Markets

US Stocks Seen Flat to Higher as US Economy Grows 2% as Expected in Q3

U.S. equities futures pointed to a flat to higher open Tuesday after the U.S. economy's growth in Q3 came in as expected.

The U.S. economy grew by 2% in Q3, a slight slowdown from 2.1% growth in Q2. The consensus range was between 1.7% and 2.2% growth, according to data compiled by Econoday.

At 10:00 a.m., existing home sales for November are expected to have edged down to 5.32 million from 5.36 million in October. The consensus range is between 5.1 million and 5.5 million. The FHFA house price index showing home appreciation is meanwhile expected to have eased in October to 0.4% from 0.8% in September.

In equities, pSivida ( PSDV ) surged 53% in recent pre-market trade after reporting a phase 3 trial of its Medidu to treat noninfectious uveitis affecting the posterior of the eye met the primary efficacy endpoint.

Meanwhile, solar power stocks were weaker after the Nevada Public Utilities Commission proposed new net metering regulations. Net metering allows businesses and residences with solar systems to receive credits for excess energy they provide. SolarCity ( SCTY ) and Vivint Solar ( VSLR ) said overnight that if the proposal is accepted they would have to cease operations in the state.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.13%

-S&P 500 futures up 0.14%

-Nasdaq 100 futures up 0.03%

-Nasdaq 100 pre-market indicator up 0.10%

GLOBAL SENTIMENT

Nikkei down 0.16%

Hang Seng up 0.18%

Shanghai Composite up 0.26%

FTSE-100 up 0.68%

DAX-30 down 0.18%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+) Drug stocks: unchanged to higher

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(+) Industrial stocks: unchanged to higher

(+/-) Airlines: unchanged

(+/-) Autos: mixed

UPSIDE MOVERS

(+) F (+1.5%) Reportedly in talks with GOOGL (-0.1%) on self-driving cars

(+) SYT (+1.4%) Jefferies upgrades to buy from hold

(+) PAYX (+1.9) Fiscal Q2 EPS tops views

(+) PBMD (+8.3%) Starts phase 2b study on metastatic breast cancer drug

(+) ALXA (+43.5%) Reports promising phase 2a results on epilepsy treatment

(+) ESRX (+4.4%) Sees 2016 EPS above views

(+) RLYP (+2.6%) Veltassa for hyperkalemia now available in the U.S.

(-) CAG (-1.5%) Fiscal Q2 revenue misses views, EPS tops estimates

DOWNSIDE MOVERS

(-) NTAP (-5.8%) Buys SolidFire storage systems for $870 million; RBC Capital downgrades stock to sector perform vs outperform, PT cut to $28 vs $38

(-) CMG (-1.2%) JPMorgan downgrades to neutral vs overweight, PT cut to $555 from $630; CDC reports another person falls ill with E.coli.

(-) FCAU (-1.2%) Redeems all of its outstanding 8 1/4% secured notes due 2021

(-) MNGA (-%) Extends declines after short seller article

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.

In This Story

VSLR

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More