Wall Street Set To Bounce Back

(RTTNews) - Initial cues from the U.S. Futures Index suggest that Wall Street might open significantly higher on Friday, while the major averages finished lower at yesterday's close.

In the Asian trading session, oil prices edged lower. Brent crude futures dipped 0.7 percent to $93.14 a barrel.

Gold prices rose sharply, while spot gold jumped 1.5 percent to $4,586 an ounce.

As of 7.45 am ET, the Dow futures were up 262.00 points, the S&P 500 futures were adding 32.75 points and the Nasdaq 100 futures were progressing 204.25 points.

The U.S. major averages ended Thursday lower. The Dow tumbled 703.84 points or 1.3 percent to 52,759.21, the Nasdaq slumped 263.92 points or 1 percent to 26,067.17 and the S&P 500 slid 66.82 points or 0.9 percent to 7,641.16.

On the economic front, the PMI Composite Flash for August will be issued at 9.45 am ET.

The Baker Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North America rig count was 812, while the U.S. rig count was 593.

Asian stocks ended mixed on Friday. China's Shanghai Composite index fluctuated before finishing marginally higher at 3,905.20. Hong Kong's Hang Seng index rallied 1.21 percent to 26,009.46.

Japanese markets closed lower. The Nikkei average dropped 0.30 percent to 66,016.36. The broader Topix index settled 0.19 percent higher at 4,067.29.

Australian markets ended slightly lower. The broader All Ordinaries index closed 0.31 percent lower at 9,269.70.