Friday February 16th

16-02-2018

US stocks set to rise at the open after 5-day winning streak

U.S. stock index futures posted solid gains ahead of Friday's open, lifted by positive sentiment in domestic and international markets. Around 6:55 a.m. ET, Dow futures were up 27 points, indicating a rise of 75.63 points at the open. The Nasdaq and S&P 500 futures also pointed to a higher open for their respective markets. The positive uptick in U.S. futures comes after Wall Street posted solid gains Thursday, with the Dow Jones industrial average closing up more than 300 points, securing a five-day winning streak. Despite the market recovery, investors remain on edge as the prospect of higher interest rates continues to rattle sentiment across the globe. A slew of economic data and earnings are due to be released Friday. At 8:30 a.m. ET, housing starts & building permits, import prices and the Business Leaders Survey are all schedule to be published. Consumer sentiment and the Quarterly Services Survey are set to come out at 10 a.m. ET. In politics, the U.S. Senate barred a number of immigration proposalsThursday, leaving the debate on how best to protect young immigrants from deportation in a state of limbo. Elsewhere, oil prices rose on the back of a weaker U.S. dollar. Activity was subdued as many Asian markets were closed for the Lunar New Year holiday. U.S. West Texas Intermediate crude for March delivery was up 32 cents at $61.66 a barrel just before 8 a.m. ET (1300 GMT), after touching a one-week high of $61.89. For the week, the U.S. crude contract has risen about 4 percent after losing nearly 10 percent last week. London Brent crude was up 49 cents at $64.82. Brent is up more than 3 percent for the week after falling more than 8 percent last week. Asian equities ended mixed on the last day of the week, but trading in the region was subdued with many markets shut for the Lunar New Year holiday. Japan's benchmark Nikkei rallied 1.19 percent, notching a weekly gain of 1.58 percent. Gold eased from a three-week high on Friday as the dollar index rebounded from an earlier three-year low, but was still on track for its biggest weekly gain in nearly two years on the back of weakness in the U.S. currency and inflation concerns. The dollar hit its lowest since 2014 in overnight trade and is heading for its biggest weekly loss in two years as negative sentiment offset any support the greenback could take from rising Treasury yields. Spot gold was up 0.19 percent at $1,355.76 an ounce at 8:03 a.m. EST, off an earlier three-week peak of $1,361.76. U.S. April gold futures were up 0.27 percent an ounce at $1,358.80.