Stock futures gave back most of their slim gains as Wall Street
reacted negatively to the European Central Bank's decision to not
lower EU-zone interest rates and weaker than expected data on
initial jobless claims and the balance of trade. Although the ECB
is generally expected to introduce some type of unconventional
method to boost the economy and stabilize prices, the decision to
leave interest rate unchanged triggered a knee-jerk reaction to
take profits in equities off yesterday's higher levels.
The data this morning was also a catalyst for the more cautious
tone as initial jobless claims rose a much greater than expected
16,000 to 326,000 versus estimates for a gain of only 9,000.
Also, the trade deficit swelled to $42.3 billion in February,
beating estimate for a decline in the deficit to $38.8 billion.
Declining trade with China and the EU contributed to a 1.1% decline
in exports and 0.4% drop in imports.
Later this morning, the PMI services index is expected to notch
higher to 53.9 in March from 53.3 the month prior. Also, the ISM
non-manufacturing index is forecast to improve to 53.3 from
-Dow Jones Industrial up 0.10%
-S&P 500 futures up 0.04%
-Nasdaq 100 futures down 0.03%
Nikkei up 0.84%
Hang Seng up 0.18%
Shanghai Composite down 0.74%
FTSE-100 up 0.03%
DAX-30 down 0.12%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+/-) Chip stocks: mixed
(+/-) Software stocks: mixed
(+/-) Hardware stocks: higher
(+) Internet stocks: higher
(+/-) Drug stocks: mixed
(-) Financial stocks: lower
(+) Retail stocks: higher
(+/-) Industrial stocks: mixed
(+) Airlines: lower
(-) Autos lower
(+) WPCS (+6.62%) Agreed to sell all of the assets and
liabilities of its Seattle operations for approximately $2.7
(+) CYTR (+10.50%) Positive results in animal tests for brain
(-) PEIX (-4.06%) Priced 1.75 million shares at $16.00 each for
gross proceeds of $28 million.
(-) LQDT (-13.28%) Warning that the cost of the Dept of Defense
contract to hit 2015 EBITDA
(-) BGMD (+16.67%) Announced plans to offer new shares in public
(+) SGOC (-33.42%) Q4 revenue fell 30% from Q4 2012
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