Stock Futures Positive on Higher Oil
U.S. stock futures trimmed most of their premarket gains, and were only marginally higher despite firmer oil prices and a better-than-expected read on China's services sector.
The main event for Wednesday is the March Federal Reserve Open Market Committee minutes at 2:00ET. Wall Street expects the minutes to reflect Fed Chair Janet Yellen's dovish bias given her recent statements about the downside pressure to the U.S. economy from weak global economies.
Monsanto ( MON ) reported mixed fiscal Q2 results with earnings of $2.42 in-line with estimates, but down from the same quarter last year on lower-than-expected revenue. Shares are expected to open marginally lower.
There is no major economic data scheduled for Wednesday. Later this afternoon, Cleveland Fed President Loretta Mester will deliver a speech to the Cleveland Association of Business Economics.
-Dow Jones Industrial up 0.04%
-S&P 500 futures up 0.04%
-Nasdaq 100 futures up 0.05%
Nikkei down 0.11%
Hang Seng up 0.15%
Shanghai Composite down 0.08%
FTSE-100 up 0.78%
DAX-30 up 0.11%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: Higher
(+/-) Chip stocks: Flat
(+) Software stocks: Higher
(+) Hardware stocks: Higher
(+) Internet stocks: Higher
(+) Oil stocks: Higher
(+) Biotech stocks: Higher
(+) Drug stocks: Higher
(+) Financial stocks: Higher
(+/-) Retail stocks: Flat
(+) Industrial stocks: Higher
(+/-) Airlines: Flat
(+) Autos: Higher
(+) SRPT (+7.53%) Oppenheimer raised its price target to $60 from $45 and maintained an outperform rating
(+) STZ (+4.05%) Reported better-than-expected Q4 results, raises dividend and bought wine portfolio from Huneeus Vintners
(+) PFE (+1.15%) Terminated its merger with Allergan ( AGN ) after U.S. changed M&A rules to avoid inversions
(-) CREE (-18.86%) Issued weak guidance for Q3
(-) MAT (-3.99%) Downgraded at Stifel Nicolaus to hold from buy
(-) AGN (-1.71%) Merger with Pfizer ( PFE ) shelved as U.S. Treasury tightens rules on inversion mergers
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