MARKET SNAPSHOT: U.S. Stock Futures Inch Higher Ahead Of Packed Data Week
29 May 2017 - 10:41AM
Dow Jones News
By Sara Sjolin, MarketWatch
Consumer-confidence and jobs data are among highlights this
week
U.S. stock futures posted mild gains in holiday-thinned trade on
Monday, ahead of a heavy week on the data front including
consumer-confidence and nonfarm-payrolls numbers.
Futures for the Dow Jones Industrial Average added 8 points to
21,074 while those for the S&P 500 index gained 1.70 points, or
0.1%, to 2,415.50. Futures for the Nasdaq-100 index rose 7 points,
or 0.1%, to 5,799. 25.
The bourses won't open for ordinary trade later on Monday, as
financial markets in the U.S. are closed for the Memorial Day
holiday. U.K. and Chinese markets are also off for a holiday.
Read: When do markets close for Memorial Day?
(http://www.marketwatch.com/story/when-do-markets-close-for-memorial-day-2017-05-24)
Ahead of the long weekend, the S&P 500 and Nasdaq Composite
on Friday logged tiny gains that nevertheless were enough for the
benchmarks to finish in record territory
(http://www.marketwatch.com/story/record-run-for-us-stocks-hangs-in-the-balance-ahead-of-holiday-weekend-2017-05-26).
The Dow average ended slightly lower.
"The old adage of 'sell in May and go away' hasn't worked out
too well. Global stocks have now been rallying for six weeks. U.S.
stock markets completely unwound the sell-off that occurred after
the leaked memo from FBI Director Comey," said Jasper Lawler,
senior market analyst, in a note.
"Dip-buyers won out again," he added.
All three indexes posted their biggest one-day losses of 2017
earlier in May, after reports that President Donald Trump in
February asked then-director of the Federal Bureau of
Investigation, James Comey, to stop his investigation into former
National Security Adviser Michael Flynn.
Since then, more turmoil has surrounded the White House. Over
the weekend, media reports said Jared Kushner, Trump's son-in-law
and senior adviser, had considered setting up a secret channel
between Russia and Washington to allow for secure communications
with a Russian military official
(http://www.marketwatch.com/story/jared-kushner-reportedly-discussed-a-secret-channel-to-talk-with-russians-2017-05-27).
Economic data: While there was no major reports due on Monday,
traders braced for a packed week of economic data.
The two most important reports
(http://www.marketwatch.com/story/consumer-confidence-jobs-to-highlight-packed-stock-market-week-2017-05-27)
will be May consumer-confidence figures on Tuesday and the May jobs
report on Friday, according to Brad McMillan, chief investment
officer for Commonwealth Financial Network.
Economists polled by MarketWatch expect a consumer-confidence
reading of 118.6, down from last month's 120.3, and for 185,000
jobs to have been created in May. Of primary importance in the job
figures, however, will be wage growth and productivity.
Inflation data are on deck Tuesday as well, while the closely
watched ISM manufacturing index comes out on Thursday.
See:
Other markets: Stocks in Asia closed mostly higher
(http://www.marketwatch.com/story/asian-markets-shrug-off-latest-north-korean-missile-test-2017-05-28),
as investors shrugged off North Korea's latest missile launch.
Stocks in Europe were mostly lower in thin trade
(http://www.marketwatch.com/story/european-stocks-slip-in-thin-volumes-with-uk-us-markets-closed-2017-05-29),
with the Brits out for a bank holiday.
Oil was down 0.5%, while gold slipped 0.1%. The dollar traded
mixed against other major currencies, keeping the ICE Dollar Index
in tight ranges.
(END) Dow Jones Newswires
May 29, 2017 05:26 ET (09:26 GMT)
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