Markets

Stock Futures Defensive After FOMC Minutes, Ahead of Dudley Speech

Stocks overlooked a one-month low in initial jobless claims and the Philadelphia Fed index and are set to open marginally lower Thursday as downbeat results from Dow component stock Cisco ( CSCO ) upstages a beat from mega-retailer Walmart ( WMT ).

Additionally, Wall Street is bracing for a speech from NY Federal Reserve president William Dudley later this morning, taking on extra importance after the mixed message from the minutes of the July Federal Open Market Committee meeting. Dudley's hawkish comments Tuesday about a rate hike getting "closer" spooked investors and chased the benchmark indices off their record highs.

To recap this morning's economic data: initial jobless claims dropped 4,000 to 262,000, beating expectations for a 1,000 decline in 265,000; and the Philadelphia Fed business outlook index improved to an as-expected positive 2.0 in August from a negative 2.9 the month prior.

Next up is July leading economic indicators, projected to increase 0.2%.

In related markets, the dollar is stronger against the yen but weaker versus the euro and pound, gold is up $7 per ounce, Treasury yields are lower as bond players price out a September rate hike, and West Texas Intermediate oil is higher.

-Dow Jones Industrial down 0.04%

-S&P 500 futures down 0.08%

-Nasdaq 100 futures down 0.11%

SENTIMENT

Nikkei down 1.55%

Hang Seng up 0.98%

Shanghai Composite down 0.17%

FTSE-100 up 0.03%

DAX-30 up 0.12%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: Lower

(+/-) Chip stocks: Mixed

(+/-) Software stocks: Flat

(+/-) Hardware stocks: Mixed

(-) Internet stocks: Lower

(+/-) Oil stocks: Mixed

(-) Biotech stocks: Lower

(+/-) Drug stocks: Flat to Lower

(+/-) Financial stocks: Flat

(+) Retail stocks: Higher

(+/-) Industrial stocks: Flat to Lower

(+/-) Airlines: Flat

(+) Autos: Higher

UPSIDE MOVERS:

(+) SEMI (+40.88%) Agreed to be acquired by GlobalWafers for $12 per share

(+) RPTP (+16.81%) Retrophin ( RTRX ) is considering an acquisition of Raptor

(+) NTAP (+9.01%) Reported better-than-expected for fiscal Q1

DOWNSIDE MOVERS:

(-) CERU (-63.50%) Reported a failed CRLX101/Avastin trial resuts

(-) PTLA (-20.01%) Received a CRL from the U.S. FDA for biologics license application for AndexXa

(-) JNP (-15.31%) Phase 2b trial of COL-1077 lidocaine vaginal gel did not meet primary and secondary endpoints

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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