Markets

U.S. Stock Futures Extend Post-Fed Gains

U.S. stock futures were adding to Wednesday's impressive gains, fueled by the Fed's decision to raise interest rates 25 basis points, while at the same time assuming a "prudent and gradual" bias towards future interest rate decisions. Global equity markets rallied, spilling into premarket trading in the U.S. where Dow futures were 25 points above fair value and shrugging off another sell-off in the energy complex.

Thursday's economic data was mixed with initial jobless claims falling 11,000 to 271,000, but the Philadelphia Fed business outlook index plummeting to negative 5.9 from positive 1.9 in November, and missing the consensus estimate for a slight decline to positive 1.2. Components of the index were mixed as well: the employment index rose to 4.1 from 2.6, but new orders dropped to negative 9.5 from negative 3.7.

Also, the current account deficit widened to $124.1 billion in the third quarter from a revised deficit of $111.1 billion, missing estimates for a deficit of $119.0 billion.

Later this morning, leading economic indicators will be released, expected to increase by 0.2% in November.

-Dow Jones Industrial up 0.25%

-S&P 500 futures up 0.22%

-Nasdaq 100 futures up 0.43%

SENTIMENT

Nikkei up 1.59%

Hang Seng up 0.79%

Shanghai Composite up 1.83%

FTSE-100 up 1.34%

DAX-30 up 3.13%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Higher

(+/-) Chip stocks: Lower

(+/-) Software stocks: Mixed

(+/-) Hardware stocks: Higher

(+/-) Internet stocks: Higher

(+/-) Drug stocks: Mixed

(+/-) Financial stocks: Higher

(+/-) Retail stocks: Higher

(+/-) Industrial stocks: Higher

(+/-) Airlines: Mixed

(+/-) Autos: Higher

UPSIDE MOVERS:

(+) OCLS (+25.45%) Announced FDA 501 (k) clearance for microcyn-based seb-derm gel

(+) AVP (+24.45%) Cerberus is reportedly near a deal to acquire 80% stake of Avon's North American business and 17% stake in parent co for $605 million

(+) P (+18.82%) Will pay 15% more in royalties for 2016-2020 period

(+) GLPG (+7.62%) Announced partnership with Gilead ( GILD ) to develop Filgotnib

(+) FDX (+5.78%) Beat Q3 EPS and revenue estimates

DOWNSIDE MOVERS:

(-) KBIO (-53.24%) 70% owner Martin Shkreli arrested by FBI on possible securities fraud

(-) PIR (-17.65%) Missed Q3 sales estimates, beat EPS, but lowered FY16 guidance

(-) PII (-8.69%) Slashed its entire growth expectation for 2015 earnings and cut its sales guidance growth range by more than half, partly due to the unusually warm weather

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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