Wall Street Set For Weak Start

BRUSSELS/FRANKFURT/PARIS (Alliance News) - The major US index futures are indicating that Wall ...

Alliance News 17 February, 2017 | 12:45PM
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BRUSSELS/FRANKFURT/PARIS (Alliance News) - The major US index futures are indicating that Wall Street may open in the red. Following a slew of releases last two days, it is a relatively quiet day, as far as economic data are concerned. Asian shares closed broadly lower, while European shares are trading down.

As of 7.00 am ET, the Dow futures were slipping 39 points, the S&P 500 futures were shedding 4.75 points, and the Nasdaq 100 futures were slipping 5.50 points.

US stocks closed mostly lower on Thursday. Despite lack of direction, the Dow managed to inch up to another new record closing high. The major averages eventually ended the day on opposite sides of the unchanged line. While the Dow crept up 7.91 points or less than a tenth of a % to 20,619.77, the Nasdaq edged down 4.54 points or 0.1% to 5,814.90 and the S&P 500 dipped 2.03 points or 0.1% to 2,347.22.

On the economic front, E-Commerce retail sales for the fourth quarter will be released at 10.00 am ET. In the previous quarter, the E-sales had grown 4%.

The Conference Board's Leading Indicators for January will be published at 10.00 am ET. The economists are looking for growth of 0.4%, slightly down from 0.5% a year ago.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be revealed at 1.00 pm ET. In the previous week, the North American Rig Count were 1093, while US rig counts were 741.

Cleveland Federal Reserve Bank President Loretta Mester will speak on monetary policy at the Global Interdependence Center's Central Banking Series in Singapore at 8.15 pm ET.

In the corporate segment, J. M. Smucker Co.(SJM) updated its full-year fiscal 2017 net sales, earnings, and free cash flow outlook.

The company expects net sales for full year 2017 to decrease approximately 5% from 2016, including a 2% impact of the US canned milk divestiture. Excluding the impact of the divestiture, net sales are expected to decrease 3%. The change from previous guidance reflects reduced US Retail Coffee segment net sales results in the third quarter and forecast sales in the fourth quarter.

Comparable net sales for the full-year 2017 is expected to be down 3%. Previously, this was expected to be flat to down 1%.

Barns Group Inc. (B) announced an increase in the fourth-quarter net income to USD36.714 million from USD24.406 million in the previous year. On a per share basis, earnings surged to USD0.67 from USD0.44 in the prior year.

Net sales for the quarter climbed 12.9% to USD324.17 million from USD287.03 million in the last year.

Deere And Co. (DE) reported a decline in the first-quarter bottom line to USD193.8 million, or USD0.61 per share from USD254.4 million, or USD0.80 per share a year ago. Revenue rose 1.8% to USD5.63 billion from USD5.53 billion last year.

Asian stocks closed broadly in the red on Friday. The arrest of Samsung's de facto leader Lee Jae-yong for bribery, embezzlement, and perjury in connection to a massive corruption scandal also hurt regional sentiment.

China's Shanghai Composite index dropped 27.54 points or 0.85% to 3,202.08. Hong Kong's Hang Seng index lost 73.96 points or 0.31% to close at 24,033.74.

Japanese shares fell as the yen gained ground amid the G20 gathering in the German city of Bonn. The Nikkei average fell 112.91 points or 0.58% to 19,234.62 while the broader Topix index closed 0.42% lower at 1,544.54.

Australian shares ended a choppy session modestly lower. The benchmark S&P/ASX 200 index ended down 10.50 points or 0.18% at 5,805.80 after notching its highest close since May 5, 2015 on Thursday. The broader All Ordinaries index closed 12 points or 0.20% lower at 5,851.

European shares are trading in the red on Friday France's CAC 40 is declining 46.23 points or 0.93%. Germany's DAX declining 52.89 points 0.44%. Swiss Market Index is down 13.49 points or 0.16%. Europe's leading Blue-chip index for the Eurozone, Euro Stoxx 50 is currently down 0.67%.

Copyright RTT News/dpa-AFX

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