By Peter Nurse
Investing.com - U.S. stocks are seen opening marginally lower Friday, with investors ending the week on a cautious note ahead of key sentiment data and with an eye on next week’s Federal Reserve meeting.
The main indices are marginally higher so far this week, but September has been a difficult month, as a rise in Covid-19 deaths, regulatory concerns in China, elevated valuations and the uncertainty surrounding the possibility of central banks cutting back their monetary stimulus all weighed.
Next week’s Federal Reserve meeting is limiting trading activity amid uncertainty over whether the central bank will announce a timeline for asset tapering, but Friday’s Quadruple Witching Day, when contracts on four different types of financial assets expire, could prompt more volatility.
The main data release is the preliminary reading of the University of Michigan's Consumer Sentiment Index , at 10 AM ET (1400 GMT), which is seen improving to 72 from August’s 70.3.
In corporate news, Invesco (NYSE: IVZ ) will be in the spotlight after the Wall Street Journal reported that the investment management company is in talks to merge with State Street 's (NYSE: STT ) asset-management business.
Aircraft manufacturer Boeing (NYSE: BA ) will also be in focus after a report that one of its pilots could face criminal charges for allegedly misleading regulators over the safety of the 737 MAX.
Crude prices weakened Friday as supply slowly comes back online in the hurricane-hit U.S. Gulf of Mexico region, but losses are small as the recovery in output is still seen lagging demand.
As of Thursday, about 28% of Gulf crude production - over 510,000 barrels a day - remained offline, more than two weeks after Hurricane Ida hit.
The CFTC’s speculative net positioning data and Baker Hughes’ oil rig count are due later in the session.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.