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Market: Stocks to open in green after Trump’s decision

US stocks are set to open higher after ending mixed on Tuesday, as investors have digested President Donald Trump’s decision to withdraw from Iran nuclear deal. As oil prices rise by 2.46% to $70.76 a barrel, markets continue to react to Trump’s decision, abruptly restoring harsh sanctions in the most consequential foreign policy action of his presidency.

The S&P futures gained 0.38% to 2,680.50, Dow futures advanced 0.44% to 24,413, and Nasdaq rose 0.29% to 6,840.25 at 8:47 am ET. Elsewhere, shares at Asian markets closed mixed on Wednesday, and European stocks are trading flat.

On the European economic front, data from the Statistics Portugal showed that Portugal’s unemployment rate declined to 7.9% in the first quarter from 8.1% last quarter. Statistical Office of the Slovak Republic data revealed that Slovakia’s foreign trade surplus rose to EUR 515 million in March from EUR 236.3 million last year. Croatian Bureau of Statistics report showed that Croatia’s foreign trade deficit fell to EUR 646.4 million in February from EUR 677.2 million last month. National Statistical Institute data revealed that Bulgaria’s industrial production rose 1.7% on year in March after falling 0.9% in February.

Statistics Sweden data showed that Sweden’s consumer price inflation eased to 1.7% in April from 1.9% in March. Istat report revealed that Italy’s retail sales slid 0.2% on month in March after rising 0.7% in February. INE data showed that Spain’s industrial production grew 5.1% on year in March after rising 3% in February. Hungarian Central Statistical Office report revealed that Hungary’s consumer price inflation accelerated to 2.3% in April from 2% in March. Insee data showed that France’s industrial production slid 0.4% on month in March after rising 1.1% in February. Statistics Norway data revealed that consumer price inflation accelerated to 2.4% in April from 2.2% in March.

On the Asian economic front, data from the Cabinet Office showed that Japan’s future economic activity fell to 105 in March from 105.9 in February, while the current economic activity improved to 116.4 in March from 116 in February. Philippine Statistical Authority report revealed that Philippine foreign trade deficit widened to $2.61 billion in March from $2.1 billion last year. Ministry of Health, Labor, and Welfare data showed that total labor cash earnings in Japan grew 2.1% on year in March after rising 1% in February. Statistics New Zealand data revealed that overall credit card spending in New Zealand slid 0.9% on month in April after rising 0.7% in March.

On May 8, US ended mixed, with Dow up 0.012% to 24,360.21 and Nasdaq up 0.023% to 7,266.90. Meanwhile, the S&P 500 closed down 0.027% to 2,671.92. Traders turned mixed following President Donald Trump’s decision to withdraw from Iran’s nuclear deal.

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

Meanwhile, key economic events scheduled for today include Labor Department’s producer price index, wholesale trade inventories, and the Energy Information Administration’s petroleum status report. Atlanta Federal Reserve Bank President Raphael Bostic will give a speech at the World Affairs Council in Jacksonville, Florida.

Key companies reporting earnings today include MannKind (MNKD), Novavax (NVAX), Microvision (MVIS), Harte Hanks (HHS), Dun & Bradstreet (DNB), Inovio Pharmaceuticals (INO), Neenah Paper (NP), Office Depot (ODP), Nuance Communications (NUAN), LTC Properties (LTC), Synaptics (SYNA), QuickLogic (QUIK), CenturyLink (CTL), Infinera (INFN), Albemarle (ALB), Roku (ROKU), Booking Holdings (BKNG), and 21st Century Fox (FOXA).

On the corporate front, Groupon (GRPN) stock jumped 13.22% in the premarket after upbeat first-quarter results. Arrowhead Pharmaceuticals (ARWR) stock grew 8.39% in premarket trading after brokerage firm Cantor Fitzgerald upgraded the shares to “overweight” from “neutral”. Delphi Technologies (DLPH) stock rose 1.12% before the opening bell after upbeat first-quarter earnings.

Office Depot (ODP) stock climbed 11.81% in the premarket after lifting fiscal 2018 outlook and first-quarter sales exceeded estimates. Walmart (WMT) stock fell 4.70% in premarket after it intends to invest $16 billion in Flipkart for an initial stake of 77%. Tripadvisor (TRIP) stock soared 19.39% in the premarket after better-than-expected first-quarter results.

Crude oil futures are up 2.46% to $70.76. Gold is trading down 0.08% to $1,312.60, while silver is up 0.17% to $16.50. On the currency front, the US dollar is trading up 0.57% at 109.687 yen. Against the euro, the dollar up 0.14% to $1.1881. Against the pound, the dollar is up 0.31% to $1.3589.

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