US Stocks Slightly Up Ahead of Holiday Weekend

U.S. stock index futures pointed to modest gains at the open on Friday, indicating the market’s recent upswing was intact with major indexes on track for their fourth straight week of gains.

Stocks have been strong of late, with investors taking any opportunity to buy on dips. However, this week’s trading volume has been among the lightest of the year, and that is likely to be more pronounced on Friday, ahead of the Labor Day holiday in the United States for which markets will be closed on Monday.

In the latest economic data, consumer spending unexpectedly fell in July as savings rose to their highest level in more than 1-1/2 years, a sign that households remain cautious despite an acceleration in economic and jobs growth.

 
After the market opens, the MNI Chicago Purchasing Manager’s Index and the Thomson Reuters/University of Michigan Surveys of Consumers will be released. Both are seen rising modestly.

S&P 500 e-mini futures ESc1 rose 2.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average e-mini futures 1YMc1 rose 15 points and Nasdaq 100 e-mini futures NQc1 rose 7.25 points.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza