Wall Street opens in the green as investors await US budget proposals

The main indices on Wall Street moved higher on Friday morning as traders awaited more details on the expected US$6 trillion spending plans from the Biden administration. Shortly after the opening bell, the Dow Jones Industrial Average was up 0.41% at 34,606 while the S&P 500 climbed 0.29% to 4,212 and the Nasdaq rose 0.33% to 13,781. Also making a strong start to the day was cinema chain and Reddit ‘memestock’ favourite AMC Entertainment Holdings Inc (NYSE:AMC), which shot up 29.2% to US$34.50 in early deals as a buying frenzy and short squeeze continued after Thursday’s surge. 7:50am: Wall Street to start higher Wall Street is expected to start the final session of the week on the front foot as traders look to end on a positive note before Memorial Day weekend begins. Futures are pointing at a 0.5% rise for the Dow Jones to 34,608, while the S&P 500 and Nasdaq are both called 0.3% higher to 4,214 and 13,706 respectively. President Biden is expected to announce a US$6 trillion budget later on Friday, although analysts advise to take it with a pinch of salt. “Despite Biden enjoying a slim majority across congress, the ability to get his original plan across the line is doubtful,” said Joshua Mahony at IG. “Thus while markets will likely enjoy an optimistic end to the week, it could be just a matter of time before we see a heavy dose of reality over just how much of that US$6 trillion will see the light of day.” Three things to watch for on Friday: There will be end of week earnings from retailer Big Lots Inc (NYSE:BIG), sporting goods seller Hibbett Sports Inc (NASDAQ:HIBB) and footwear firm Caleres Inc (NYSE:CAL) Some of Reddit’s ‘memestock’ favourites might also draw attention following a surge in the value of AMC Entertainment Holdings Inc (NYSE:AMC) on Thursday that saw the stock close at its highest level in four years On the macro front, US personal income and spending data will be in focus as well as the latest Chicago PMI and Michigan consumer inflation expectations