Trade Data, WFC Earnings Ahead in Friday’s Premarket

Trade Data, WFC Earnings Ahead in Friday’s Premarket

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Morning Outlook

Futures are holding tight in premarket trading Friday. The economic calendar ends the week on a light note, with trade numbers coming before the open. On the earnings front, Wells Fargo & Co. (WFC) will be reporting earnings also before the opening bell. Financials have been strong market performers, so it will be nice to get positive earnings out of the sector. The S&P will look to extend gains after closing at a five year high. So far in Friday’s premarket, futures on the S&P 500 index 1.4 points, or 0.1%, to 1,465.70, while Dow Jones Industrial Average futures lost 11 points to 13,395. Nasdaq 100 futures gave up 0.75 points, or less than 0.1%, to 2,736.25.

Wall Street rose into Thursday’s closing bell, boosted by economic data out of China. 25 of the 30 blue chips advanced as The Dow Jones Industrial Average gained 80.71 points, or 0.6%, to 13,471.22.The S&P 500 added 11.10 points, or 0.8%, to 1,472.12, with financials leading sector gains among its 10 major industry groups. After dipping into the red, the Nasdaq Composite rebounded to end at 3,121.76, up 15.95 points, or 0.5%.

Currencies and Commodities

The dollar rose 0.08% at 88.8500 yen in the currency market. The euro is losing 0.10% at $1.3259 while the pound depreciated 0.35% to $1.6112. Gold is falling on the stronger dollar, off $9.60 to $1,668.40 an ounce, while silver is climbing 0.83% at $30.67. Light, sweet crude for February delivery is down 66 cents to $93.15 per barrel on the NYMEX; a 0.70% decline.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to narrow to $41.1 billion in November, down from the prior months reading of $42.2 billion. Exports fell 3.6 percent, while imports declined 2.1 percent. The range goes from -$45.0 billion on the high end to -$39.8 billion on the low side.

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