Markets

Futures Grind Higher As Massive Rebound Drives Risk Appetite

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US stock futures on Friday were building on the previous session's late gains as the rotation out of Treasuries and into equity assets sets up the Dow for a 100+ point gain at the cash open. Thursday's head-spinning reversal on Wall Street spilled into overseas markets, with most global bourses posting constructive gains fueled by strength in tech and banking stocks.

Related markets are mixed as the risk rally drove Treasury yields higher and gold lower, while the dollar is bucking the trend and trading lower against most of the major currencies.

Oil futures reversed early gains and were trading lower, sending Brent crude to $52 per barrel before recouping lost ground. Inventory data later this afternoon coupled with the Baker Hughes rig count at 1:00pm ET will likely keep pressure on the commodity.

In corporate news, Tesla ( TSLA ) share were gaining ground before the opening bell following the announcement that Oracle's ( ORCL ) Larry Ellison has been named to the company's board.

Canada's Aphria ( APHA ) was set to open at its highest level in nearly a month after Green Grower Brands' $2.1 billion hostile bid.

Economic data scheduled for Friday include the December Chicago purchasing managers index (est 62.4 vs 66.4 prior) and the November pending home sales index (est +1.5% vs -2.6% prior). Regularly scheduled international trade in goods and wholesale inventories have been postponed due to the partial government shutdown.

-Dow Jones Industrial up 0.35%

-S&P 500 futures up 0.30%

-Nasdaq 100 futures up 0.12%

SENTIMENT

Nikkei down 0.31%

Hang Seng up 0.10%

Shanghai Composite up 0.44%

FTSE-100 up 1.64%

DAX-30 up 1.74%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+/-) Oil stocks: Mixed

(+) Biotech stocks: Higher

(+) Drug stocks: Higher

(+) Financial stocks: Higher

(+) Retail stocks: Higher

(+) Industrial stocks: Higher

(+) Airlines: Higher

(+) Autos: Higher

UPSIDE MOVERS:

(+) ABIL (+37.28%) Repaid $1.5 million outstanding line of credit with Israeli bank

(+) APHA (+12.21%) Received hostile bid from Green Grower Brands for $2.1 billion

(+) AEY (+10.16%) Plans to sell cable TV operations to Leveling 8 for $10.8 million

DOWNSIDE MOVERS:

(-) SIR (-46.97%) Completed distribution of 45 million common shares of Industrial Logistics Properties Trust

(-) HTGM (-4.33%) Filed for $150 million common stock offering

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.


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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