The U.S. Futures market, being the early indicator of the direction of equities, is indicating at a positive opening. During the early hours, NASDAQ (INDEXNASDAQ:NDX) Futures were seen trading even at 4,332. S&P 500 INDEX (INDEXCBOE:SPX) Futures added a small 0.10% to 2,061 despite more turbulence in Asia as the week began.
The Dow Jones Industrial Average (INDEXDJX:.DJI) and S&P 500 Index had shed 0.32% and 0.51% respectively during the last trading day of the prior week.
Oil prices fall again
Oil prices will be a key factor among the notable events that will drive the U.S. markets today. The commodity is off its 2016 highs after OPEC recorded increased oil output that sparked oil glut fears again. The increased production from OPEC members has offset the fall in U.S. output, which further gives rise to fresh concerns surrounding oil supplies.
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Manufacturing data
Meanwhile, global markets are jittery with Asian markets starting off the week on a downbeat note. Japan’s Nikkei 225 (INDEXNIKKEI:NI225) fell the most in response to the Bank of Japan’s inability to contain the rally in Yen that rose to 18-month highs against the U.S. Dollar.
However, sentiment seemed a bit improved in the Eurozone as major markets reported upward momentum. Solid German manufacturing data helped Germany’s DAX INDEX (INDEXDB:DAX) and France’s CAC 40 (INDEXEURO:PX1) to add gains. The volumes across the markets were low as most in Asia and the U.K. observed the May Day Holiday.
On the economic front, German factories reported a surge in April as the reading breached three-month highs. However, France’s factory activity slowed down the most in a year. The Eurozone’s manufacturing purchasing managers’ index rose to 51.7 in April from 51.6 in March that came slightly better than the forecasts of 51.5 reading. Meanwhile, manufacturing activity in Japan slowed down in April at the fastest pace in three years.