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Stock Futures Undermined By Defensive Global Equities

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U.S. stocks were set to open significantly lower in sympathy with a sea of red across overseas bourses. Lingering concerns about the health of the global economy coupled with rate hike jitters in the U.S. were amplified overnight with the release of disappointing economic data from Europe, and comments from Fed Presidents Dennis Lockhart and John Williams endorsing a June rate hike.

Wednesday's heavy economic calendar kicked off with a below-consensus 156,000 increase in private payrolls, missing expectations for an increase of 193,000.

Also, the U.S. trade deficit narrowed to $40.44 billion from a downward revised deficit of $46.96 in February. This is slightly better than estimates for a deficit of $41.4 billion.

Finally, non-farm productivity fell by 1.0% last quarter, but beat estimates for a decline of 1.2%. Unit labor costs rose 4.1% for the same quarter, above estimates for an increase of 3.5%.

Today's remaining data includes a pair of services sector data from purchasing managers and the Institute for Supply Management. The PMI index should fall back slightly to 52.0 from 52.1, while the ISM should increase to 54.7 from March's 54.5.

Finally, March factory orders are expected to increase by 0.6%, partially offsetting a 1.7% decline in orders the month prior.

-Dow Jones Industrial down 0.56%

-S&P 500 futures down 0.66%

-Nasdaq 100 futures down 0.74%

SENTIMENT

Nikkei down Closed

Hang Seng down 0.73%

Shanghai Composite down 0.05%

FTSE-100 down 1.31%

DAX-30 down 0.76%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Lower

(+/-) Chip stocks: Lower

(+/-) Software stocks: Lower

(+/-) Hardware stocks: Lower

(+/-) Internet stocks: Lower

(+/-) Oil stocks: Lower

(+/-) Biotech stocks: Lower

(+/-) Drug stocks: Lower

(+/-) Financial stocks: Lower

(+/-) Retail stocks: Lower

(+/-) Industrial stocks: Lower

(+/-) Airlines: Lower

(+/-) Autos: Lower

UPSIDE MOVERS:

(+) Z (+14.92%) Missed on EP estimates, but beat revenue expectations, issued strong Q2 and FY16 guidance

(+) OCLR (+7.62%) Reported better-than-expected revenue and issued strong sales guidance

(+) SHOP (+7.32%) Reported upbeat quarterly results and raised its revenue guidance for FY16

DOWNSIDE MOVERS:

(-) GLUU (-14.23%) Issued weak FY16 guidance and announced plans to reduce workforce by 85

(-) RLYP (-9.35%) Announced $150 million debt financing after Tuesday's close

(-) PCLN (-7.58%) Beat Q1 expectations but issued a weak profit forecast for Q2

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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