US Stock Futures Edge Higher Ahead Of Economic Data

Pre-open movers

US stock futures traded higher in early pre-market trade. The Markit PMI manufacturing index for May will be released at 9:45 a.m. ET, while the ISM manufacturing composite index for May and construction spending data for April will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average surged 20 points to 16,724.00, while the Standard & Poor's 500 index futures rose 1.20 points to 1,922.70. Futures for the Nasdaq 100 index climbed 1.75 points to 3,737.25.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index gaining 0.55%, STOXX Europe 600 Index surging 0.30%. German DAX 30 index rose 0.26%, French CAC 40 Index climbed 0.07% and London's FTSE 100 Index gained 0.27%. Spanish manufacturing PMI surged to 52.9 in May versus 52.7 in April. In Asian markets, Japan's Nikkei Stock Average jumped 2.07% and India's BSE Sensex surged 1.93%. Japan's domestic auto sales dropped 5.6% y/y in May.

Broker Recommendation

Analysts at Barclays downgraded Big Lots

BIG

from “buy” to “hold.” The target price for Big Lots has been raised from $37 to $45. Big Lots' shares closed at $42.44 on Friday.

Breaking news

Endurance Specialty Holdings ENH today announced that it is increasing the consideration in its proposal to acquire Aspen Insurance Holdings AHL to $49.50 per share in cash and Endurance common shares from its initial proposal of $47.50 per share (in each case based on Endurance's unaffected closing share price on April 11, 2014), and that it is launching several actions to expedite the transaction. To read the full news, click here.
Ventas VTR and American Realty Capital Healthcare Trust, Inc. HCT today announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which Ventas will acquire all of the outstanding shares of ARC Healthcare in a stock and cash transaction valued at $2.6 billion, or $11.33 per ARC Healthcare share, solidifying Ventas's position as the global leader in senior living and medical office buildings. To read the full news, click here.
Alexion Pharmaceuticals ALXN today announced that it is initiating a voluntary recall of certain lots of Soliris® (eculizumab) 300 mg/30 mL concentrated solution for intravenous infusion that were manufactured using a process component during vial filling identified in the November 2013 recall to the hospital/user level.To read the full news, click here.
Marathon Oil MRO announced today that it has entered into a definitive agreement with Det norske oljeselskap ASA under which Det norske will purchase Marathon Oil's wholly owned subsidiary, Marathon Oil Norge AS, for a total transaction value of $2.7 billion. To read the full news, click here.

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