Market Overview

US Stock Futures Surge Ahead Of Economic Data

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US Stock Futures Surge Ahead Of Economic Data

Pre-open movers

US stock futures traded higher in early pre-market trade, ahead of economic data. Data on durable goods orders for April will be released at 8:30 a.m. ET, while the FHFA house price index and the S&P/Case-Shiller home price index for March will be released at 9:00 a.m. ET. The Markit PMI services (flash) for May will be released at 9:45 a.m. ET, while the Conference Board's consumer confidence index and the Richmond Fed manufacturing index for May will be released at 10:00 a.m. ET. The Dallas Fed general business activity index for May will be released at 10:30 a.m. ET. Futures for the Dow Jones Industrial Average surged 72 points to 16,658.00, while the Standard & Poor's 500 index futures rose 8.80 points to 1,905.70. Futures for the Nasdaq 100 index gained 19.50 points to 3,694.50.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.24%, STOXX Europe 600 Index gaining 0.17%. German DAX 30 index surged 0.35%, French CAC 40 Index fell 0.01% and London's FTSE 100 Index gained 0.52%. French consumer confidence remained unchanged at 85 in May.

In Asian markets, Japan's Nikkei Stock Average jumped 0.23%, Hong Kong's Hang Seng Index fell 0.08%, China's Shanghai Composite Index fell 0.34% and India's BSE Sensex tumbled 0.68%. India's current account deficit narrowed to $1.2 billion in the three months ended March, from $18.1 billion deficit in the year-ago period.

Broker Recommendation

Analysts at Goldman Sachs downgraded Staples (NASDAQ: SPLS) from “neutral” to “sell.” The target price for Staples has been lowered from $11.50 to $11.

Staples' shares fell 3% to $11.30 in pre-market trading.

Breaking news

  • Willis Group Holdings plc (NYSE: WSH) announced today that it will acquire a controlling stake of approximately 75% in Max Matthiessen, a leading employee benefits adviser in Sweden, for $205 million. To read the full news, click here.
  • BioCryst Pharmaceuticals (NASDAQ: BCRX) today announced preliminary results from its OPuS-1 (Oral ProphylaxiS-1) proof of concept Phase 2a clinical trial of orally-administered BCX4161 in patients with hereditary angioedema (HAE). To read the full news, click here.
  • Bank of Nova Scotia (NYSE: BNS) posted a 14% rise in its FQ2 profit. Scotiabank's quarterly earnings jumped to 1.8 billion Canadian dollars ($1.66 billion), or C$1.39 per share, versus C$1.58 billion, or C$1.22 per share, in the year-ago period. To read the full news, click here.
  • AutoZone (NYSE: AZO) reported a rise in its fiscal third-quarter profit. AutoZone's quarterly earnings surged to $285.2 million, or $8.46 per share, versus $265.6 million, or $7.27 per share, in the year-ago quarter. 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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