Market Overview

US Stock Futures Edge Higher Ahead Of Jobless Claims, Retail Sales Data

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Pre-open movers

US stock futures traded slightly higher in early pre-market trade, ahead of economic data. Data on weekly jobless claims, retail sales for May and import price index for May will be released at 8:30 a.m. ET. Data on business inventories for April will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average surged 8 points to 16,863.00, while the Standard & Poor's 500 index futures rose 0.80 points to 1,944.70. Futures for the Nasdaq 100 index gained 1.25 points to 3,799.50.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.22%, STOXX Europe 600 Index gaining 0.18%. German DAX 30 index rose 0.08%, French CAC 40 Index gained 0.21% and London's FTSE 100 Index gained 0.12%. French consumer prices remained unchanged in May versus April.

In Asian markets, Japan's Nikkei Stock Average fell 0.64%, Hong Kong's Hang Seng Index declined 0.35%, China's Shanghai Composite Index dropped 0.16% and India's BSE Sensex rose 0.4%.

Broker Recommendation

Analysts at Goldman Sachs upgraded Hewlett-Packard Company (NYSE: HPQ) from “sell” to “neutral.” The target price for Hewlett-Packard has been raised from $25 to $32.

Hewlett-Packard's shares closed at $33.25 yesterday.

Breaking news

  • Lululemon Athletica (NASDAQ: LULU) reported better-than-expected first-quarter results and issued a weak second-quarter forecast. The company also announced a $450 million share buyback program. To read the full news, click here.
  • DDR (NYSE: DDR) and an affiliate of Blackstone Real Estate Partners VII today announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties (NASDAQ: ARCP). To read the full news, click here.
  • MobileIron (NASDAQ: MOBL) today announced the pricing of its initial public offering of 11,111,111 shares of its common stock at a price of $9.00 per share. To read the full news, click here.
  • Sanofi (NYSE: SNY) and Regeneron Pharmaceuticals (NASDAQ: REGN) today presented positive results from a phase 3 trial of investigational drug sarilumab in rheumatoid arthritis (RA) patients who were inadequate responders to methotrexate (MTX) therapy. To read the full news, click here.

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

 

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