Wall Street To Open Positive, All Eyes On Presidential Polls

The latest trends in U.S. Presidential election shows that Joe Biden is nearing 270 electoral votes. Counting is continuing in key states and the latest tally is expected later in the day. Pennsylvania will be a key state to decide the next President of the U.S.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
Jobless claims and labor productivity as well as the Federal Reserve’s latest monetary policy decision are the major announcements on the day.

As of 7.30 am ET, the Dow futures were adding 369.00 points, the S&P 500 futures were progressing 60.25 points and the Nasdaq 100 futures were gaining 297.50 points.

The U.S. major averages posted strong gains on Wednesday. The Dow jumped 367.63 points or 1.3 percent to 27,847.66, the Nasdaq spiked 430.21 points or 3.9 percent to 11,590.78 and the S&P 500 surged up 74.42 points or 2.2 percent to 3,443.44.

On the economic front, Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 745K, while it was 751K in the prior week.

The Labor Department’s Productivity and Costs for the third quarter will be published at 8.30 am ET. The consensus is for an increase of 5.0 percent, while it was 10.1 percent in the previous quarter.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be released at 10.30 am ET. In the prior week, the gas stock was 29 bcf.

The Federal Open Market Committee’s meeting announcement will be at 2.00 pm ET. The consensus is for 0.0 to 0.25 percent.

The Fed Chair Press Conference is scheduled at 2.30 pm ET.
The Fed Balance Sheet for the week will be released at 4.30 pm ET. In the prior week, the level was at $7.146 trillion.

The Money Supply for the week will be issued at 4.30 pm ET. In the prior week, the M2 money supply was $19.8 billion.

Asian stocks advanced on Thursday. Chinese shares rose on the day. The benchmark Shanghai Composite index gained 42.69 points, or 1.30 percent, to finish at 3,320.13, while Hong Kong’s Hang Seng index ended up 3.25 percent at 25,695.92.

Japanese shares hit over a two-year high. The Nikkei average climbed 410.05 points, or 1.73 percent, to 24,105.28, its highest since Oct. 3, 2018. The broader Topix index closed 1.39 percent higher at 1,649.94.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is declining 159.54 points or 3.37 percent. The German DAX is gaining 171.68 points or 1.40 percent, the U.K. FTSE 100 Index is adding 12.05 points or 0.21 percent.

The Swiss Market Index is down 1.87 points or 0.01 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 1.27 percent.

Source: Read Full Article