108.36…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *