Wall Street To Bounce Back At Open

Wall Street To Bounce Back At Open

May 22, 2023

Trading this week might react to reports on retail sales, industrial production, housing starts, and existing home sales.

Retail giants Walmart, Home Depot, and Target have scheduled their quarterly results in the coming days.

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

Asian shares finished mostly up, while European shares are trading up.

As of 7.40 am ET, the Dow futures were up 122.00 points, the S&P 500 futures were adding 14.75 points and the Nasdaq 100 futures were progressing 35.25 points.

The U.S. major averages closed Friday lower. The tech-heavy Nasdaq fell 43.76 points or 0.4 percent to 12,284.74 and the S&P 500 dipped 6.54 points or 0.2 percent to 4,124.08, while the Dow edged down just 8.89 points or less than a tenth of a percent to 33,300.62.

On the economic front, the Empire State Manufacturing Index for May will be issued at 8.30 am ET. The consensus for negative 2.0, while it was up 10.8 in April.

The Treasury International Capital for March will be published at 4.00 pm ET. In the prior month, the Net Long-Term Securities Transactions were up $71.0 billion.

Atlanta Federal Reserve Bank President Raphael Bostic will give welcome remarks before the Federal Reserve Bank of Atlanta 2023 Financial Markets Conference at 8.45 am ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in fireside chat before the ACEC Minnesota Transportation Conference & Expo at 9.15 am ET.

Asian stocks ended mixed on Monday. China’s Shanghai Composite index rose 1.17 percent to 3,310.74.

Hong Kong’s Hang Seng index jumped 1.75 percent to 19,971.13.

Japanese shares climbed to reach an 18-month high. The Nikkei average rose 0.81 percent to 29,626.34 while the broader Topix index closed 0.88 percent higher at 2,114.85.

Australian markets ended slightly higher. The broader All Ordinaries index finished marginally higher at 7,460.50.

European shares are trading higher. CAC 40 of France is adding 28.37 points or 0.33 percent. DAX of Germany is declining 16.95 points or 0.38 percent. FTSE 100 of England is progressing 36.05 points or 0.46 percent. The Swiss Market Index is up 38.32 points or 0.33 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.20 percent.

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