Futures Bounce Back as ECB Soothes Jittery Global Markets

U.S. stocks futures were set to open higher on Wednesday with Nasdaq futures outperforming as investors pour back into cheap tech stocks.

Global equities were given a shot-in-the-arm this morning after the European Central Bank issued a statement clarifying President Mario Draghi's remarks from Tuesday. The ECB said his statements about monetary accommodation -- which sent the euro to a one year high and Euro-zone equities spiralling -- were "misjudged" and were intended to "strike a balance between strength in the [EU]" and need for monetary accommodation.

As a result, Dow futures were now 75 points above fair value, lagging gains in S&P and Nasdaq futures.

At 8:30am ET, data released showed a narrower-than-expected trade deficit in goods of $65.9 billion from a revised deficit of $67.1 billion in April. This exceeded expectations for a deficit of $66.0 billion.

At 10am ET, the pending home sales index is expected to increase by 0.5% in May.

Wall Street will also be keeping an eye on the weekly oil inventory data from the Energy Information Administration at 10:30am ET. Another decrease in supply to match the 2.5 million barrel drop last week could keep oil futures afloat for a fifth consecutive day.

In corporate news, shares of Pandora ( P ) were trading higher after the company's CEO, Tim Westergren, announced his resignation on Tuesday.

Also, shares of Spectranetics ( SPNC ) were soaring in pre-market after receiving a $38.50 per share acquisition offer from Koninklijke Phillips ( PHG ).

-Dow Jones Industrial up 0.17%

-S&P 500 futures up 0.27%

-Nasdaq 100 futures up 0.24%


Nikkei down 0.47%

Hang Seng down 0.61%

Shanghai Composite down 0.54%

FTSE-100 up 0.03%

DAX-30 down 0.42%


(+/-) Large cap tech: Higher

(+/-) Chip stocks: Higher

(+/-) Software stocks: Flat

(+/-) Hardware stocks: Higher

(+/-) Internet stocks: Higher

(+/-) Oil stocks: Mixed

(+/-) Biotech stocks: Mixed

(+/-) Drug stocks: Lower

(+/-) Financial stocks: Higher

(+/-) Retail stocks: Higher

(+/-) Industrial stocks: Mixed

(+/-) Airlines: Flat

(+/-) Autos: Higher


(+) SPNC (+26.00%) Received acquisition bid from Phillips ( PHG ) for $38.50 per share

(+) AMCN (+13.91%) Signs amendment to merger agMeement for going private transaction

(+) NVIV (+12.73%) Reported positive motor recovery assessments in Inspire study


(-) GMRE (-9.46%) Priced 3.5 mln share offering at $9 per share

(-) AVAV (-8.83%) Guided Q2 below forecasts

(-) PIR (-1.69%) Expected to report a loss of $0.05 per share after the close

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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