U.S stock futures slightly positive as banking shares trading higher

DJIA futures are trading higher 90 points before the market opens while S&P500 & Nasdaq futures little changed near the record high. The stock market is boosted by banking shares as Morgan Stanley (MS) announced it will double quarterly dividends and commence a $12 billion worth of stock buy-back program. Well’s Fargo also follows the same road, doubling dividends and announce a shares buyback of $18 billion.

The news is follow-up news on stress test results announced by the Fed last week where all 23 major banks passed. MS share prices currently up 3% in pre-market trading.

Asian & European Stock market

The Asian stock market mostly lower. Japan Stock market down 235.41 points (-0.81%) to 28,812.61, China stock market down 33.19 points (-0.92%) to 3,573.18 and Australia ASX 200 down 6.10 points (-0.08%) to 7,301.20. The European stock market on the other hand moving higher. DAX Germany up 1.18%, UK FTSE up 0.55%, and Euro STOXX600 up 0.61%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index futures show bullish pressure before the market open. At the current time, the index is trading near the daily SMA 50 and might trade near it before the release of U.S job data this week. Traders will continue to assume that the trend will continue bullish when the index could climb above the bearish trendline.

Kraft Heinz Co (KHC)

KHC share prices look trading lower in a bearish correction since the $44.95 high. It is currently trading near the daily SMA 100 and might bounce from it toward the horizontal level above or the daily SMA 50. If the share prices could not close above both resistance levels then traders will prepare for a deeper bearish correction to test daily SMA 200.