Bargain Hunting May Lead To Early Strength On Wall Street

(RTTNews) - After seeing substantial weakness in the previous session, stocks are likely to regain some ground in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 84 points.

Bargain hunting may contribute to some early strength on Wall Street following the notable pullback seen over the past week.

The losses seen over the past few sessions have pulled the Nasdaq and the S&P 500 down well off the record closing highs set last Friday.

Early buying interest may be somewhat subdued, however, with many of the major overseas markets closed for the May Day holiday.

Traders may also be reluctant to make significant moves ahead of the release of a slew of U.S. economic data not long after the open.

The results of the Institute for Supply Management's survey of activity in the manufacturing sector are likely to be in the spotlight.

Economists expect the ISM's manufacturing index to inch up to 52.0 in April after falling to a nearly two-year low of 51.5 in March. A reading above 50 indicates growth in the manufacturing sector.

Reports on consumer sentiment in April and construction spending in March may also attract some attention on Wall Street.