Wall Street Might Open Broadly Lower

Earnings might be the highlights on Monday as there are no major economic announcements today.

The monthly jobs report as well as reports on manufacturing and service sector activity will get attention this week.

The Federal Reserve’s monetary policy announcement will be held on Wednesday.
Monday, early signs from the U.S. Futures Index suggest that Wall Street might open broadly down.

Asian shares were positive, despite the May-day holidays for several countries. European shares are trading up.

As of 7.20 am ET, the Dow futures were up 5.00 points, the S&P 500 futures were declining 0.75 points and the Nasdaq 100 futures were down 6.25 points.

The U.S. major averages ended the session at their best levels of the day. The Dow climbed 272.00 points or 0.8 percent to 34,098.16, the Nasdaq rose 84.35 points or 0.7 percent to 12,226.58 and the S&P 500 advanced 34.13 points or 0.8 percent to 4,169.48.

On the economic front, IHS Markit’s PMI Manufacturing Final Index will be published at 9.45 am ET.

Institute for Supply Management’s Manufacturing Index for April will be released at 10.00 am ET. The consensus is 46.8, while it was up 46.3 in the prior month.

The Commerce Department’s Construction Spending for March will be issued at 10.00 am ET. The consensus is for an increase of 0.1 percent, while it was down 0.1 percent in the previous month.

Asian markets moved mixed on Monday amidst holidays.

The Japanese benchmark Nikkei 225 gained 267 points or 0.92 percent to end trading at 29,123.18.

Australia’s S&P/ASX200 closed trading at 7,334.60 after gaining 25 points or 0.35 percent.

European shares are trading higher. CAC 40 of France is gaining 7.66 points or 0.10 percent. DAX of Germany is progressing 121.93 points or 0.77 percent. FTSE 100 of England is up 38.99 points or 0.50 percent. Swiss Market Index is adding 75.24 points or 0.66 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.028 percent.

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