Friday June 16th

16-06-2017

Wall Street expected to open higher as tech tries to rebound

U.S. stock index futures pointed to a higher open on Friday as technology stocks attempted to come back from its latest pullback. Dow futures rose 7 points, while S&P and Nasdaq futures gained 1.25 points and 1.75 points, respectively. Tech stocks, the best performers of 2017 so far, briefly fell more than 1 percent on Thursday, pressuring the broader market. Still, the Dow, S&P and Nasdaq all closed well off session lows. Shares of Facebook, Netflix, Amazon, Apple and Alphabet all traded slightly higher in the premarket. Snap shares also climbed more than 1 percent before the bell, bouncing from its IPO price of $17. On the data front, housing starts fell 5.5 percent last month. Economists polled by Reuters expected a 3.5 percent uptick. Other data set for release Friday include the Atlanta Fed Business inflation expectations, consumer sentiment and the weekly oil rig count. The Fed's Dallas President Robert Kaplan is also due to speak Friday. There are no earnings releases due Friday. In Europe, the pan-European Stoxx-600 index was around 0.54 percent higher on Tuesday morning. In Asia, the Shanghai Composite in China closed 0.31 percent lower, while the Nikkei in Japan closed 0.56 percent higher after the Bank of Japan held interest rates steady during its latest policy announcement. In oil markets, Brent crude traded at around $47.42 a barrel on Tuesday, up 1.1 percent, while U.S. crude was around $44.80 a barrel, up 0.76 percent. Gold rose on Friday as investors judged that a sell-off sparked by a rise in U.S. interest rates this week had run its course and the dollar weakened, making bullion cheaper for holders of other currencies. Spot gold rose 0.18 percent to $1,255.69. Earlier in the session, it hit $1,251.05, its weakest since May 24. The metal has fallen about 1 percent so far this week. U.S. gold futures for August delivery rose 0.2 percent to $1257.10.