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US Stocks Seen Opening Mixed

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(RTTNews.com) – Early indications from U.S. futures suggest that stocks are likely open mixed at the opening bell Friday. The dollar held steady as the initial euphoria over President Trump’s tax plan faded, with investors bracing for a tough passage of the Bill through Congress.

While a Fed rate hike in December looks like a done deal, key data due out later in the day, including the release of personal consumption expenditure (PCE)‚ a key measure of inflation, might affect the Fed’s views on future monetary policy.

Reports on personal income and spending, consumer sentiment and Chicago-area business activity are slated to be released later in the day.

Tyson Foods boosted its earnings guidance for fiscal 2017 and announced a restructuring that includes layoffs.

Elsewhere, Asian stocks closed broadly higher today, although overall gains remained muted ahead of upcoming holidays in China and South Korea next week.

Japanese shares ended on a flat note as a slew of data offered a mostly positive picture of the economy and Tokyo Governor Yuriko Koike emerged as the main challenger to Japan Prime Minister Shinzo Abe ahead of the Oct. 22 election.

Chinese markets eked out modest gains on hopes that next month’s twice-a-decade Communist Party Congress will likely make state-owned enterprise reform a priority.

European stocks steadied near two-month highs as the euro struggled and banks paused after recent strong gains on expectations of higher interest rates.

German retail sales climbed 2.8 percent year-on-year in August, the same rate of growth as seen in the July, official data showed.

The unemployment rate in Germany hit a fresh record low of 5.6 percent in September and French consumer price inflation rose slightly to 1 percent in September from 0.9 percent in August, while U.K. second-quarter GDP growth saw a downward revision.

Gold held near six-week lows on improved risk appetite following the tax reform speech from U.S. President Donald Trump, while both Brent and U.S. crude futures remain on track to chalk up another weekly gain.

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