Market Overview

US Stock Futures Surge Ahead Of Economic Data

US Stock Futures Surge Ahead Of Economic Data

Pre-open movers

US stock futures traded higher in early pre-market trade. Data on weekly jobless claims, current account for the first quarter and the consumer price index for May will be released at 8:30 a.m. ET. The general conditions index from Philadelphia Fed business outlook survey and leading indicators data for May will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average climbed 57 points to 17,883.00, while the Standard & Poor's 500 index futures rose 5.70 points to 2,094.95. Futures for the Nasdaq 100 index gained 14.05 points to 4,468.30.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.56 percent, STOXX Europe 600 Index declining 0.69 percent and German DAX 30 index dropping 0.57 percent. French CAC 40 Index slipped 0.68 percent and London's FTSE 100 Index fell 0.26 percent.

In Asian markets, Japan's Nikkei Stock Average fell 1.13 percent, China's Shanghai Composite Index dipped 3.67 percent, Hong Kong's Hang Seng Index declined 0.22 percent and India's BSE Sensex rose 1.06 percent.

Broker Recommendation
Analysts at Credit Suisse downgraded Spirit Airlines Incorporated (NASDAQ: SAVE) from Outperform to Neutral and lowered the price target from $75.00 to $69.00.

Spirit Airlines shares fell 0.95 percent to $61.83 in pre-market trading.

Breaking news

  • SoftBank Corp. (OTC: SFTBY), Alibaba Group Holding Limited (NYSE: BABA) and Foxconn Technology Group (OTC: HNHPF) today announced an agreement under which Alibaba and Foxconn will each invest JPY 14.5 billion in SoftBank Robotics Holdings Corp., the SoftBank Group's intermediate holding company responsible for its robotics business. To read the full news, click here.
  • Shares of Rite Aid Corporation (NYSE: RAD) fell more than 5 percent in pre-market trading after the company reported results for its fiscal first quarter and lowered its profit forecast for the full year. To read the full news, click here.
  • Noranda Aluminum Holding Corporation (NYSE: NOR) announced today that it has engaged Morgan Stanley & Co. LLC to serve as financial advisor for the Company as it evaluates a variety of strategic alternatives. To read the full news, click here.
  • Parnell Pharmaceuticals Holdings Ltd (NASDAQ: PARN) today announced that it has entered into a non-dilutive $US11 million term loan agreement with MidCap Financial. To read the full news, click here.

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