Wall Street tipped-off for a flying start, Yellen’s speech eyed

FXStreet (Mumbai) - Stocks on the American bourses are predicted to jump at open, tracking the solid performances witnessed on their Asian and European counterparts, on the back of a better sentiment towards riskier assets such as the equities.

Yellen’s speech in the spotlight

Meanwhile, markets are likely to take cues from upcoming US ADP report, Chicago PMI and the Fed official Dudley’s speech ahead of the US central bank Chief Yellen’s speech.

Analysts at the Bank of Tokyo-Mitsubishi noted, "Given the current financial market volatility, an October FOMC rate increase is highly unlikely whatever the jobs data brings this week and hence the data this week is perhaps not as crucial as usual."

Ahead of the US market open, Standard & Poor's 500 index jumped 1.25% to 1,900, while Nasdaq futures rallied nearly 1.50% to 4,133 points and DJIA futures advanced 1.15% to 16,134 points.