Wall Street Poised To Open Broadly Up

Investors might be watching reports on service sector activity, the trade deficit, and initial jobless claims this week. Major economic announcements are not there on Monday.

The dollar against other currencies is strong, while gold prices are gaining. The new output deal of the OPEC+ member states is pushing oil prices up.

Early signs from the U.S. Futures Index point to a broadly higher open for Wall Street.

As of 7.35 am ET, the Dow futures were up 25.00 points, the S&P 500 futures were adding 2.25 points and the Nasdaq 100 futures were declining 23.50 points.

The U.S. major averages finished with strong gains on Friday. The Dow spiked 701.19 points or 2.1 percent to 33,762.76, the Nasdaq jumped 139.78 points or 1.1 percent to 13,240.77 and the S&P 500 surged 61.35 points or 1.5 percent to 4,282.37.

On the economic front, the US Services Purchasing Managers’ Index or PMI will be published at 9.45 am ET.

The Commerce Department’s Factory Orders for April will be released at 10.00 am ET. The consensus is for growth of 0.8 percent, while it was up 0.9 percent in the prior month.

ISM Services Index for May will be issued at 10.00 am ET. The consensus is 52, while it was up 51.9 in April.

The Investor Movement Index for May will be revealed at 12.30 pm ET. In the prior month, the Index was 4.74.

Asian stocks advanced on Monday. Chinese shares ended on a flat note even as a private survey showed China’s services activity picked up in May.

The Shanghai Composite Index finished marginally higher at 3,232.44. Hong Kong’s Hang Seng index climbed 0.84 percent to 19,108.50.

Japanese shares led regional gains to hit a 33-year high. The Nikkei average jumped 2.20 percent to 32,217.43. The broader Topix index ended 1.70 percent higher at 2,219.79.

Australian markets rallied today. The benchmark S&P/ASX 200 finished 1 percent higher at 7,216.30 while the broader All Ordinaries index ended 0.95 percent higher at 7,401.20.

European shares are trading mostly higher. CAC 40 of France is down 9.56 points or 0.13 percent. DAX of Germany is adding 12.63 points or 0.08 percent. FTSE 100 of England is progressing 37.99 points or 0.50 percent. The Swiss Market Index is up 16.05 points or 0.14 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.0035 percent.

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