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MAR

Stock Futures Return Earlier Gains as Oil Retreats, Manufacturing Extends Slump

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U.S. stock futures lost their earlier momentum and drifted back into negative territory on the heels a miss on the Empire State manufacturing index, and profit-taking pressure in oil that drove the price back towards $40 per barrel from $41 earlier this morning.

Wall Street appeared to be on the mend after three days of heavy selling pressure and the terrorist attacks in Paris on Friday that lured investors to safe-haven assets. Oil was up by more than 2% on a geopolitically-tied rally, and European equities recovered early losses.

But Europe has since given up its overnight gains, over-supply rekindled selling pressure on oil, and a regional Fed manufacturing index raised concerns about the U.S. economy, driving investors into government securities. As a result, the yield on the 10-year Treasury note is 2 basis points lower.

The Empire State manufacturing index improved slightly in November to -10.74 from -11.36 in October. But this was well below estimates of -5.0% and is the fourth consecutive month the index has been negative.

-Dow Jones Industrial down 0.17%

-S&P 500 futures down 0.01%

-Nasdaq 100 futures down 0.12%

SENTIMENT

Nikkei down 1.04%

Hang Seng down 1.72%

Shanghai Composite up 0.73%

FTSE-100 up 0.43%

DAX-30 up 0.18%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Mixed

(+/-) Chip stocks: Flat

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Drug stocks: Higher

(+) Financial stocks: Higher

(-) Retail stocks: Lower

(-) Industrial stocks: Lower

(-) Airlines: Lower

(+/-) Autos: Mixed

UPSIDE MOVERS:

(+) NVET (+22.75%) Reported positive results on osteoarthritis drug for dogs

(+) ARRY (+5.68%) Announced $30 million cancer treatment collaboration with Pierre Fabre

(+) PRGO (+1.68%) Reversing some of Friday's 6% decline

(+) ORCL (+0.86%) Added to Goldman Sachs' conviction buy list, PT raised to $47

(+) JNJ (+-0.68%) Janssen unit posts positive results on preliminary Phase 2 hepatitis C drug Olysio

DOWNSIDE MOVERS:

(-) DDS (-10.27%) Reports 4% decline in same-store sales, missed Q3 EPS and revenue estimates

(-) HOT (-5.00%) To be acquired by Marriott ( MAR ) for $12.2 billion

(-) RPTP (-4.76%) Additional data on RP103 for nonalcoholic fatty liver disease in children still don't support advancing the program

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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