Markets

US Stocks Eye Slightly Lower Open as Rally Subsides, Earnings Eyed

U.S. equities were set to open lower Tuesday after a five-day rally as investors expect global economic woes, a strong dollar and weak oil prices to weigh on quarterly earnings that are set to start coming out this week.

In economic data out Tuesday, the trade deficit widened to $48.3 billion in August from a revised deficit of $41.8 billion in July. The consensus range was for a deficit between $50.2 billion and $41.0 billion, according to data compiled by Econoday.

Monetary policy makers on tap to speak Tuesday were Federal Open Market Committee member and San Francisco Federal Reserve Bank president John Williams, providing an outlook speech at 3:30 p.m., and alternate FOMC member Ester George, Kansas City Fed President, set to speak about payments systems in Chicago at 9:15 a.m.

In equities, semiconductor and software solution provider PMC-Sierra ( PMCS ) surged over 33% in recent pre-market trade after agreeing to be acquired by rival Skyworks Solutions ( SWKS ) for $2 billion in cash. SWKS was up 2%. The most active loser was Exact Sciences ( EXAS ), down nearly 39% after saying the U.S. Preventive Services Task Force revealed draft recommendations for screening colon cancer.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.10%

-S&P 500 futures down 0.22%

-Nasdaq 100 futures down 0.28%

-Nasdaq 100 pre-market indicator down 0.25%

GLOBAL SENTIMENT

Nikkei up 1.00%

Hang Seng down 0.10%

Shanghai Composite up 0.48%

FTSE-100 up 0.26%

DAX-30 up 0.43%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(-) Internet stocks: unchanged to lower

(+/-) Drug stocks: mixed

(-) Financial stocks: unchanged to lower

(+/-) Retail stocks: unchanged

(+/-) Industrial stocks: unchanged

(+/-) Airlines: unchanged

(-) Autos: unchanged to lower

UPSIDE MOVERS

(+) NVCR (+13.6%) FDA OKs Optune to treat glioblastoma

(+) PEP (+2.7%) Tops Q3 street view on EPS, revenue

(+) EXEL (+5.9%) Reports positive overall survival results in phase 3 melanoma trial

(+) DD (+6.4%) Plans cost savings of $1.3 billion by end 2016; CEO Kullman to retire

(+) ASTI (+9.24%) Expands gains on EnerPlex distribution agreement with TCC

(+) MNGA (+10.0%) US Army base to use MagneGas fuel

(+) MNK (+3.4%) Provides 2016 guidance, FY EPS seen straddling estimates

(+) FDX (+0.7%) Stifel Nicolaus upgrades to buy vs hold

DOWNSIDE MOVERS

(-) TCS (-8.8%) Q2 results miss views

(-) ILMN (-15.8%) Posts Q3 revenue miss, issues downbeat Q4 guidance

(-) SRPT (-3.7%) Plans to sell up to $125 million shares in public offering

(-) CTRV (-8.7%) Gives up some of Monday's gains on hepatitis B drug data

(-) BCO (-3.0%) Cuts fiscal 2016, 2016 guidance

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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