Tuesday January 10th

10-01-2017

Futures point to slightly higher open on Wall Street; economic data eyed

U.S. stock index futures pointed to a slightly higher open on Tuesday as traders geared up for the start of earnings season and eyed economic data. On the data front, the NFIB's small business survey results for December showed sentiment soaring to a 12-year high. Wholesale trade and job openings and labor turnover survey (JOLTS) for November are slated for release at 10 a.m ET. On the earnings front, tech company Synnex is due to report after the market close. Financial giants Bank of America, BlackRock and JPMorgan Chase are among the companies slated to report later this week. In Europe, the pan-European Stoxx-600 index was around 0.07 percent higher on Tuesday. In Asia, the Shanghai Composite in China closed 0.29 percent lower, while the Nikkei in Japan closed 0.79 percent lower. Oil prices, meanwhile, inched higher as investor optimism increased that both OPEC and non OPEC producers would stick to a planned production cut. Brent crude traded at around $55.10 a barrel on Tuesday, up 0.29 percent, while U.S. crude was around $52.10 a barrel, up 0.3 percent. The market is looking for more clues on Trump's spending plans in the first speech since his shock win in November, pushing the dollar lower. The pound and stocks also slid on fears of a "hard" Brexit after British Prime Minister Theresa May said at the weekend she was not interested in Britain keeping "bits" of its EU membership. Gold, often seen as an alternative investment during times of geopolitical and financial uncertainty, benefited from the risk-averse sentiment in the market. Spot gold hit its highest since Dec. 5 at $1,187.61 an ounce and was up 0.35 percent to $1,181.78 an ounce by 8:09 a.m. ET (1309 GMT). U.S. gold futures were flat $1,183.70 per ounce.