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U.S. Stock Futures Gear Up for Positive Open Following Latest Jobless Claims, Chinese Manufacturing Data
8/1/2013 9:01:00 AM
By: MT Newswires
U.S. stock futures are sharply higher in the pre-bell session following the release of data that showed strong growth in Chinese manufacturing, relieving recent worries following a disappointing flash PMI that showed the country's manufacturing was in contraction territory. Stocks held onto their gains following the Labor Department's 8:30 a.m. report that jobless claims were better-than-expected.
Other data on today's calendar include purchasing-managers' surveys from Markit, which will be released at 9 a.m. ET, and the Institute for Supply Management's latest report at 10:00 a.m. ET. Also at 10:00 a.m. ET a construction spending report for June will be released.
The auto sector will be in the spotlight today, with the latest auto sales set for release. Economists expect sales at a 15.8 million annual rate, down just slightly from 15.9 million in June.
Asian stocks finished higher, particularly The Shanghai Composite Index, after China's official manufacturing Purchasing Managers' Index unexpectedly rose to 50.3 in July, from 50.1 in June.
Commodities are mostly higher in the pre-bell session. Gold is up 0.82% at $1,323.80 per ounce. Oil futures are up 1.83% at $106.95 in electronic trading.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 0.14%
-S&P 500 futures down 0.01%
-Nasdaq 100 futures unchanged
-Nasdaq-100 Pre-Market Indicator up 0.32%
Nikkei up 2.47%
Hang Seng up 0.94%
Shanghai Composite up 1.77%
FTSE-100 up 0.34%
DAX-30 up 1.23%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech:
(+/-) Chip stocks:
(+/-) Software stocks: higher
(+/-) Hardware stocks: higher
(+/-) Internet stocks: higher
(-) Drug stocks: higher
(-) Financial stocks: higher
(-) Retail stocks: higher
(-) Industrial stocks:
(+/-) Airlines: higher
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