Markets
GES

Futures Lose Ground Following Record High Close

Stock futures continued to trade defensively after personal income and consumption spending were both a disappointment and Thursday's record high in the S&P 500 triggered light profit-taking pressure. Retailers were again under water in the wake of disappointing earnings from Express ( EXPR ) and Guess ( GES ) that has spilled into broader markets still digesting Q1 earnings.

Personal income increased only 0.3% in April, missing estimates for a 0.4% gain, and slowing slightly from March's +0.5% pace. Spending contracted by 0.1%, well below the consensus estimate for a modest 0.2% gain, but March was revised upward to +1.0% from +0.9% initially.

The remaining data includes the Chicago Purchasing Manager's Index, expected to decline in 61.0 in May from 63.0, and the Reuter's/Univ of Michigan consumer sentiment index, forecast to show a modest improvement to 82.5 from 81.8 prior.

-Dow Jones Industrial down 0.07%

-S&P 500 futures down 0.08%

-Nasdaq 100 futures down 0.05%

SENTIMENT

Nikkei down 0.34%

Hang Seng up 0.31%

Shanghai Composite down 0.07%

FTSE-100 down 0.29%

DAX-30 down 0.03%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: lower

(-) Software stocks: lower

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Drug stocks: flat

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: lower

(+) Airlines: higher

(-) Autos lower

UPSIDE MOVERS:

(+) RTRX (+29.27%) Inks deal for kidney stone medication, boosts revenue outlook

(+) OVTI (+8.69%) Beat on earnings and reported upbeat guidance

DOWNSIDE MOVERS:

(-) BLOX (-35.43%) Below consensus guidance, CEO resigns

(-) SPLK (-6.45%) Reported a wider Q1 loss

(-) BNNY (-16.00%) RBC cuts PT $8 to $37 following results

(-) EXPR (-11.96%) Reported disappointing Q1 earnings

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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