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Market: Stocks to open in green after lackluster inflation data

US stocks are set to open higher after ending in the green territory on Thursday, following middling US consumer prices data. The inflation data also hinted that the Federal Reserve may not take an aggressive approach towards interest rates hikes. Traders are looking forward to a positive outcome from the upcoming meeting between President Donald Trump and North Korean leader Kim Jong Un.

The S&P futures advanced 0.14% to 2,722.50, Dow futures gained 0.12% to 24,721, and Nasdaq rose 0.03% to 6,967 at 8:38 am ET. Elsewhere, shares at Asian markets closed broadly higher on Thursday, and European stocks are trading positive.

On the European economic front, data from the Statistics Portugal showed that Portugal’s consumer price inflation slowed to 0.40% in April from 0.69% in March. Central Statistics Office report revealed that Ireland’s manufacturing output slid 7.3% on month in March after falling 9.9% in February. INE data showed that Spain’s consumer price inflation slowed to 1.1% in April from 1.2% in March. Statistical Office report revealed that Slovakia’s industrial production fell 2.3% on year in March after rising 1.1% in February.

National Institute of Statistics data revealed that Romania’s industrial production increased 4.1% on year and rose 0.5% on month in March. Statistics Denmark report showed that Denmark’s consumer price inflation accelerated to 0.8% in April from 0.5% in March. KBC Bank and the Economic and Social Research Institute survey revealed that Ireland’s consumer confidence fell to 104.0 in April from 108.1 in March.

On the Asian economic front, data from the government showed that Hong Kong’s GDP grew 4.7% on year in the first quarter after rising 3.4% in the fourth quarter. Department of Statistics report revealed that Singapore’s retail sales rose 2.3% on month in March after falling 1.6% in February. Real Estate Institute of New Zealand data showed that New Zealand house prices increased 1.9% on year to $550,000 in April and home sales volume grew 6.6% on year in April.

Australian Bureau of Statistics data revealed that housing finance in Australia fell 2.2% on month in March after declining 0.2% in February. Bank of Japan report showed that M2 money stock in Japan grew 3.3% on year in April to 1,002.5 trillion yen after rising 3.1% in March. Statistics New Zealand report revealed that food prices in New Zealand rose 0.1% on month in April after climbing 1% in March. BusinessNZ data showed that manufacturing sector in New Zealand increased to 58.9 in April from 53.1 in March.

U.S. stock market snapshot
U.S. stock market snapshot

On May 10, US ended higher, with Dow up 0.80% to 24,739.53. Nasdaq gained 0.89% to 7,404.97, and the S&P 500 advanced 0.94% to 2,723.07. Traders remained positive after the Labor Department report showed that consumer prices rose 0.2% in April after declining 0.1% in March. Another Labor Department data revealed that initial jobless claims for the week ended May 5 came in at 211,000, unchanged from last week.

Meanwhile, key economic events scheduled for today include the exports and import prices data and the University of Michigan’s consumer-sentiment index. St. Louis Fed President James Bullard will give a speech on economic and monetary policy to the Springfield Area Chamber of Commerce in Springfield, Mo. The Trump administration is predicted to speak on drug prices today.

Key companies reporting earnings today include UTStarcom Holdings (UTSI), Pilgrim’s Pride Corporation (PPC), and Thomson Reuters Corporation (TRI).

On the corporate front, Trade Desk (TTD) stock jumped 26.30% in the premarket after lifting earnings guidance due to huge gains for advertising on streaming-video services. Nvidia (NVDA) stock slid 1.99% in the premarket despite upbeat first-quarter results. Dropbox (DBX) stock declined 2.34% in premarket trading as investors were less impressed with the company’s upbeat quarterly results. Symantec (SYMC) stock plunged 27.83% in the premarket after weak guidance.

Crude oil futures are down 0.08% to $71.30. Gold is trading up 0.22% to $1,325.20, and silver is up 0.42% to $16.83. On the currency front, the US dollar is trading down 0.13% at 109.269 yen. Against the euro, the dollar up 0.21% to $1.1942. Against the pound, the dollar is up 0.40% to $1.357.

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