Markets

Futures Remain Defensive As Geo-Political Tensions Re-Surface

Stock futures are unchanged to slightly lower as the continued fighting in Iraq is driving energy prices higher and global equity markets lower. The Nasdaq, however, continues to outperform as gains in Priceline ( PCLN ) on its acquisition of Open Table ( OPEN ), and Intel ( INTC ) on raised guidance is helping the tech index grind into positive territory into the open. Across Europe, equity markets are all in negative turf despite upbeat Chinese economic data and a better-than-expected EU trade surplus.

The latest data on U.S. inflation did little to alter the negative tone on Wall Street. Producer prices fell 0.2% last month, missing estimates for a 0.1% gain in the nominal index. Excluding the volatile food and fuel segment, producer prices were down 0.1%.

Later this morning, Reuters/Univ of Michigan will release the consumer sentiment index for June, expected to improve to 83.0 from May's final 81.9.

-Dow Jones Industrial down 0.14%

-S&P 500 futures down 0.12%

-Nasdaq 100 futures down 0.02%

SENTIMENT

Nikkei up 0.83%

Hang Seng up 0.62%

Shanghai Composite up 0.93%

FTSE-100 down 1.23%

DAX-30 down 0.98%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: higher

(+/-) Software stocks: mixed

(+) Hardware stocks: higher

(+/-) Internet stocks: flat

(+) Drug stocks: higher

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(-) Industrial stocks: lower

(-) Airlines: lower

(+) Autos higher

UPSIDE MOVERS:

(+) OPEN (47.01%) Aquired by Priceline ( PCLN ) for $103 per share

(+) INTC (+6.80%) Raised revenue and earnings guidance

(+) ICLD (+20.87%) Becomes VMware partner, opens New England sales office

DOWNSIDE MOVERS:

(-) FNSR (-23.37%) Missed earnings estimates and guides Q1 earnings below consensus

(-) OMED (-13.98%) Halts enrollment, dosing in Vantictumab, Fzd8-Fc trials amid adverse events

(-) LULU (-0.11%) Continues to decline on cut in full year outlook and revenue outlook; downgrades this morning.

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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