LONDON (ShareCast) - Wall Street is expected to jump into action in opening deals today, as the US stock market marks its first day of trading of the New Year.

Investors look set to put their buying boots on after the strong showing in global markets yesterday with European bourses hitting six year highs. The market was shut yesterday to mark the death of former president Gerald Ford.

Wal-Mart could be set to benefit after the retail giant said like for like sales over the lucrative holiday period rose about 1.6%, better than expected. Final figures are expected Thursday.

US homebuilder Lennar may buck the trend after it warned for a second time that fourth quarter earnings would fall short of expectations and writedowns will see it post a loss for the period.

Auto stocks are likely to be in focus today with DaimlerChrysler and General Motors expected to report latest sales figures. Ford is expected to report a near-20% drop in sales.

At the opening bell the Dow Jones is expected to jump about 64 points while the tech-heavy Nasdaq is seen rising around 16 points at the start. The broader S&P 500 is expected to rise nearly 7 points.

Citigroup has turned seller on online bookseller Amazon from a previous “hold” stance with a 12 month price target of $34.

US coffee shop chain Starbucks has announced plans to remove all trans fats, balmed on heart disease and high cholesterol levels, from half of its stores starting today with the other half to stop using the fats later this year.

Oil and gas driller Nabors Industries has warned that fourth-quarter earnings will fall short of expectations, with 2006 EPS between $3.53 and $3.58. Blame is being placed on lower demand in its North American gas markets.

The Mortgage Bankers Association said US mortgage applications rose 3.6% last week to 575.6, following increased demand for home loans. The four week moving average remains down 2.8%.

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