Market Overview

US Stock Futures Edge Higher Ahead Of Economic Data

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US Stock Futures Edge Higher Ahead Of Economic Data
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Pre-open movers

US stock futures traded higher in early pre-market trade, ahead of economic data. The Challenger job-cut report for April will be released at 7:30 a.m. ET, while data on initial jobless claims and consumer spending for March will be released at 8:30 a.m. ET. The Markit PMI manufacturing index for April will be released at 9:45 a.m. ET, while the ISM manufacturing composite index for April and construction spending data for March will be released at 10:00 a.m. ET. Data on motor vehicle sales for April will also be released today. Futures for the Dow Jones Industrial Average gained 5 points to 16,516.00, while the Standard & Poor's 500 index futures rose 0.90 points to 1,878.80. Futures for the Nasdaq 100 index surged 8.50 points to 3,581.75.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index falling 0.02%, London's FTSE 100 index gaining 0.24% and STOXX Europe 600 Index gaining 0.09%. German DAX 30 index rose 0.20% and French CAC 40 Index declined 0.23%.

In Asian markets, Japan's Nikkei Stock Average gained 1.27%. Other markets in the region were closed for holidays. China's official PMI rose to 50.4 in April from 50.3 in March.

Broker Recommendation

Analysts at Piper Jaffray upgraded Yelp (NYSE: YELP) from “neutral” to “overweight.” The target price for Yelp is set to $80.

Yelp's shares closed at $58.32 yesterday.

Breaking news

  • Viacom (NASDAQ: VIAB) and Northern & Shell Media Group today announced a definitive agreement for the acquisition of Channel 5 Broadcasting Limited by Viacom International Media Networks (VIMN) for £450 million (approximately $757 million). To read the full news, click here.
  • Isis Pharmaceuticals (NASDAQ: ISIS) announced the final results from its Phase 2 study of ISIS-APOCIIIRx in patients with high triglycerides and type 2 diabetes. To read the full news, click here.
  • Viacom (NASDAQ: VIAB) reported a 4% rise in its second-quarter profit. Viacom's quarterly profit surged to $502 million, or $1.13 per share, versus a year-ago profit of $481 million, or $0.96 per share. To read the full news, click here.
  • Kratos Defense & Security Solutions (NASDAQ: KTOS) announced today that it has received an indefinite delivery indefinite quantity (IDIQ) contract for the Space and Naval Warfare Systems Center Pacific (SSC Pacific) C4ISR Training Support Multiple Award Contract (MAC). To read the full news, click here.

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

 

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