Market Overview

US Stock Futures Flat Ahead Of Manufacturing PMI

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US Stock Futures Flat Ahead Of Manufacturing PMI

Pre-open movers

US stock futures traded mostly flat in early pre-market trade, ahead of economic data. The Chicago Fed National Activity Index for May will be released at 8:30 a.m. ET, while the Markit PMI manufacturing index (flash) for June will be released at 9:45 a.m. ET. Data on existing home sales for May will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average dropped 3 points to 16,855.00, while the Standard & Poor's 500 index futures rose 0.50 points to 1,953.70. Futures for the Nasdaq 100 index declined 2.25 points to 3,791.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.15%, STOXX Europe 600 Index declining 0.24%. German DAX 30 index fell 0.24%, French CAC 40 Index slipped 0.21% and London's FTSE 100 Index dropped 0.23%. The euro zone's composite PMI declined to 52.8 in June from 53.5 in May. French composite PMI slipped to 48.0 in June versus 49.3 in May.

In Asian markets, Japan's Nikkei Stock Average rose 0.13%, Hong Kong's Hang Seng Index tumbled 1.68%, China's Shanghai Composite Index slipped 0.11% and India's BSE Sensex declined 0.30%. The HSBC's China manufacturing PMI rose to 50.8 versus a final reading of 49.4 in May.

Broker Recommendation

Analysts at FBR Capital downgraded Helmerich & Payne (NYSE: HP) from “outperform” to “market perform.” The target price for Helmerich & Payne has been raised from $110 to $120.

Helmerich & Payne's shares closed at $116.72 on Friday.

Breaking news

  • Trevena (NASDAQ: TRVN) today announced positive results from its Phase 1 trial of TRV734, which Trevena is developing with the goal of providing improved analgesia while avoiding gastrointestinal and respiratory side effects typically associated with opioids. To read the full news, click here.
  • HudBay Minerals (NYSE: HBM) and Augusta Resource (NYSE: AZC) today announced that they have entered into a definitive support agreement pursuant to which Hudbay has agreed to increase the consideration that will be received by Augusta shareholders under Hudbay's offer to purchase all of the issued and outstanding common shares of Augusta not already owned by Hudbay. To read the full news, click here.
  • Avago Technologies (NASDAQ: AVGO,) and PLX Technology (NASDAQ: PLXT) today announced that they have entered into a definitive agreement under which Avago will acquire PLX, a leader in PCI Express silicon and software connectivity solutions, in an all-cash transaction valued at approximately $309 million, or $293 million net of cash and debt acquired. To read the full news, click here.
  • Clovis Oncology (NASDAQ: CLVS) announced today that the TIGER2 study has commenced with the dosing of the first patient at a U.S. study site. To read the full news, click here.
 

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Posted-In: FBR Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets