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Stock Futures Rally as FBI Announcement Snaps Dow's Losing Streak


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Stock futures were in rally mode into Monday's open as the financial markets applaud Sunday's news that the Federal Bureau of Investigation has cleared Democratic candidate Hillary Clinton of any wrongdoing concerning classified State Department emails. As a result, Dow futures were more than 250 points above fair value, putting the blue chip index on track to shatter a seven-day losing streak.

Wall Street is also supported by gains in the energy complex with oil futures trading in the green for the first time in seven days as the FBI announcement rekindles demand for riskier assets while at the same time driving down the price of gold by nearly $18 per ounce. Treasury yields are also higher with the yield on the 10-year Treasury note at 1.815%.

In corporate news, shares of Lending Club ( LC ) rallied more than 12% on upbeat Q3 results and raised Q4 guidance, and Blue Nile ( NILE ) has agreed to be acquired by Bain Capital and Bow Street for $40.75 per share.

Economic news on Monday is light with only the Labor Market Conditions index at 10ET, and consumer credit at 3:00ET.

-Dow Jones Industrial up 1.44%

-S&P 500 futures up 1.43%

-Nasdaq 100 futures up 1.61%

SENTIMENT

Nikkei up 1.61%

Hang Seng up 0.70%

Shanghai Composite up 0.26%

FTSE-100 up 1.38%

DAX-30 up 1.64%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Oil stocks: Higher

(+) Biotech stocks: Higher

(+) Drug stocks: Higher

(+) Financial stocks: Higher

(+) Retail stocks: Higher

(+) Industrial stocks: Higher

(+) Airlines: Higher

(+) Autos: Higher

UPSIDE MOVERS:

(+) NILE (+32.65%) To be acquired by Bain Capital and Bow Street for $40.75 per share

(+) N (+20.64%) Oracle ( ORCL ) moving ahead with $9.3 billion acquisition with receipt of 21.8 million unaffiliated NetSuite shares

(+) DTLK (+18.13%) To be acquired by Insight Enterprises ( NSIT ) for $11.25 per share

(+) CEMP (+17.88%) FDA ruled that efficacy results of solithromycin outweighed the risks for community-acquired bacterial pneumonia

DOWNSIDE MOVERS:

(-) CXRX (-26.33%) Missed Q3 analyst estimates, suspending guidance

(-) PLUG (-8.45%) Reported wider Q3 loss on 44% drop in revenue

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: LC , ORCL , NSIT ,



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