Monday May 1st


Wall Street set for higher open after US government avoids shutdown

U.S. stock index futures pointed to a higher open on Monday after the U.S. government avoided a shutdown. Lawmakers reached a deal Sunday to keep the government funded for the next five months, aides to senior members of Congress told NBC News. The full House and Senate must still approve the bipartisan pact, which would be the first major legislation to clear Congress since Donald Trump became president on Jan. 20. Prompt passage of the legislation is expected this week. Investors also awaited for another big week of earnings. Among the companies reporting this week were energy giant BP, Apple, Mondelez, Tesla, Yum Brands and Facebook. This earnings season has been strong thus far, with more than 75 percent of companies beating profit estimates and about 70 percent topping sales forecasts as of Friday morning, according to data from The Earnings Scout. Investors were also on the lookout for several key economic data due Monday. Personal income rose 0.2 percent in March, slightly below estimates, while consumer spending remained flat for the month. The ISM manufacturing index April print and construction spending numbers for March are also due at 10 a.m. Markets in Japan and Australia finished slightly higher on Monday, with several major exchanges closed for a Labor Day public holiday. In Japan, the Nikkei 225 gained 113.78 points, or 0.59 percent, to 19,310.52, with energy names also struggling — shares of Inpex fell 0.8 percent and Japan Petroleum was down 1.44 percent. Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut. Global benchmark Brent crude for July was down 30 cents at $51.75 a barrel by 7:34 a.m. ET (1134 GMT). U.S. crude for June was down 23 cents at $49.10 a barrel. Gold prices fell on Monday amid thin trading as the dollar firmed as the chance of a U.S. government shutdown receded and as stronger equities dampened demand for non-interest paying bullion. Spot gold was down 0.26 percent to $1,264.36 while U.S. gold futures edged down 0.2 percent to $1,265.80.