Friday February 10th

10-02-2017

Wall Street expected to open higher after stocks reached record highs

U.S. stock index futures pointed to a higher open on Friday as traders digested economic data and earnings. The three major U.S. indexes closed at record highs Thursday after President Donald Trump hinted at a tax-related announcement in the next few weeks. On the data front, import prices rose 0.4 percent in January, more than the expected 0.2 percent increase. Export prices rose 0.1 percent last month, in line with estimates. Consumer sentiment set to come out at 10 a.m. ET. On the earnings front Aon, ArcelorMittal and CBRE Group are among companies that reported before the bell. In Asian markets, the Shanghai Composite in China closed 0.44 percent higher and the Nikkei in Japan rose 2.49 percent. On Thursday night, President Donald Trump and President Xi Jinping of China spoke over the phone. "The two leaders discussed numerous topics and President Trump agreed, at the request of President Xi, to honor our "one China" policy," The White House said in a statement. In Europe, the pan-European Stoxx 600 Index was around 0.05 percent lower on Friday. Oil prices rose more than 1 percent on Friday after news that OPEC members' initial compliance with last year's landmark production cut deal reached a record high. Brent crude was up $1.03, or 1.9 percent, at $56.66 a barrel by 8:12 a.m. (1312 GMT), touching a session high of $56.39 shortly after the IEA report's publication. U.S. West Texas Intermediate (WTI) crude futures traded up 83 cents, or 1.6 percent, at $53.83. Gold fell on Friday, retreating further from this week's three-month high, as President Donald Trump's promise of a major tax announcement boosted the dollar and upbeat data fueled talk of a near-term rise in U.S. interest rates. Disappointment among some buyers at gold's failure to break above the $1,245 an ounce level it tested twice this week has also fed into the pullback, analysts said. Spot gold was down 0.34 percent at $1,226.36 per ounce, while U.S. gold futures for April delivery dropped by 0.73 percent to $1,227.80. On Wednesday, it touched its highest since Nov. 11 at $1,244.67.