Market Overview

US Stock Futures Flat Ahead Of GDP, Durable-Goods Orders Data

US Stock Futures Flat Ahead Of GDP, Durable-Goods Orders Data
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Pre-open movers

US stock futures traded mostly flat in early pre-market trade, ahead of economic data. Data on durable goods orders for May and GDP growth for the first quarter will be released at 8:30 a.m. ET. The Markit PMI Services Flash data for June will be released at 9:45 a.m. ET. Futures for the Dow Jones Industrial Average dropped 1 point to 16,751.00, while the Standard & Poor's 500 index futures rose 1 point to 1,944.20. Futures for the Nasdaq 100 index declined 1.25 points to 3,793.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.69%, STOXX Europe 600 Index declining 0.60%. German DAX 30 index fell 0.37%, French CAC 40 Index tumbled 0.72% and London's FTSE 100 Index dropped 0.55%. French business sentiment declined to a reading of 98 in June versus 99 in May.

In Asian markets, Japan's Nikkei Stock Average fell 0.71%, Hong Kong's Hang Seng Index dropped 0.07%, China's Shanghai Composite Index declined 0.41% and India's BSE Sensex fell 0.22%.

Broker Recommendation

Analysts at Jefferies upgraded Walgreen Co (NYSE: WAG) from “hold” to “buy.” The target price for Walgreen has been raised from $69 to $87.

Walgreen's shares closed at $72.48 yesterday.

Breaking news

  • HanesBrands (NYSE: HBI) today announced that it intends to acquire DBApparel of France from Sun Capital Partners, Inc., provided consultation with European and French works councils representing DBA employees is completed and customary closing conditions are met. To read the full news, click here.
  • Owens & Minor, Inc. (NYSE: OMI) and Medical Action Industries (NASDAQ: MDCI) announced today that the two companies have signed a definitive agreement under which Owens & Minor will acquire all outstanding shares of Medical Action for $13.80 per share in cash, representing a total transaction value of approximately $208 million, including assumed debt, net of cash. To read the full news, click here.
  • OraSure Technologies (NASDAQ: OSUR) announced today continued progress under its agreement with Thermo Fisher Scientific (NYSE: TMO) to develop and supply homogenous fully-automated oral fluid drugs of abuse assays to be used with a new version of the Company's Intercept® oral fluid specimen collection device. To read the full news, click here.
  • Shares of General Mills (NYSE: GIS) fell more than 3% after the company reported a weaker-than-expected fiscal fourth-quarter profit. To read the full news, click here.

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


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