Tuesday August 22nd

22-08-2017

Wall Street set for a higher open, as positive trade overseas boosts sentiment

U.S. stock index futures pointed to a higher open on Tuesday, buoyed by positive trading sentiment seen overseas and as investors turned their attention to upcoming data and geopolitical events. Dow Jones industrial average futures rose 30 points, while S&P 500 and Nasdaq 100 futures advanced 2.75 points and 18.5 points, respectively. Overseas, European bourses traded in the black, with the Stoxx 600 index rising 0.47 percent. Stocks in Asia, meanwhile, finished mostly higher. On the data front, the Philadelphia Fed non-manufacturing business outlook survey is set to be released at 8:30 a.m. ET, followed by the FHFA House Price Index and the Richmond Fed Manufacturing Survey, due at 9 a.m. ET and 10 a.m. ET respectively. Medtronic, Toll Brothers, Momo, Intuit, Salesforce.com and ZTO Express are set to report earnings on Tuesday. Meanwhile, politics will remain on the minds of investors, after President Donald Trump committed the U.S. to an open-ended conflict in Afghanistan, reversing course from what Trump had pledged during his election campaign, Reuters reported. In commodities, oil prices ticked higher during early trade on signals that supply was showing signs of gradually tightening. At 7:05 a.m. ET, U.S. crude hovered around $47.39 per barrel, while Brent stood at $51.66. Most Asian indexes closed the Tuesday session with moderate gains as investors turned their attention to the U.S. Federal Reserve's annual symposium in Jackson Hole at the end of the week. Japan's Nikkei 225 slipped for a fifth straight session, its longest losing streak since April 2016, according to Reuters. The index closed down 0.05 percent, or 9.29 points, to close at 19,383.84 after trading higher for most of the morning. Across the Korean Strait, the Kospi climbed 0.44 percent, or 10.33 points, to end at 2,365.33, shrugging off jitters seen in the Monday session when U.S.-South Korea military drills began. Greater China markets were mixed: Hong Kong's Hang Seng Index rose 1.11 percent by 3:40 p.m. HK/SIN, while mainland markets were subdued. The Shanghai Composite rose 0.13 percent, or 4.1199 points, to finish at 3,291.0254 and the Shenzhen Composite slid 0.423 percent, or 8.0988 points, to close at 1,908.3198. Gold prices fell on Tuesday, under pressure from a stronger dollar ahead of an annual meeting of central bankers this week, while speculative buying pushed palladium to its highest since February 2001. Spot gold was down 0.41 percent at $1,285.58 an ounce. That compares with last week's peak at $1,300.8 its highest since early November. U.S. gold futures slid 0.46 percent to $1,290.70 an ounce.