News Column

Futures Pointing To Roughly Flat Open On Wall Street

May 16, 2014



WASHINGTON (Alliance News) - After moving sharply lower over the course of the two previous sessions, stocks may show a lack of direction in early trading on Friday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 5 points.

Uncertainty about the outlook for the markets may lead to choppy trading on Wall Street after the recent pullback by the markets dragged the Dow and the S&P 500 down well off their record highs.

Traders seem to be questioning whether the losses over the two previous sessions are the start of a correction by the markets or just a temporary retraction.

Meanwhile, some positive sentiment may be generated by a report from the Commerce Department showing a bigger than expected increase in housing starts in the month of April.

The report said housing starts surged up 13.2% to an annual rate of 1.072 million in April from the revised March estimate of 947,000. Economists had expected housing starts to climb to a rate of 980,000.

Building permits, an indicator of future housing demand, also jumped 8.0% to an annual rate of 1.080 million in April from the revised March rate of 1.0 million.

Not long after the start of trading, Thomson Reuters and the University of Michigan are scheduled to release their preliminary report on consumer sentiment in the month of May.



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Source: Alliance News


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