Wall Street expected to start higher as earnings season picks up steam

Wall Street is forecast to make a positive start to trading, with sentiment still buoyant after Wednesday's positive results from Goldman Sachs. We have already had better than expected results from Bank of America Corp (NYSE:BAC) and PepsiCo Inc (NASDAQ:PEP) to keep the upbeat mood going. Also key will be retail sales, which will be scrutinised for signs of a boost to the economy, but also inflationary pressures. Sophie Griffiths at Oanda said: "Investors will be watching US retail sales data for March, which is expected to show a leap in consumer spending. Forecasts are for a 6.3% increase in sales month-on-month, up from a 3.5% decline in February "Improving weather conditions plus the disbursement of stimulus cheques are factors expected to ramp up retail sales. "Treasury yields here will be key – a surge in sales could send yields higher and actually drag on stocks. This data will test the extent to which the markets have bought into the Fed’s dovish mantra." So far the markets are accentuating the positive. The Dow Jones Industrial Average is forecast to open around 147 points or 0.41% higher at 33,877 while the S&P 500 is set for a similar percentage increase and the Nasdaq Composite expected to rise 0.65%. Four things to watch for on Thursday: Aside from PepsiCo and Bank of America, results are also due today from private healthcare firm UnitedHealth Group Inc (NYSE:UNH) and finance giant Citigroup Inc (NYSE:C) Lab equipment maker Thermo Fisher Scientific Inc (NYSE:TMO) will also be in focus after agreeing to snap up rival PPD Inc (NASDAQ:PPD) in a US$17.4bn deal Meanwhile, shares in newly listed crypto exchange Coinbase Global Inc (NASDAQ:COIN) may attract more interest on its second day of trading following news it has secured backing from the ARK investment fund On the macro front, US retail sales will be the key bit of data alongside weekly jobless claims and production figures