US stock futures rose Tuesday, even as lawmakers in Washington
failed to reach a deal on spending legislation, forcing a partial
shutdown that put some 800,000 government employees on furloughs
while another million are asked to work without pay. The shutdown
is the first in the U.S. in 17 years but the market reaction
suggested investors are confident it will be short-lived.
Meanwhile, the next fiscal crisis looming over the U.S.
government is the debt limit, which must be raised by Oct. 17.
The September Purchasing Managers Index fell to 52.8, slightly
missing the 52.9 consensus and later this morning, data may show
that the September ISM manufacturing index rose to its highest
level in over two years.
In equities, Merck (
) gained 3% before the market open after saying it is cutting 8,500
jobs in an effort to realize about $2.5 billion in annual net cost
savings and Edgen (
) rose 56.18% on reports that Sumitomo plans to buy the company for
$12 per share in cash.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.30%
-S&P 500 futures up 0.26%
-Nasdaq 100 futures up 0.17%
-Nasdaq-100 Pre-Market Indicator up 0.11%
Nikkei up 0.20%
Hang Seng down 1.50%
Shanghai Composite up 0.68%
FTSE-100 down 0.32%
DAX-30 up 0.49%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+/-) Chip stocks: unchanged
(+) Software stocks: higher
(+) Hardware stocks: higher
(+) Internet stocks: higher
(+) Drug stocks: higher
(+) Financial stocks: higher
(+/-) Retail stocks: unchanged
(+/-) Industrial stocks: unchanged
(+/-) Airlines: mixed
(+) Autos: higher
(+) LXRX (+23.53%) Type 2 diabetes drug meets primary
(+) ALU (+4.53%) Co is rolling out CloudBand Ecosystem to wider
circle of businesses
(+) NOK (+2.17%) Low and mid-range phones drive MSFT platform
gains in Europe
(-) WAG (-1.34%) Q4 EPS in line with views, sales miss
(-) UN (-0.32%) Expects Q3 sales will slow down
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