Stock futures were lower as Wall Street continued to take profits off recent gains with the pressure again heaviest on the tech-heavy Nasdaq. The profit-taking was triggered in Europe after stocks touched a six-year high Thursday following dovish comments from ECB President Mario Draghi, spilling into the pre-market session in the U.S. Compounded by strong technical resistance at 1885.00 in the S&P 500, equities are likely to trade defensively, putting the Nasdaq and S&P 500 on track to close the week lower.
This morning's economic data is not expected to provide much of a boost to equities as job openings are forecast to increase 4.125 million in March, less than the 4.173 million increase recorded the month prior. Also, wholesale inventories should increase 0.5%, same as the increase noted in February.
In corporate news, Apple ( AAPL ) is reportedly in talks to purchase headphone maker Beats Electronics for $3.2 billion, while the $35 billion merger between Omnicom ( OMC ) and Publicis has been shelved as the two companies were unable to agree on terms such as leadership and the combined corporate culture.
-Dow Jones Industrial down 0.10%
-S&P 500 futures down 0.11%
-Nasdaq 100 futures down 0.11%
Nikkei up 0.25%
Hang Seng up 0.12%
Shanghai Composite down 0.21%
FTSE-100 down 0.33%
DAX-30 down 0.60%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: lower
(-) Chip stocks: lower
(-) Software stocks: lower
(-) Hardware stocks: lower
(+/-) Internet stocks: mixed
(-) Drug stocks: lower
(+/-) Financial stocks: mixed
(+/-) Retail stocks: mixed
(+/-) Industrial stocks: mixed
(+/-) Airlines: flat
(+) Autos higher
(+) PLUG (+8.24%) Central Grocers placed order for 182 next-generation GenDrive fuel cell units
(+) PBMD (+26.53%) FDA granted Fast Track Designation to the CVac clinical development program
(+) OLED (+11.58%) Reported a profit in Q1 2014 compared to a loss for year ago period
(-) RL (-6.47%) Posted better-than-expected Q4 earnings, but warned of margin pressure in 2015.
(-) UBNT (-17.74%) Beats on both earnings and revenue
(-) FUEL (-28.26%) Reported a miss on Q1 revenue, sets Q2 revenue view below Street
(-) ZGNX (-12.99%) Reported a Q1 loss $0.05 lower estimates and missed on revenue
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