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Wall Street Sees Lower Open as Oil Slides, Traders Eye Progress on Trump Tax Cuts


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U.S. stocks were pointing to a lower open on Wednesday following similar declines in the oil market as investors grew increasingly worried about president Donald Trump's capability to follow through on his promised fiscal policies.

Oil prices were lower with global benchmark Brent crude down 1.51% recently, and U.S. benchmark West Texas Intermediate down 1.49% as the commodity continued to face heavy pressure after industry data showed U.S. crude stockpiles rose higher than expected.

Date released at 9:00 a.m. showed the FHFA house price index turned in flat in January compared to the sizable 0.5% gain seen by forecasters, according to data compiled by Econoday.

At 10:00 a.m., forecasters see existing home sales for February falling 2.4% to 5.555 million annualized pace.

In equities, UniPixel ( UNXL ) shares were 21.1% higher pre-bell after the company said that it has secured a long-term supply contract for its XTouch touch screen sensors for a major U.S.-based PC maker.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.16%

-S&P 500 futures down 0.03%

-Nasdaq 100 futures down 0.04%

-Nasdaq 100 pre-market indicator down 0.11%

GLOBAL SENTIMENT

Nikkei down 2.13%

Hang Seng down 1.11%

Shanghai Composite down 0.50%

FTSE-100 down 0.84%

DAX-30 down 0.49%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: unchanged to lower

(-) Software stocks: unchanged to lower

(-) Hardware stocks: unchanged to lower

(+/-) Internet stocks: mixed

(-) Oil stocks: unchanged to lower

(-) Biotech stocks: unchanged to lower

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(-) Airlines: unchanged to lower

(+/-) Autos: mixed

UPSIDE MOVERS

(+) CALA (+1%) Prices stock offering at $10.25 per share

(+) DLTH (+19.9%) Tops Q4 estimates

(+) OPK (+1.5%) Gets orphan drug status for new oligonucleotide to treat genetic neurological disorder

DOWNSIDE MOVERS

(-) NKE (-5.5%) Fiscal Q3 profit tops estimate, shy on revenues

(-) ING (-4.7%) Says it is subject of criminal investigation

(-) DEA (-2.4%) Prices stock offering at $19 per share

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


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