US Stocks Seen Higher on Expected Yellen Support; Economic Data, Fed Minutes in Focus

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U.S. stocks were set for another week of gains after Fed Chair nominee Janet Yellen last week made it clear she won't pull the rug out from under the market so long as economic data show mixed signs of recovery.

S&P Capital IQ chief strategist Sam Stoval noted however that investors should prepare for a period of weakness in stocks after Ben Bernanke gives the reigns over to Yellen. Since 1914, the Standard & Poor's 500 index fell an average 1.3% during the first three months of a new Fed Chairman in office, he said.

Meanwhile, investors will keep their eyes on this week's inflation and retail sales data as well as the release of the October FOMC minutes that could show whether there is a bias among the central bankers for an early 2014 tapering of the asset-purchasing program.

In equities, Boeing ( BA ) added more than 2% to a new 52-week high after saying it has received orders for its 777x airplane worth more than $95 billion. Production will start in 2017 and delivery is targeted for 2020. Catalyst Pharmaceuticals ( CPRX ) shot up 22.50% after a research paper demonstrates proof of concept for its CPP-115 suppresses infantile spasms in a pre-clinical study.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.23%

-S&P 500 futures up 0.15%

-Nasdaq 100 futures up 0.06%

-Nasdaq-100 Pre-Market Indicator up 0.01%

GLOBAL SENTIMENT

Nikkei down 0.01%

Hang Seng up 2.73%

Shanghai Composite up 2.87%

FTSE-100 up 0.41%

DAX-30 up 0.62%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: higher

(+/-) Software stocks: mixed

(+/-) Hardware stocks: lower

(+/-) Internet stocks: mixed

(+/-) Drug stocks: mixed

(+) Financial stocks: higher

(-) Retail stocks: lower

(+) Industrial stocks: higher

(+) Airlines: higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) CTIC (+7.49%) Signs Pacritinib licensing pact with Baxter

(+) GE (+0.62%) Carefusion ( CFN ) buys its Vital Signs unit for $500 million

(+) ICLD (+45.03%) Underwriters exercise option to buy more stock in equity sale

DOWNSIDE MOVERS

(-) MSFT (-1.56%) Stock cut to underperform at Bank of America

(-) MZOR (-6.17%) Swings to Q3 loss on lower sales



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: BA , CFN , CPRX

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