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Dow, S&P Futures Defensive With Tax Reform; Government Shutdown In Focus


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Stock futures were mixed ahead of Thursday's NYSE open with Nasdaq futures trading higher on gains in the semiconductor sector, but the Dow and S&P struggling as Wall Street remains fixated on tax reform and efforts to keep the government funded.

Economic data contributed to the pressure on the Dow after initial jobless claims for the week ended Dec. 2 declined by 2,000 to 236,000 versus the consensus estimate for an increase of 2,000 new claims.

In corporate news, shares of General Electric ( GE ) are trading modestly higher after the company said it would reduce its workforce by as many as 12,000 employees in its troubled global power business as part of the company's initiative to reduce overall costs by $3.5 billion in 2017 and 2018.

Disney ( DIS ) shares are also trading with a modest gain in pre-market in reaction to last night's news that the company's CEO Bob Iger will likely stay on past his 2019 retirement if the company is successful in its bid to purchase the entertainment assets from 21st Century Fox ( FOX ).

The Wall Street Journal claims that Fox representatives and Executive Chairman Rupert Murdoch requested that Iger remain to assist with the integration of assets.

Shares of lululemon athletica ( LULU ) are set to open with a new 52-week high following the company's upbeat financial results from the third quarter as well as its announcement to repurchase $200 million in outstanding shares.

-Dow Jones Industrial down 0.26%

-S&P 500 futures down 0.03%

-Nasdaq 100 futures up 0.19%

SENTIMENT

Nikkei up 1.45%

Hang Seng up 0.28%

Shanghai Composite down 0.67%

FTSE-100 up 0.08%

DAX-30 up 0.20%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+/-) Software stocks: Flat

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+/-) Oil stocks: Mixed

(+/-) Biotech stocks: Flat

(+) Drug stocks: Higher

(-) Financial stocks: Lower

(+/-) Retail stocks: Mixed

(+/-) Industrial stocks: Flat

(+/-) Airlines: Flat

(+/-) Autos: Mixed

UPSIDE MOVERS:

(+) SAGE (+66.46%) Phase 2 trial of SAGE-217 met primary endpoint

(+) DPW (+38.49%) Raised FY18 guidance by 50%, reports of US Air Force order

(+) TLRD (+12.67%) Q3 results beat expectations, set upbeat FY guidance

(+) LULU (+8.84%) Reported better-than-expected Q3 results, guides Q4 above street view, authorized $200 million stock repurchase

DOWNSIDE MOVERS:

(-) NSA (-4.65%) Announced public offering of 5 million common shares

(-) YELP (-4.42%) Downgraded to underweight from neutral by Piper Jaffray

(-) VKTX (-3.01%) Priced 5.13 million share offering at $2.50 per share

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: GE , DIS , FOX , LULU


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