Wall Street To Open Positive

One of the worst monthly jobs report is expected on Friday, with the unemployment rate for the month of 16.4 percent in April, compared to 4.4 percent in the prior month. Trading on Friday is likely to be driven by reaction to the monthly jobs report.

Most of the states are partially reopened but shadowed by the threat of Coronavirus pandemic.

Asian shares finished mostly higher, while European shares are trading positive.
Initial signs from the U.S. Futures Index suggest that Wall Street might open higher.

As of 8.20 am ET, the Dow futures were adding 202.00 points, the S&P 500 futures were adding 25.50 points and the Nasdaq 100 futures were up 76.25 points.
The U.S. major remained firmly positive on Thursday. The Dow advanced 211.25 points or 0.9 percent to 23,875.89, the Nasdaq surged up 125.27 points or 1.4 percent to 8,979.66 and the S&P 500 jumped 32.77 points or 1.2 percent to 2,881.19.

On the economic front, the Labor Department’s Employment Situation report for April will be issued at 8.30 am ET. The consensus is for a decline of 21,500,000, while it was down 701,000 in the previous month. The unemployment rate for the month is expected to be 16.4 percent, while it was 4.4 percent in the prior month. Average monthly earnings are expected to be 0.3 percent, while it was 0.4 percent in the prior month.

Baker Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North American Rig Count was 435, and U.S. Rig Count was 408.

The Commerce Department’s Wholesale Trade Report for March will be published at 10.00 am ET. The consensus is for a decline of 1.0 percent, while it was down 0.7 percent

Asian stocks gained on Friday. Chinese shares rose. The benchmark Shanghai Composite index rose by 23.82 points, or 0.83 percent, to 2.895.34, while Hong Kong’s Hang Seng index closed up 1.04 percent at 24,230.17.

Japanese shares ended higher for the day. The Nikkei average rallied 504.32 points, or 2.56 percent, to 20,179.09, while the broader Topix index closed 2.21 percent higher at 1,458.28.

Australian markets pared some of their early gains after the Reserve Bank of Australia predicted the economy will log its biggest contraction in the history due to the coronavirus pandemic.

The benchmark S&P/ASX200 index ended up 26.90 points, or half a percent, at 5,391.10, while the broader All Ordinaries index rose by 38.10 points, or 0.70 percent, to 5,488.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is gaining 41.49 points or 0.92 percent. The German DAX is adding 113.73 points or 1.06 percent.

The Swiss Market Index is progressing 63.44 points or 0.66 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.80 percent.

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