Markets

Futures Fall Further on GDP Revision

Stock futures deteriorated further following the release of Q1 GDP in which the economy contracted at a pace of 0.7%, slightly better than estimates for a contraction of 0.8%, but a sharp reversal from the 0.2% growth rate initially reported.

Wall Street was also unnerved by the lack of a deal between Greece and its international creditors despite months of negotiations. With the next IMF payment looming on June 5, financial markets are bracing for the possibility of a Greek default and eventual expulsion from the European Union.

Besides GDP, today's other data includes the May Chicago PMI, expected to improve to 53.1 from April's 52.3, and the University of Michigan consumer sentiment index for May, last reported at 88.6 (flash) and expected to increase to 90.3.

-Dow Jones Industrial down 0.26%

-S&P 500 futures down 0.28%

-Nasdaq 100 futures down 0.32%

SENTIMENT

Nikkei up 0.06%

Hang Seng down 0.11%

Shanghai Composite down 0.150025

FTSE-100 down 0.04%

DAX-30 down 1.12%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: Lower

(+) Chip stocks: Higher

(-) Software stocks: Lower

(-) Hardware stocks: Lower

(+/-) Internet stocks: Mixed

(-) Drug stocks: Lower

(-) Financial stocks: Lower

(-) Retail stocks: Lower

(-) Industrial stocks: Lower

(-) Airlines: Lower

(+/-) Autos: Mixed

UPSIDE MOVERS:

(+) HRTX (+36.52%) Nausea drug met mail goal in late stage trial

(+) PBMD (+12.15%) Reported a new IP for its lead IMP321 development program

(+) GME (+6.43%) Reported stronger-than-expected Q1 EPS, raised EPS guidance for FY

(+) ALTR (+5.32%) Company is reportedly nearing a deal to be acquired by Intel ( INTC )

DOWNSIDE MOVERS:

(-) CLLS (-6.61%) Reportedly in sales talks with Pfizer ( PFE ) among potential buyers

(-) CYBR (-3.35%) Announced a $250 million secondary offering

(-) SPLK (-3.49%) Reported a narrower-than-expected loss, lifted revenue forecast

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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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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