Washington continues to hold global stock markets hostage with U.S. futures flat to slightly lower into the open. Yesterday's sharp sell-off coupled with the lack of any statistical direction is expected to keep stock prices under pressure for another day. However, the outside chance for a deal to be struck between Democrats and Republicans has shorts especially sensitive to any developments in Congress. As a result, knee-jerk short-covering to positive news might prevent any aggressive selling pressure in the market.
The expectation for a deal to be reached shortly is evidenced in bond yields which have inched up as much as 4 basis points into today's open. And as the bid into safe-haven assets begins to evaporate, gold is also lower today.
-Dow Jones Industrial down 0.05%
-S&P 500 futures up 0.13%
-Nasdaq 100 futures up 0.23%
Nikkei up 0.30%
Hang Seng up 0.89%
Shanghai Composite up 1.08%
FTSE-100 down 0.76%
DAX-30 down 0.09%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+) Chip stocks: higher
(+/-) Software stocks: flat
(+) Hardware stocks: higher
(+) Internet stocks: higher
(+) Drug stocks: higher
(+/-) Financial stocks: mixed
(+/-) Retail stocks: mixed
(+/-) Industrial stocks: mixed
(+/-) Airlines: flat
(+) Autos higher
JCP (+6.74%) Shares have reversed course after falling on news that same store sales fell 4% in September
AGEN (+11.15%) Data from a Phase 3 trial showed GlaxoSmithKline's ( GSK ) malaria vaccine, which contains Agenus' QS-21 Stimulon adjuvant, protected children against malaria for 18 months after the injection.
KERX (+4.38%) FDA has accepted the new drug application for its Zerenix drug to treat elevated serum phosphorus levels, or hyperphosphatemia, in patients with chronic kidney disease on dialysis.
JMBA (-16.18%) Jamba lowered its outlook as the company reported slower consumer spending and increased competition
TWGP (-27.13%) After paying out significant claims due to Hurricane Sandy, the company is considering its strategic options with its lead financial advisor JP Morgan.
MAS (-2.00%) KeyBanc downgrades the stock to Underweight from Hold
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