US STOCKS-Wall St set to open higher ahead of U.S. business surveys
21/05/2021 13:57
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* Deere up after raising FY profit forecast
* Bitcoin steadies, crypto-stocks rebound further
* Futures up: Dow 0.39%, S&P 0.37%, Nasdaq 0.37%
(Adds comment, details; updates prices)
By Medha Singh
May 21 (Reuters) - Wall Street's main indexes were set to
open slightly higher on Friday, extending a recovery from the
previous session, as attention shifted to business surveys at
the end of a volatile week of trading.
IHS Markit's U.S. manufacturing and service sector
Purchasing Managers Index data would come on the heels of
surveys in the euro zone indicating the fastest pace of business
growth in over three years in May. urn:newsml:reuters.com:*:nL2N2N80IR
Wall Street's main indexes gained ground on Thursday
following a three-day slump after data showed the fewest U.S.
weekly jobless claims since the pandemic-driven recession in
2020, pointing to a pick up in labor market.
The stock market recovery was led by tech-related mega-cap
shares, putting the Nasdaq on course to snap a four-week losing
streak. The S&P 500 and the Dow were headed for second straight
weekly declines.
"After some pressure in the start of the week we can see
some buying interest in beaten-down mega-cap tech names as their
valuations seem to look a bit more attractive," said Robert
Pavlik, senior portfolio manager at Dakota Wealth in New York.
"The market would also focus on how cryptocurrencies
perform, and if they fall even more, it could spark off some
selling going ahead."
Bitcoin BTC=BTSP hovered around $40,000, pausing its
attempt to recover from this week's massive plunge.
Cryptocurrency-related stocks Coinbase Global COIN.O , Riot
Blockchain RIOT.O and Marathon Digital Holdings MARA.O
firmed between 1.6% and 2.7%. urn:newsml:reuters.com:*:nL2N2N80J5
At 8:31 a.m. ET, Dow e-minis 1YMcv1 were up 134 points, or
0.39%, S&P 500 e-minis EScv1 were up 15.5 points, or 0.37%,
and Nasdaq 100 e-minis NQcv1 were up 49.25 points, or 0.37%.
Deere & Co DE.N gained 1.2% after the farm equipment
manufacturer raised its full-year profit forecast. urn:newsml:reuters.com:*:nL3N2N82K0
Foot locker FL.N rose 2.1% after the shoes and apparel
retailer posted a more than 80% jump in first-quarter sales.
(Reporting by Medha Singh and Shashank Nayar in Bengaluru;
Editing by Maju Samuel)
((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,
outside U.S. +91 80 6182 2802; Twitter: https://twitter.com/medhasinghs;))