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Wall Street Points North as China Growth Tops Forecasts


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US stocks were set to open in positive territory Wednesday after China reported better-than-expected economic growth for Q1, helping boost market sentiment, while traders evaluated a fresh batch of corporate earnings.

Oil prices rose, with global benchmark Brent crude up 0.43% and US West Texas Intermediate crude up 0.59% on signs of strong demand from Chinese refineries.

Data released at 8:30 am showed a surprise narrowing of the US trade deficit to $49.4 billion for February from January's $51.1 billion and against estimates for a $53.6 billion deficit, according to data compiled by Econoday.

At 10 am, forecasters see March wholesale inventories inching higher for a 0.3% gain vs. a 1.4% revised gain for February.

In equities, shares of DPW ( DPW ) soared 36% after the company's 2018 net loss narrowed on higher revenue compared with 2017.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.17%

-S&P 500 futures up 0.28%

-Nasdaq 100 futures up 0.52%

-Nasdaq 100 pre-market indicator up 0.60%

GLOBAL SENTIMENT

Nikkei up 0.25%

Hang Seng down 0.02%

Shanghai Composite up 0.29%

FTSE-100 down 0.09%

DAX-30 up 0.40%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+) Software stocks: higher

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+) Oil stocks: higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+) Retail stocks: unchanged to higher

(+) Industrial stocks: unchanged to higher

(+) Airlines: higher

(+) +unchanged to higher

UPSIDE MOVERS

(+) QCOM (+10.6%) Settles dispute with Apple

(+) SFS (+20.4%) Agrees to $6.50/share takeover offer

(+) NFLX (+3.5%) Tops Q1 estimates

(+) MBRX (+17.2%) Reports 'significant' discovery in lung cancer models

DOWNSIDE MOVERS

(-) BK (-4.6%) Misses Q1 expectations

(-) APHA (-1%) Prices $300 million notes offering

(-) S (-6%) WSJ reports merger with T-Mobile unlikely approved in current form

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: DPW




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