US Stock Futures Edge Higher; All Eyes On Fed Decision

Pre-open movers

US stock futures traded slightly higher in early pre-market trade, ahead of the Federal Reserve's latest policy decision. The US current account report for the first quarter will be released at 8:30 a.m. ET. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chairwoman Janet Yellen will hold a press conference at 2:30 p.m. ET. Futures for the Dow Jones Industrial Average surged 4 points to 16,733.00, while the Standard & Poor's 500 index futures rose 0.40 points to 1,934.20. Futures for the Nasdaq 100 index gained 4.75 points to 3,777.00.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.30%, STOXX Europe 600 Index gaining 0.06%. German DAX 30 index rose 0.16%, French CAC 40 Index surged 0.01% and London's FTSE 100 Index gained 0.33%. In Asian markets, Japan's Nikkei Stock Average rose 0.93%, Hong Kong's Hang Seng Index dropped 0.09%, China's Shanghai Composite Index tumbled 0.54% and India's BSE Sensex tumbled 1.08%. Japan's exports dropped 2.7% y/y, while imports declined 3.6% in May.

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Analysts at Barclays downgraded Covidien plc

COV

from “overweight” to “equal-weight.” The target price for Covidien has been raised from $82 to $93. Covidien's shares closed at $88.12 yesterday.

Breaking news

Pfizer PFE and Cellectis CMVLF today announced that they have entered into a global strategic collaboration to develop Chimeric Antigen Receptor T-cell (CAR-T) immunotherapies in the field of oncology directed at select targets. To read the full news, click here.
AngioDynamics ANGO today announced the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for the Celerity tip location system. To read the full news, click here.
Air Products' APD Board of Directors announced today that Seifi Ghasemi has been named its new chairman, president and chief executive officer, effective July 1. Mr. Ghasemi is currently a director of the Company, and chairman and chief executive officer of Rockwood Holdings ROC. To read the full news, click here.
Viper Energy Partners, a subsidiary of Diamondback Energy, FANG , and Diamondback today announced the pricing of Viper's initial public offering of 5,000,000 common units representing limited partner interests at $26.00 per common unit. To read the full news, click here.