Market Overview

A Peek Into The Markets: US Stock Futures Signal Lower Start On Wall Street

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A Peek Into The Markets: US Stock Futures Signal Lower Start On Wall Street

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The manufacturing PMI for May is schedule for release at 9:45 a.m. ET. The ISM manufacturing index for May and data on construction spending for April will be released at 10:00 a.m. ET. St. Louis Federal Reserve Bank President James Bullard is set to speak at the Union League Club of Chicago at 1:25 p.m. ET, while San Francisco Federal Reserve Bank President Mary Daly will speak in Singapore at 9:45 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 81 points to 24,739, while the Standard & Poor’s 500 index futures fell 9.3 points to 2,743.25. Futures for the Nasdaq 100 index tumbled 38.5 points to 7,095.00.

Oil prices traded higher as Brent crude futures rose 0.5 percent to trade at $62.27 per barrel, while US WTI crude futures rose 0.8 percent to trade at $53.94 a barrel.

 

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.5 percent, STOXX Europe 600 Index declined 0.2 percent and German DAX 30 index dropped 0.2 percent. The UK's FTSE index was trading lower by 0.4 percent, while French CAC 40 Index fell 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.92 percent, Hong Kong’s Hang Seng Index declined 0.03 percent, China’s Shanghai Composite Index fell 0.3 percent and India’s BSE Sensex surged 1.39 percent.

Broker Recommendation

Analysts at RBC Capital upgraded Waste Management, Inc. (NYSE: WM) from Sector Perform to Outperform and raised the price target from $113 to $125.

Waste Management shares rose 0.1 percent to $109.50 in pre-market trading.

Breaking News

  • Infineon Technologies AG announced plans to acquire Cypress Semiconductor Corporation (NASDAQ: CY) for $23.85 per share in cash
  • Vical Incorporated (NASDAQ: VICL) and Brickell Biotech, Inc. disclosed a merger agreement in all-stock deal.
  • Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) reported the FDA approval to initiate its PRK pivotal study.
  • Emergent Biosolutions Inc (NYSE: EBS) disclosed that it has won a $35 million contract from the US Department of Health and Human Services.

Posted-In: A Peek Into The Markets US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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