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Stocks - Dow Set For Triple-Digit Gain Amid Signs of Economic Bottom

Stock Markets Mar 01, 2019 06:57AM ET
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© Reuters.

Investing.com - U.S. stock markets are poised to open higher Friday, breaking its longest losing streak of the year so far thanks to signs that the Chinese and European economies may be bottoming out.

The blue-chip Dow futures gained 174 points, or 0.67%, to 26,086.5 points by 6:50 AM ET (11:50 GMT), the S&P 500 futures rose 17 points, or 0.62%, to 2,801.88 points, while the tech-heavy Nasdaq 100 futures traded up 54 points, or 0.75%, to 7,156.12 points.

Business surveys from China and Europe showed that the economic situation there wasn’t quite as bad as initial readings last week had suggested – even though both the Caixin and the IHS Markit Purchasing Managers Index, for China and euro zone, respectively, were below the 50 level that separates growth from contraction. Stronger-than-expected retail sales and jobless data from Germany also helped to lift spirits.

In company news, investors are likely to focus on Tesla (NASDAQ:TSLA), which fell 4.4% in pre-market trading Friday after it said it closed most of its stores and moved to an online sales model, a move aimed at stripping out enough costs to let it meet Elon Musk’s target of selling its mass-market Model 3 for only $35,000.

AT&T (NYSE:T) will also grab attention amid news that two of the firm’s longtime executives are stepping down. According to The Wall Street Journal, Richard Plepler, the chairman and chief executive of HBO, sent a memo to staff announcing his resignation, while David Levy, president of Turner - the parent of cable channels CNN, TNT, TBS and Cartoon Network - will also step down as early as Friday.

On the economic front, ISM manufacturing data for February will take the spotlight at 10:00 AM ET (15:00 GMT) on Friday, overshadowing the delayed release of personal income and spending, which includes the Federal Reserve's preferred inflation measure, core personal consumption expenditures (PCE), or the final revision of the University of Michigan’s consumer sentiment for February.

Elsewhere, European indices registered gains across the board. Germany’s Dax, up 1%, led the pack as the country’s manufacturing activity, unemployment change and retail sales all topped expectations.

Earlier, Asian shares ended sharply higher as data eased economic fears. China’s Shanghai Composite led gains as index publisher MSCI announced it would raise the weight of Chinese mainland shares in its global benchmarks.

Outside of equities, the U.S. dollar index, which measures the greenback against six rival currencies, edged forward 0.08% to 96.12 by 6:52 AM ET (11:52 GMT), while the yield on the 10-year Treasury advanced 1.9 basis points to 2.73%.

In commodities, gold futures fell 0.42% at $1,310.55 a troy ounce, while crude oil traded up 0.33% to $57.41 a barrel.

Stocks - Dow Set For Triple-Digit Gain Amid Signs of Economic Bottom
 

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Comments (12)
John livens
John livens Mar 01, 2019 11:12AM ET
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The market is at all time highs , how is that an economic bottom ? At this rate lets rally 52 weeks straight. Y NOT ?
Suman Jutur
Suman Jutur Mar 01, 2019 8:19AM ET
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one day it is up and the next day it is down despite all underlying facts remaining same and unchanged.
Gabe Domen
Gabe Domen Mar 01, 2019 7:59AM ET
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Take the news as an amusement because they are a mix of data that some is important (earnings, inflation, interest rates) and the rest just to fill the websites to sell advertisements.
Marshall Hiepler
Marshall Hiepler Mar 01, 2019 7:33AM ET
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I find these news releases immeasurably helpful. I read them carefully, determine the investment behavior they prompt, and then do the opposite.
William Baker
William Baker Mar 01, 2019 7:33AM ET
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Ah the inverse play strategy. Usually very effective!
David Beer
David Beer Mar 01, 2019 7:33AM ET
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yup,
Riley Kiefer
Riley Kiefer Mar 01, 2019 7:33AM ET
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I'm not going to lie. They had me in the first half
Silverbug 19
Silverbug 19 Mar 01, 2019 7:09AM ET
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Oh that's right 5% almost took the entire global economy down in 2008. Or was it the derivatives imploding and we needed to bail out the banks to the tune of $16 T. See Ron Pauls audit the Fed
Silverbug 19
Silverbug 19 Mar 01, 2019 7:07AM ET
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The debt well never paid off. If economy is so strong why not raise rates to 5%?
Itachi Uchiha
Vi5uAnalyst Mar 01, 2019 7:07AM ET
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exactly
Silverbug 19
Silverbug 19 Mar 01, 2019 7:06AM ET
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Ninety Mil plus employable unemployed. Fifty mil on food stamps. $200 T in debt counting all obligations. wars,pension promises etc.
Silverbug 19
Silverbug 19 Mar 01, 2019 7:04AM ET
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Just look at the stocks they put in these indexes. They take losers out all the time.
Christian Busse
Christian Busse Mar 01, 2019 7:04AM ET
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so we will just ignore the fact that dax hit 10300?! fair enough
Silverbug 19
Silverbug 19 Mar 01, 2019 7:04AM ET
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Headlines are Hedge fund fotter
 
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