US STOCKS-Futures higher as beaten down tech stocks rebound


Reuters

* Futures up: Dow 71 pts, S&P 7 pts, Nasdaq 38 pts

    By Tanya AgrawalJune 19 (Reuters) - U.S. stock index futures were higher on
Monday with investors snapping up beaten down technology and
retail stocks.
    * The S&P technology sector <.SPLRCT> is coming off its
second straight week of declines, triggered mainly due to
stretched valuations and investors moving money to other
sectors. Tech stocks have led the S&P 500's 8.7 percent rally
this year.
    * Leading the rebound, Apple <AAPL.O>, Microsoft <MSFT.O>
and Alphabet <GOOGLO> were all up between 0.8 percent and 1
percent in premarket trading.
    * Retail stocks were battered on Friday after Amazon.com's
<AMZN.O> $13.7 billion deal to buy upscale grocer Whole Foods
<WFM.N>. [nL3N1JD3Z4]
    * The deal by Amazon, a proven retail disruptor, marked a
major step by the internet retailer into the brick-and-mortar
retail sector.
    * Amazon was up 0.94 percent, while Wal-Mart <WMT.N>, Target
<TGT.N> and Kroger <KR.N> gained between 0.4 percent and 1.1
percent on Monday.
    * The market is awaiting comments by New York Fed President
William Dudley, a close ally of Fed Chair Janet Yellen, when he
speaks at a business roundtable at 7:45 a.m. ET (1145 GMT).
    * Yellen's confidence as her team raised interest rates for
the third time in six months last week surprised investors who
had expected more caution about the economy following a batch of
weak U.S. economic data.
    * Last month, the U.S. economy added 138,000 jobs, well
below the expected gain of 185,000, while other data showed a
fall in retail sales and inflation below the Fed's target of 2
percent.
    * European stocks were headed for their biggest rise in two
months, helped by a meaty parliamentary majority for
pro-business French President Emmanuel Macron.
    * Oil prices edged higher, after coming under pressure over
the past month from rising production. [O/R]
    * Clovis Oncology <CLVS.O> soared 41.8 percent to $85 after
the biotechnology company's ovarian cancer drug was set for a
label expansion. [nL3N1JG2TI]

    Futures snapshot at 7:09 a.m. ET (1109 GMT):
    * Dow e-minis <1YMc1> were up 71 points, or 0.33 percent,
with 22,159 contracts changing hands.
    * S&P 500 e-minis <ESc1> were up 7 points, or 0.29 percent,
with 111,788 contracts traded.
    * Nasdaq 100 e-minis <NQc1> were up 38 points, or 0.67
percent, on volume of 25,178 contracts.

 (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
 ((tanya.agrawal@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 1130; Reuters Messaging:
tanya.agrawal.thomsonreuters.com@reuters.net))

Keywords: USA STOCKS/



This article appears in: World Markets , US Markets , Stocks
Referenced Symbols: AAPL , AMZN , CLVS , DJI , INX


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