Stock futures point higher as OPEC meets

FAN Editor

OPEC is meeting to decide on whether to raise oil output. The Saudi and Russian energy ministers said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus proposal for the group and its allies.

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U.S. crude was trading 1% higher, above $66.

Dow Jones futures were rising by 0.31%. The S&P 500 added 0.32% and the Nasdaq Composite was up 0.22%.

U.S. stocks fell Thursday as investors gauged increasing trade tensions between the U.S. and China.

The Dow Jones Industrial Average lost 196.1 points, or 0.8%, to 24,461.70, marking the blue-chip index’s eighth consecutive day in negative territory. That’s the longest losing streak for the Dow in 15 months.

The S&P 500 fell 17.56 points to 2,749.76. The Nasdaq Composite dropped 68.56 points to 7,712.95.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 24461.7 -196.10 -0.80%
SP500 S&P 500 2749.76 -17.56 -0.63%
I:COMP NASDAQ COMPOSITE INDEX 7712.9524 -68.56 -0.88%

Online retailers such as Amazon.com and eBay also closed in negative territory in reaction to a Supreme Court ruling allowing states to require e-commerce companies to collect sales taxes.

Supermarket chain Kroger delivered stronger than expected earnings and sales, sending its stock up 9.7%.

Financial shares may be active on Friday after the 35 largest U.S. banks passed the Federal Reserve’s annual stress tests.

In Friday’s European trading, London’s FTSE was up 0.29%,  Germany’s DAX rose 0.30% and France’s CAC is higher by 0.49%.

On Thursday, the Bank of England left its key interest rate unchanged at 0.50%, as expected. If the economy is turning the corner, the idea of an August rate increase could be on the table.

In the U.S., the number of Americans filing for unemployment benefits unexpectedly fell last week. Initial claims decreased 3,000 to a seasonally adjusted 218,000.

The Philadelphia Fed report on manufacturing in the Mid-Atlantic region fell to the lowest level since November 2016.

In Asia on Friday, China’s Shanghai Composite closed the day up 0.5%, but fell 4.4% for the week.

Japan’s Nikkei finished the day lower by 0.78% and down 1.46% for the week.

FOX Business’ Matthew Rocco contributed to this article.

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