U.S. stocks were set to open higher Friday after Federal Reserve chair Janet Yellen late Thursday said the central bank remains on track to raise interest rates later this year while economic growth for Q2 was revised upwards.
Yellen suggested an initial increase this year followed by a gradual pace of tightening thereafter. "But if the economy surprises us, our judgments about monetary policy will change," Yellen said. She was speaking at the University of Massachusetts, Amherst.
The real gross domestic product was revised upwards to 3.9% growth in Q2 from previously reported 3.7% growth. The consensus range was between 3.5% and 4.1%, according to data compiled by Econoday.
At 9:45 a.m., the PMI services flash for September is seen edging up to 55.5 from 55.2 in August. The consensus range is between 55.1 and 56.5.
At 10:00 a.m., the consumer sentiment index is expected to have risen to 87.1 in September from 85.7 in August. The consensus range is between 85.0 and 92.0.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 1.31%
-S&P 500 futures up 1.16%
-Nasdaq 100 futures up 1.17%
-Nasdaq 100 pre-market indicator up 0.73%
Nikkei up 1.76%
Hang Seng up 0.43%
Shanghai Composite down 1.60%
FTSE-100 up 2.48%
DAX-30 up 3.02%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+) Chip stocks: unchanged to higher
(+) Software stocks: unchanged to higher
(+/-) Hardware stocks: mixed
(+) Internet stocks: higher
(+) Drug stocks: higher
(+) Financial stocks: unchanged to higher
(+) Retail stocks: unchanged to higher
(+) Industrial stocks: unchanged to higher
(+) Airlines: unchanged to higher
(+) Autos: higher
(+) AEG (+3.9%) Buys Mercer HR's defined contribution record-keeping business
(+) ARWR (+5.7%) Reports positive data on hepatitis B drug
(+) FCX (+1.8%) RBC Capital cuts PT to $14 vs $16, reiterates sector perform
(+) TWOU (+1.5%) Prices public sale of 3.5 million shares at $34 each
(+) CELG (+1.5%) Gets positive CHMP opinion on acute myeloid leukemia drug
(+) NVS (+2.3%) Gets positive opinion on heat failure drug in Europe
(+) NVO (+%) Phase 3 trial of diabetes drug achieves objective
(+) PFE (+0.9%) Gets FDA orphan drug designation for Merkel cell carcinoma treatment
(+) AMGN (+0.7%) Gets positive EU opinion on multiple myeloma drug
(+) GILD (+1.4%) Gets positive opinion on HIV treatment
(-) CXRX (-2.2%) To raise $520 million in share sale
(-) EMES (-18.4%) Withdraws FY distribution guidance; Piper Jaffray downgrades to sell vs hold
(-) SPWH (-1.3%) Prices secondary offering of 6.3 million shares at $12.25
(-) QTWO (-3.2%) Prices follow-on offering of 3.8 million shares at $25.50 each
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