Market Overview

US Stock Futures Gain Ahead Of ISM Report

US Stock Futures Gain Ahead Of ISM Report
Related EXTR
Extreme Networks And IMG Form Strategic Partnership
Morning Market Movers
Related MGLN
NIA Magellan, InformedDNA to Offer Genetic Benefits Optimization Solution
Earnings Scheduled For October 24, 2014

Pre-open movers

US stock futures climbed in early pre-market trading, ahead of economic data. Data on motor vehicle sales for March will be released today. The Markit PMI manufacturing index for March will be released at 9:45 a.m. ET, while the ISM manufacturing composite index for March and construction spending data for February will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average surged 40 points to 16,413.00, while the Standard & Poor's 500 index futures rose 4.10 points to 1,868.70. Futures for the Nasdaq 100 index gained 7 points to 3,593.25.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.94%, London's FTSE 100 index gaining 0.50% and STOXX Europe 600 Index jumping 0.50%. German DAX 30 index climbed 0.58% and French CAC 40 Index rose 0.85%. Euro-zone final manufacturing PMI slipped to 53.0 in March, versus 53.2 in February. France's PMI for the sector rose to 52.1, versus 49.7 in February. Germany PMI fell to 53.7 from 54.8 in February.

Asian markets ended mostly higher today. Japan's Nikkei Stock Average fell 0.24%, Hong Kong's Hang Seng Index jumped 1.34% and China's Shanghai Composite Index climbed 0.70% and India's BSE Sensex climbed 0.27%. The HSBC India manufacturing PMI declined to 51.3 in March, versus 52.5 in February. The Reserve Bank of India kept its interest rate steady at 8%. The HSBC China manufacturing PMI slipped to 48.0 in March versus 48.5 in February, while the country's official manufacturing PMI climbed to 50.3 in March.

Broker Recommendation

Analysts at Wunderlich initiated coverage on shares of Extreme Networks (NASDAQ: EXTR) with a “buy” rating. The target price for Extreme Networks is set to $9.

Extreme Networks' shares closed at $5.80 yesterday.

Breaking news

  • Magellan Health Services (NASDAQ: MGLN) today announced that it has entered into an agreement to acquire CDMI, LLC, a privately-held company that provides a range of clinical consulting programs and negotiates and administers drug rebates for managed care organizations (MCO) and other customers. To read the full news, click here.
  • The Tokyo Metropolitan Government (TMG) has awarded Accenture (NYSE: ACN) a second, one-year contract, through March 2015, to continue attracting foreign companies to locate their regional headquarters or research and development (R&D) centers in Tokyo's Special Zone for Asian Headquarters. To read the full news, click here.
  • Delhaize Group (NYSE: DEG), the Belgian international food retailer, announced that it has signed an agreement with Tropic Group B.V. on the sale of its Bosnian & Herzegovinian stores. To read the full news, click here.
  • Enable Midstream Partners, LP announced today that it has commenced an initial public offering of 25,000,000 common units representing limited partner interests pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission. To read the full news, click here.

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

 

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