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US Stock Futures Follow Europe Up as Oil Lift Stocks; Home Sales, Consumer Sentiment Data on Tap

U.S. stocks were set to open in positive territory Wednesday, the last full trading day before the Christmas holiday, as oil gains and encouraging remarks out of China helped lift oil and mining stocks.

West Texas Intermediate and Brent Crude for delivery in February were recently higher 1.8% and 1.9%, respectively. Meanwhile miners got a boost after China communist party leaders said the country will resolve excess capacity in the steel, cement, glass and solar panels industries.

Markets close at 1 p.m. E.T. on Thursday and are closed all day on Friday for the Christmas holiday.

At 8:30 a.m., data are expected to show that durable goods orders slipped 0.5% in November compared to a 3.0% gain in October. The consensus range is between a 1.7% decline and a 1.1% increase, according to data compiled by Econoday.

At 10:00 a.m., new home sales for November are seen edging up to 503,000 from 495,000 in October. The consensus range is between 479,000 and 531,000.

Meanwhile, the University of Michigan's consumer sentiment index is seen edging up to 92.0 for December from 91.8 in November. The consensus range is between 90.5 and 93.4.

Equities rose across all sectors Wednesday. Micron Technology ( MU ) meanwhile fell over 7% after late Tuesday reporting fiscal Q1 revenue fell short of views. Cablevision Systems ( CVC ) was down 2% after the Wall Street Journal reported that Altice NV's $10 billion deal to buy the company is running into trouble with New York City regulators.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.50%

-S&P 500 futures up 0.34%

-Nasdaq 100 futures up 0.36%

-Nasdaq 100 pre-market indicator up 0.31%

GLOBAL SENTIMENT

Nikkei down 0.16%

Hang Seng up 0.96%

Shanghai Composite down 0.43%

FTSE-100 up 2.13%

DAX-30 up 1.82

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: higher

(+) Internet stocks: higher

(+) Drug stocks: higher

(+) Financial stocks: unchanged to higher

(+/-) Retail stocks: unchanged

(+) Industrial stocks: unchanged to higher

(+/-) Airlines: unchanged

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) MT (+9.6%) China says will resolve excess capacity

(+) NKE (+2.7%) Fiscal Q2 earnings beats views, futures orders up 15%

(+) SYT (+1.0%) Extends gains on chairman saying co in talks with several companies about a deal

(+) CNIT (+15.1%) Regains compliance with Nasdaq minimum bid price requirement

(+) SHPG (+1.7%) Reportedly closer to reaching deal with BXLT

(+) SNY (+0.8%) Submits FDA new drug application for single daily insulin injection

(+) ADMS (+28.8%) Parkinson's complication drug meets primary endpoint in phase 3 trial

(+) CVX (+1.6%) Reportedly cuts 1,200 jobs at LNG plant in Australia

(+) AZN (+1.4%) FDA OKs gout drug

(+) CELG (+7.1%) Settles legal fight to keep a rival India drug maker from making generic version of cancer drug for another decade

(+) KMDA (+6.4%) Rabies treatment trial meets primary endpoint

(+) PBR (+2.6%) Finance Minister sees no need to inject capital into company

DOWNSIDE MOVERS

(-) BBBY (-5.5%) Says Q3 sales could be lower than expected, earnings to drop

(-) GALE (-6.1%) Gets subpoena from U.S. Attorney's Office related to Abstral sublingual tablets

(-) GBSN (-21.6%) Drops after securities issuances update

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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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