Market Overview

US Stock Futures Edge Lower Ahead Of Economic Data

US Stock Futures Edge Lower Ahead Of Economic Data

Pre-open movers

US stock futures traded slightly lower in early pre-market trade. Data on durable goods orders for April will be released at 8:30 a.m. ET. The FHFA house price index for March and the S&P/Case-Shiller home price index for March will be released at 9:00 a.m. ET. The Flash Services PMI for May will be released at 9:45 a.m. ET. Data on new home sales for April, the consumer confidence index for May and the Richmond Fed manufacturing index for May will be released at 10:00 a.m. ET. The Dallas Fed manufacturing index for May will be released at 10:30 a.m. ET. Futures for the Dow Jones Industrial Average dropped 12.50 points to 18,211.50, while the Standard & Poor's 500 index futures slipped 3.55 points to 2,120.95. Futures for the Nasdaq 100 index fell 7.85 points to 4,520.90.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index falling 0.14 percent, STOXX Europe 600 Index gaining 0.15 percent and German DAX 30 index dropping 0.47 percent. French CAC 40 Index gained 0.28 percent and London's FTSE 100 Index fell 0.28 percent.

In Asian markets, Japan's Nikkei Stock Average rose 0.12 percent, China's Shanghai Composite Index climbed 2.02 percent, Hong Kong's Hang Seng Index climbed 0.92 percent and India's BSE Sensex fell 0.41 percent.

Broker Recommendation
Analysts at Piper Jaffray downgraded Childrens Place Inc (NASDAQ: PLCE) from Overweight to Neutral and lowered the price target from $76.00 to $72.00.

Children's Place shares slipped 0.247 percent to close at $67.74 on Friday.

Breaking news

  • Cerulean Pharma Inc. (NASDAQ: CERU) today announced that the U.S. Food and Drug Administration, or FDA, has granted orphan drug designation to CRLX101 for the treatment of ovarian cancer. To read the full news, click here.
  • Sunshine Heart, Inc. (NASDAQ: SSH) announced that the US Food and Drug Administration (FDA) has approved the resumption of patient enrollment in its COUNTER HF US pivotal study for the C-Pulse Heart Assist System. To read the full news, click here.
  • Intellipharmaceutics International Inc. (NASDAQ: IPCI) announced Monday, that it has agreed to purchase the land and building from which it conducts its operations at 30 Worcester Road, Toronto, Ontario as well as the land and building of the adjoining property at 22 Worcester Road for a combined purchase price of Cdn. $4,700,000. To read the full news, click here.
  • Equinix, Inc. (NASDAQ: EQIX) today announced its plans to further expand its footprint in Hong Kong. It will invest over $40 million to build the third phase of its second International Business Exchange ™ (IBX®) data center (HK2). To read the full news, click here.

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