Wall Street set for higher open as oil rally boosts energy stocks


US stocks finished higher Monday as gains in technology and banks outweighed losses in consumer goods companies and other sectors.

Wall Street was set to open higher on Wednesday, with shares of energy companies getting a boost from surging oil prices after President Donald Trump chose to pull the United States out of a nuclear deal with Iran.

In Asia, share markets notched moderate gains on Thursday in morning session, tracking Wall Street's advance as oil prices traded higher after touching multi-year highs overnight.

The Dow Jones Industrial Average rose 0.39 percent to end at 24,357.32, while the S&P 500 gained 0.35 percent to 2,672.63.

At 8:44 a.m. ET, Dow e-minis 1YMc1 were up 102 points, or 0.42 percent.

The Nasdaq Composite .IXIC added 0.02 percent to 7,266.90.

A Labor Department report showed its consumer price index (CPI) rose 0.2 percent, below the economists' expectation of 0.3 percent, as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices.

Seven of the 11 major S&P sectors were higher, the S&P technology index's 1.1 percent gain providing the biggest boost to the S&P 500 index.

Benchmark U.S. crude rose 74 cents, or 1.1 percent, to $70.46 a barrel in NY.

The Nasdaq is up 361.82 points, or 5.2 percent.

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The Russell 2000 is up 20.79 points, or 1.3 percent.

The stock market has been riding an oil rally for the past two days following President Donald Trump's decision to withdraw the United States from a nuclear deal with Iran.

Papa John's global dropped 3.7 percent to $56.55 after the pizza chain's first-quarter results fell short of analyst estimates. Data showing weaker-than-expected US wage growth on Friday has allayed investor fears about rising interest rates and inflation, helping the S&P 500 bounce off its 200-day moving average, a technical level that indicates long-term trend.

Roku jumped more than 7 percent after the TV streaming device maker reported a smaller-than-feared quarterly loss, while its revenue beat estimates.

Walmart Inc fell 3.13% after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16 billion.

ENERGY: Oil futures rose to their highest level since November 2014 as a May 12 deadline approached for the U.S.to certify the nuclear agreement with Iran.

For the week, the Dow rose 2.3 per cent, the S&P 500 added 2.4 per cent, and the Nasdaq climbed 2.7 per cent. Copper was little changed at $3.06 a pound.

Wells Fargo rose 0.8 percent after the lender said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019.

Shares in 21st Century Fox rose 0.3 percent to $38.16. Yesterday the Australian share market closed flat with the S&P/ASX 200 Index closing at 5842.