Market Overview

US Stock Futures Flat Ahead Of Economic Data

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Pre-open movers

US stock futures traded mostly flat in early pre-market trade, ahead of economic data. Data on motor vehicle sales for January will be released today, while the Markit PMI manufacturing index (final) for January will be released at 8:58 a.m. ET. The ISM manufacturing composite index for January and construction spending data for December will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average gained 9 points to 15,639.00, while the Standard & Poor's 500 index futures fell 0.20 points to 1,776.40. Futures for the Nasdaq 100 index dropped 1 point to 3,513.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.76%, London's FTSE 100 index dropping 0.68% and STOXX Europe 600 Index declining 0.64%. German DAX 30 index fell 0.67% and French CAC 40 Index declined 0.54%. French new car registrations increased by 0.5% y/y in January. UK manufacturing PMI declined to 56.7 in January versus 57.2 in December.

Asian markets ended lower today. Japan's Nikkei Stock Average tumbled 1.98% and India's BSE Sensex dipped 1.48%. Japan's domestic auto sales surged 27.5% y/y in January. China's official non-manufacturing PMI dropped to 53.4 in January, versus 54.6 in December.

Broker Recommendation

Analysts at Guggenheim upgraded The Goldman Sachs Group (NYSE: GS) from “neutral” to “buy.” The price target for Goldman Sachs is set to $200.

Goldman Sachs shares closed at $164.12 on Friday.

Breaking news

  • Smith & Nephew PLC (NYSE: SNN) announced its plans to buy ArthroCare (NASDAQ: ARTC) for $1.7 billion in cash. To read the full news, click here.
  • Randgold Resources PLC (NASDAQ: GOLD) reported a drop in its full-year profit. To read the full news, click here.
  • Herbalife (NYSE: HLF) today announced that it intends, subject to market and other conditions, to offer $1 billion aggregate principal amount of convertible senior notes due 2019 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. To read the full news, click here.
  • Royal Dutch Shell (NYSE: RDS-A) said it is stopping its oil exploration efforts in the Arctic waters off the Alaskan coast for the year. To read the full news, click here.

Posted-In: Guggenheim US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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