Stock Futures Remain Negative on Cheaper Oil, Ahead of FOMC
Stock futures are pointing to another lower open on Wall Street Tuesday with financial markets remaining defensive as a result of selling pressure on oil, and ahead of Wednesday's conclusion of the Federal Open Market Committee meeting. U.S. equities followed the lead of European bourses which were all lower as investors continue to avoid risk ahead of next Thursday's Brexit vote.
This morning's economic data exacerbated the weaker tone as a better-than-expected gain in retail sales and import and export prices gives the Fed ammunition to hike interest rates this summer.
Retail sales were up 0.5% last month, beating estimates for a more modest 0.3% gain. Excluding autos, sales were up an as-expected 0.4%, and up 0.3% excluding sales of autos and retail gas.
Import prices shot up 1.4% in May, nearly twice what was projected. Export prices also showed a significant gain, up 1.1% versus estimates for a benign 0.2% increase.
Next up is April business inventories, expected to increase 0.2%.
-Dow Jones Industrial down 0.20%
-S&P 500 futures down 0.30%
-Nasdaq 100 futures down 0.35%
Nikkei down 1.0%
Hang Seng down 0.61%
Shanghai Composite up 0.35%
FTSE-100 down 1.23%
DAX-30 down 0.87%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: Lower
(+/-) Chip stocks: Mixed
(-) Software stocks: Lower
(-) Hardware stocks: Lower
(+/-) Internet stocks: Mixed
(-) Oil stocks: Lower
(-) Biotech stocks: Lower
(-) Drug stocks: Lower
(-) Financial stocks: Lower
(+) Retail stocks: Higher
(-) Industrial stocks: Lower
(+/-) Airlines: Mixed
(+/-) Autos: Mixed
(+) YGE (+20.47%) Posts first profit in 4 Â½ years
(+) AKAO (+8.97%) Upgraded at Wedbush to outperform from neutral
(+) VG (+5.49%) Upgraded at Citigroup to buy from neutral
(+) BABA (+2.01%) Doubled 2020 transaction volume estimates
(-) INFI (-67.80%) Plans to cut workforce by 21%, DYNAMO Phase 2 monotherapy study of duvelisib met primary endpoint
(-) MESO (-39.89%) Regained rights to cardiovascular field for cell therapy platform, downgraded to neutral at Credit Suisse
(-) RVNC (-22.62%) DaxibotulinumtoxinA Topical Gel Phase 3 trial failed to meet primary endpoints
(-) WGP (-9.58%) Priced 12.5 million shares
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