Stocks Edge Higher as Economy Expected to See Continued Fed Support

By
A A A

Stock futures were mostly pointing to a higher open, although weak Cisco ( CSCO ) results and guidance weighed on the Nasdaq 100 index. The S&P 500 and the Dow Jones Industrial Average were both poised for new highs amid suggestions from Federal Reserve Vice Chair Janet Yellen that she will continue supporting the market with asset purchases as the economy still performs short of its potential. Yellen will appear at her confirmation hearing for Fed chair in front of the Senate Banking Committee today.

Initial jobless claims fell less than expected in the last week, by just 2,000 to 339,000. The consensus was for an 11,000 drop. In other economic data, the trade deficit widened more than expected to $41.8 billion compared to the estimate of $39.1 billion and Q3 non-farm productivity increased less than expected by 1.9% compared to the 2.3% estimate.

In equities, Cisco ( CSCO ) plunged 12% in pre-market trading after its fiscal Q1 revenue missed expectations and as it gave fiscal Q2 and 2014 guidance that was well believe estimates. Wal-Mart ( WMT ) also slipped, down 1.65%, on revenues that were shy of expectations.


U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.06%

-S&P 500 futures up 0.16%

-Nasdaq 100 futures down 0.18%

-Nasdaq-100 Pre-Market Indicator down 0.48%

GLOBAL SENTIMENT

Nikkei up 2.12%

Hang Seng up 0.82%

Shanghai Composite up 0.60%

FTSE-100 up 0.52%

DAX-30 up 0.78%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: lower

(-) Software stocks: lower

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+) Drug stocks: higher

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+) Airlines: higher

(+) Autos: higher

UPSIDE MOVERS

(+) SCTY (+7.96%) RW Baird upgrades to outperform, lifts price target

(+) NVAX (+8.25%) Publishes positive data on Avian flu vaccine

(+) PLUG (+10.93%) Q3 loss narrows

(+) NVGN (+24.75%) Makes positive finding for genetic disorders drug program

DOWNSIDE MOVERS

(-) KSS (-9.37%) Q3 misses views and cuts FY EPS guidance range

(-) NTES (- 9.84%) Q3 misses views

(-) CNTY (-8.47%) Q3 profit hit by Alberta flooding



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: CSCO , WMT

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com