Markets

Stock Futures Perk Up Despite Potential Economic Damage From Hurricane

U.S. stock futures were gaining altitude ahead of Monday's open, building on Friday's gains despite the devastation in east Texas from Hurricane Harvey that could reverberate through the U.S. economy. Gasoline futures soared overnight as a result of the hurricane's impact on Houston's refining industry, while West Texas Intermediate crude oil futures are 0.70% lower in early trade.

At 8:30 a.m. ET, data released indicated that the U.S.'s trade deficit in goods widened to $65.10 billion from a revised $64.01 deficit in June. This was wider than expectations for a deficit of $64.1 billion.

At 10:30 a.m. ET, the Dallas Fed will release their manufacturing index for August, expected to decline to 15.7 from 16.8 in July.

-Dow Jones Industrial up 0.15%

-S&P 500 futures up 0.18%

-Nasdaq 100 futures up 0.24%

SENTIMENT

Nikkei down 0.01%

Hang Seng up 0.05%

Shanghai Composite up 0.94%

FTSE-100 closed

DAX-30 down 0.12%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Oil stocks: Higher

(+) Biotech stocks: Higher

(+/-) Drug stocks: Mixed

(+) Financial stocks: Higher

(+/-) Retail stocks: Flat

(+/-) Industrial stocks: Mixed

(+/-) Airlines: Mixed

(+) Autos: Higher

UPSIDE MOVERS:

(+) UQM (+48.81%) Agreed to be acquired by China National Heavy Duty Truck Group for $0.95 per share

(+) KITE (+28.97%) Reportedly in talks to be acquired by Gilead ( GILD ) for approximately $11 billion

(+) AVEO (+7.89%) Fotivda treatment for advanced renal cell carcinoma approved by European regulators

DOWNSIDE MOVERS:

(-) UNXL (-71.12%) Announced plans to file for bankruptcy

(-) CDNA (-9.06%) Shareholders plan to sell 2.8 million shares at $1.89 per share

(-) PGR (-5.17%) Losses from Hurricane Harvey estimated to be $1 billion to $4 billion

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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