Stock futures continue to trade higher but have had little
reaction to much stronger-than-expected regional manufacturing data
and an uptick in inflationary pressure. Overnight gains attributed
to an upgrade in global economic growth forecasts from The World
Bank fueled advances overseas, spilling into U.S. markets and were
underpinned by expectations for more bullish U.S. economic data
including the most recent Federal Reserve Beige Book. Equities are
also getting a boost from strong earnings from Bank of America (
), iPhone sales in China, and a firmer dollar.
December producer prices jumped 0.4%, its largest gain in more
than 6 months and first increase in wholesale prices in 3 months.
Excluding the volatile food and fuel segment, PPI was up a greater
than expected 0.3%.
Also, the Empire State (
) manufacturing index surged to a 20-month high of 12.51 in
January, well above estimates for an increase from 0.98 in December
to 3.30. The strength in the overall index was a result in gains
from everything from new orders to inventories.
-Dow Jones Industrial up 0.12%
-S&P 500 futures up 0.10%
-Nasdaq 100 futures up 0.29%
Nikkei up 2.50%
Hang Seng up 0.49%
Shanghai Composite down 0.17%
FTSE-100 up 0.42%
DAX-30 up 1.37%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: higher
(+) Chip stocks: higher
(+) Software stocks: higher
(+) Hardware stocks: higher
(+) Internet stocks: higher
(-) Drug stocks: lower
(+) Financial stocks: higher
(+) Retail stocks: higher
(+) Industrial stocks: higher
(+) Airlines: higher
(-) Autos lower
HEB (+18.60%) Continues Tuesday's gains after the company
announced plans to present at the Biotech Showcase, saying it would
give a strategic overview of its business that would include "new
data on potential treatment and/or prevention of emerging pandemic
ARO (+5.17%) Bloomberg reports Aeropostale has reportedly
approached PE firms about a possible sale.
CHTP (+156.63%) FDA recommend approval of NORTHERA (droxidopa)
for the treatment of symptomatic neurogenic orthostatic hypotension
REGN (-1.58%) BMO downgrades to Market Perform from
HTZ (-1.50%) Goldman Sachs downgrades to Neutral from Buy
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