Markets

US Futures Tread Water Amid Record Levels

U.S. stock futures were near unchanged, but in the black, on Monday as the indices are at record levels and amid a lack of catalysts to drive trading before the open.

At 09:45 a.m. ET. the Purchasing Managers' Manufacturing index for May is expected to be up at 56.2 compared to 55.4 in April, according to data collected by Econoday.

At 10:00 a.m., the composite Institute for Supply Management's manufacturing survey index for May is expected to be higher at 55.5 from 54.9 in April. Also, data on construction spending is expected to show a 0.7% increase in April over the 0.2% growth in March.

In equities, Broadcom ( BRCM ) was higher by over 12% in recent pre-market trade after saying it plans to sell or wind down its cellular baseband unit, cutting annual expenses by about $600 million. NPS Pharmaceuticals ( NPSP ) was another big gainer, up over 20% after the Financial Times last week reported that U.K. drugmaker Shire may ( SHPG ) try to buy it for $4 billion. SHPG was up 0.7%.

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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