Futures Buoyed by Earnings, Claims and Overseas Manufacturing Data

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Stock futures are building on earlier gains in the wake of an unexpected drop in initial jobless claims which fell 19,000 in the latest survey week to an 8-year low of 284,000. The bullish data amplified gains which resulted from strong quarterly earnings from Facebook ( FB ) and Ford ( F ) along with upbeat overseas manufacturing data. But this morning's trade is being tempered by the expectation for June new home sales to disappoint as well as the lingering risk from geo-political turmoil.

Besides initial claims, the financial markets will digest the final purchasing manager's manufacturing index for July, expected to increase to 57.6 from the initial reading and from 57.3 in June.

New home sales are predicted to decline 5.7% to a seasonally-adjusted annual pace of 475,000.

Lastly, the Kansas City Federal Reserve Bank will release its manufacturing index for July, expected to remain unchanged at 6.0.

Overseas markets were underpinned by better-than-expected manufacturing data from China and the EU where PMI's beat market expectations and drove equity prices higher.

-Dow Jones Industrial up 0.13%

-S&P 500 futures up 0.19%

-Nasdaq 100 futures up 0.28%

SENTIMENT

Nikkei down 0.29%

Hang Seng up 0.71%

Shanghai Composite up 1.28%

FTSE-100 up 0.11%

DAX-30 up 0.52%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: higher

(-) Chip stocks: lower

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+) Drug stocks: higher

(+) Financial stocks: higher

(+) Retail stocks: higher

(+) Industrial stocks: higher

(+) Airlines: higher

(+) Autos higher

UPSIDE MOVERS:

(+) FB (+7.43%) Beat earnings estimates by $0.10 and topped revenue expectations

(+) NOK (+8.07%) Reported better than expected earnings

(+) LOGI (+14.40%) Beat Q1 estimates, boosted operating income outlook

DOWNSIDE MOVERS:

(-) ANGI (-18.09%) Reported a Q2 loss of $0.31/share vs estimates for $0.24 loss, revenue miss

(-) TRIP (-9.42%) Misses Q2 revenue estimates

(-) QCOM (-5.61%) Beat Q3 earnings estimates but set mixed guidance

(-) DNKN (-6.73%) Missed revenue estimates, lowered full year guidance



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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: FB , F

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