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US pre-open: Stocks to rise ahead of data slew; Walmart Q3 earnings impress

By Michele Maatouk

Date: Thursday 15 Nov 2018

US pre-open: Stocks to rise ahead of data slew; Walmart Q3 earnings impress

(Sharecast News) - US stocks looked poised for gains at the open on Thursday following losses in the previous session, as the dollar surged against the pound, with investors still eyeing trade relations between the US and China.
At 1220 GMT, Dow Jones Industrial Average and S&P 500 futures were up 0.4%, while Nasdaq futures were 0.6% firmer.

Sino-US relations were in focus again following a Reuters report on Wednesday that China has delivered a written response to US demands for trade reforms, prompting hopes of more formal negotiations to resolve the trade spat.

Meanwhile, the dollar was up 1.3% against the pound as senior UK cabinet ministers including Brexit Secretary Dominic Raab resigned just hours after Prime Minister Theresa May's cabinet "collectively approved" a withdrawal agreement with the European Union.

Oanda analyst Craig Erlam said that while much of the focus is likely to be on this side of the pond, there's also plenty for traders to focus on in the US.

"Jerome Powell's comments on Wednesday didn't really shed any further light on interest rate expectations in light of the recent market volatility, although he did allude to the fact that the central bank does keep an eye on it.

"I think a December hike is all but guaranteed regardless and they may then offer some updated views on interest rates next year, alongside new forecasts. I therefore don't expect much from Powell's comments today that traders will get too excited about."

In corporate news, 3M shares were likely to be active as the company set out its financial guidance for 2019, while Walmart was set to gain after it posted better-than-expected third-quarter earnings and lifted its full-year adjusted earnings per share outlook.

Still to come on the corporate calendar, JC Penny is slated to report earnings before the bell, while Nvidia and Nordstrom results are due after the close.

There was no shortage of releases for investors to sink their teeth into on the data front, with initial jobless claims, retail sales, the import price index, the Philadelphia Fed manufacturing survey and the NY Empire State manufacturing survey all due at 1330 GMT.

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