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Futures pointing to a reasonably high open on Wall Street

Following the mixed performance seen in the previous session, stocks may move upwards in early Wednesday trading.Major index futures are currently showing reasonably high open market, The Dow futures are up 66 points.

The market could benefit from the release of some bright US economic data, including a report from the Ministry of Labor showing that initial claims for unemployment benefits for the week ending December 19 have receded significantly.

Initial unemployment claims fell to 803,000, down 89,000 from last week’s revised level of 892,000, according to the report.

Economists expected unemployed claims to be the same as the 885,000 originally reported last week.

An unexpected setback occurred after unemployed complaints reached their highest level since early September last week.

The Commerce Department also released a report in November showing that new orders for durable consumer goods manufactured in the United States increased more than expected.

Orders for durable consumer goods rose 0.9% in November, after a 1.8% surge, which was revised upward in October, according to the report.

Economists expected durable consumer goods orders to increase by 0.6% compared to the 1.3% surge reported last month.

Meanwhile, the Commerce Department released another report showing the plunge in US personal income in November.

According to the report, personal income fell 1.1% in November after a revised 0.6% decline in October. Economists expected personal income to fall by 0.3%.

Uncertainty about Coronavirus A bailout package approved by Congress could also lead to a cautious deal after President Donald Trump accused the bill of “humiliation” in a video posted on Twitter on Tuesday.

Trump has called on Congress to increase direct personal payments from $ 600 to $ 2,000 and amend the bill to “remove wasteful and unnecessary items.”

Democrats have expressed support for increasing the scale of direct payments, but the idea is likely to face resistance in the Republican-controlled Senate.

The stimulus is attached to a government spending bill that Trump must sign by Monday to avoid a government closure.

The Department of Commerce plans to publish a new home sales report in November, shortly after the transaction begins.

Economists expect new home sales to fall 0.3% in November, consistent with the slight decline seen in October.

The University of Michigan will also publish a revised reading on consumer sentiment in December.

The December Consumer Psychology Index is expected to be revised downward from the provisional value of 81.4, which rose from 76.9 in November, to 81.3.

Following a recovery from the early sell-out seen on Monday, stocks turned to relatively weak performance during Tuesday trading. The Dow and Nasdaq moved in opposite directions, but the S & P 500 spent the day near the unchanged line.

The main average ended with a mixture for two consecutive days. The Nasdaq rose 65.40 points (0.5%) to 12,807.92, while the Dow fell 200.94 points (0.7%) to 30,015.51 and the S & P 500 fell 7.66 points (0.2%) to 3,687.26. ..

In foreign trading, stock markets in the Asia-Pacific region almost rose during Wednesday’s trading. Japan’s Nikkei 225 Index rose 0.3% and China’s Shanghai Composite Index rose 0.8%.

On that day, major European markets also started to rise. The UK’s FTSE 100 index is up 0.1%, the French CAC 40 index is up 0.7% and the German DAX index is up 0.8%.

In commodity trading, crude oil futures have risen from $ 0.04 to $ 47.06 a barrel after falling from $ 0.95 a barrel to $ 47.02 on Tuesday. Meanwhile, an ounce of gold is trading at $ 1,873, up $ 2.70 compared to the closing price of $ 1,870.30 in the previous session. On Tuesday, gold fell $ 12.50.

On the currency side, the US dollar is trading at 103.51 yen, compared to 103.64 yen acquired at the end of the New York stock exchange on Tuesday. Against the euro, the dollar is trading at $ 1.2179 compared to yesterday’s $ 1.2163.

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Futures pointing to a reasonably high open on Wall Street

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