Wall Street set to open flat, eyes on consumer data
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February 04, 2023

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SATURDAY, FEBRUARY 04, 2023
Wall Street set to open flat, eyes on consumer data

World+Biz

Reuters
26 November, 2019, 08:15 pm
Last modified: 26 November, 2019, 08:21 pm

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Wall Street set to open flat, eyes on consumer data

The three main U.S. stock indexes have notched new highs this month

Reuters
26 November, 2019, 08:15 pm
Last modified: 26 November, 2019, 08:21 pm
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid

Wall Street's main indexes were set to open flat on Tuesday after closing at record highs in the previous session, with a handful of retailers reporting mixed results ahead of the latest batch of consumer confidence data.

Trade issues remained in focus after Beijing said negotiators had reached a "common understanding on resolving relevant problems", but stopped short of indicating an agreement was in the offing. White House adviser Kellyanne Conway said Washington was getting "really close" to a deal.

The three main U.S. stock indexes have notched new highs this month, fueled by optimism over a deal to end the damaging trade war, a third-quarter corporate earnings season that has largely topped lowered expectations and upbeat domestic economic data.

"A combination of progress on trade talks, no curveball by (Fed Chair) Powell, and consumer confidence should keep this 'Thanksgiving rally' going," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

A third interest rate cut by the Federal Reserve this year was also instrumental in lifting risk appetite, and Fed Chair Jerome Powell said on Monday monetary policy was "well positioned" to support the strong labor market.

The Conference Board's U.S. consumer confidence data for November, due at 10 a.m. ET, is expected to rise to 127 from 125.9 in October.

Consumer confidence data is expected to stay at fairly elevated levels and should bode well for consumer spending as the holiday season kicks off in a few days, Cardillo said.

At 8:38 a.m. ET, Dow e-minis 1YMcv1 were up 26 points, or 0.09%. S&P 500 e-minis EScv1 were up 0.75 points, or 0.02% and Nasdaq 100 e-minis NQcv1 were up 2.5 points, or 0.03%.

Best Buy Co Inc (BBY.N) jumped 4% after the consumer electronics retailer beat expectations for quarterly same-store sales and forecast strong holiday quarter earnings.

Walt Disney Co (DIS.N) rose 1.6% after a New York Post report said streaming service Disney+ is averaging nearly a million new subscribers a day, citing data collected from research firm Apptopia.

However, shares of Hewlett Packard Enterprise Co (HPE.N) fell 4% as the enterprise software maker missed fourth-quarter revenue estimates, hit by lower demand for its servers and storage products.

Dollar Tree Inc (DLTR.O) tumbled 13.3% after the discount store operator forecast holiday-quarter profit below expectations, as it expects a hit from U.S. tariffs on Chinese imports.

Global Economy

Wall Street

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