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U.S. Stock Futures Bounce Back on Rebound in Biotechs

U.S. stock futures were higher into Tuesday's open as a rebound in Swiss commodity giant Glencore in overseas markets, coupled with bargain-hunting in the biotech and commodity sector contributed to constructive gains across Wall Street.

Overseas markets were mostly defensive with the Nikkei dropping more than 4% as Asian traders continued Monday's sell-off, but European equities returned to the plus column on Glencore's comeback and soft German regional inflation data.

Tuesday's economic calendar is on the light side with the Case Shiller Home Price Index at 9:00 a.m. ET (expected +0.1%), and September consumer confidence at 10:00 a.m. ET (expected to decline to 96.0 from 101.5)

-Dow Jones Industrial up 0.46%

-S&P 500 futures up 0.61%

-Nasdaq 100 futures up 0.60%

SENTIMENT

Nikkei down 4.05%

Hang Seng down 2.97%

Shanghai Composite down 2.02%

FTSE-100 down 0.41%

DAX-30 up 0.19%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Drug stocks: Higher

(+) Financial stocks: Higher

(+/-) Retail stocks: Flat

(+) Industrial stocks: Higher

(+) Airlines: Higher

(+) Autos: Higher

UPSIDE MOVERS:

(+) PNX (+168.61%) Agrees to $217.2 mln buyout offer from Nassau Reinsurance

(+) NVAX (+16.93%) Announced a grant of $89 million to support RSV F vaccine to protect infants via maternal immunization

(+) RJET (+13.04%) Upgraded at Deutsche Bank to buy from hold, raised PT by $3

DOWNSIDE MOVERS:

(-) ZSAN (-54.11%) Decided to discontinue development of its Daily ZP-PTH treatment for severe osteoporosis, ending a collaboration with Eli Lilly ( LLY ).

(-) ESPR (-16.22%) Plans to conduct multiple Phase 3 clinical trials that will separately evaluate patients with statin intolerance

(-) TISI (-11.00%) Pre-reports fiscal Q1 below expectations, cuts fiscal 2016 EPS guidance

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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