Markets

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.

In the wake of Tuesday's announcement by the U.S. Treasury tightening rules for offshore mergers, Pfizer ( PFE ) and Allergan ( AGN ) called off their $160 billion merger.

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%

SENTIMENT

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

UPSIDE MOVERS:

(+) 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

DOWNSIDE MOVERS:

(-) 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

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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