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US Stocks Seen Opening Solidly Higher at End of Volatile Quarter

U.S. stocks were set to open sharply higher on the last day of the quarter which saw world markets tumble on concerns over global economic woes and especially China's economy.

The September ADP private payrolls rose to 200,000 versus 186,000 in August and exceeded the expected 190,000. The consensus range was between 180,000 and 220,000. August was revised down from 190,000.

At 9:45 a.m., the Chicago purchasing managers' index is expected to show a slowdown to 53.6 in September from 54.4 in August. The consensus range is between 49.0 and 55.0.

Federal Reserve chair Janet Yellen is speaking at the St. Louis Fed community banking conference at 2:00 p.m. E.T. Earlier this month, the Federal Monetary Policy Committee made no changes to the interest rate partly due to the volatile global economy.

In equities, Western Digital ( WDC ) shares rose 13% before the market opened after saying China's Unisplendour Corporation will invest $3.78 billion in the company at $92.50 per share, a 33.3% premium to Tuesday's closing price.

Meanwhile, Gap ( GPS ) tumbled 7% after Ralph Lauren ( RL ) named the leader of Gap's Old Navy unit as its new CEO, effective in November.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 1.13%

-S&P 500 futures up 1.19%

-Nasdaq 100 futures up 1.25%

-Nasdaq 100 pre-market indicator up 0.97%

GLOBAL SENTIMENT

Nikkei up 2.70%

Hang Seng up 1.41%

Shanghai Composite up 0.48%

FTSE-100 up 2.07%

DAX-30 up 2.43%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+) Internet stocks: higher

(+) Drug stocks: higher

(+) Financial stocks: unchanged to higher

(+/-) Retail stocks: mixed

(+) Industrial stocks: unchanged to higher

(+) Airlines: unchanged to higher

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) PBR (+8.2%) Extends gains after Brazil finance minister says co moving in right direction

(+) PSEM (+6.5%) Gets $18.50-per-share takeover offer from Montage Technology

(+) NRF (+6.5%) Plans $500 million buyback

(+) ESPR (+9.1%) Chardan upgrades to neutral

(+) AMCN (+8.4%) Parent to buy co for $6.00 per ADS

(+) MSTX (+1.7%) Announces amended loan facility with HTGC

(+) BLPH (+7.4%) Reports data from COPD trial

(+) TEVA (+2.6%) Reports phase 2b results on migraine drug

DOWNSIDE MOVERS

(-) CUDA (+28.5%) Reports fiscal Q2 sales miss, plans to buy Intronis

(-) MLNX (+2.1%) Buys EZCH (+14.6%) for $25.50 per share

(-) SRPT (-3.9%) To appeal USPTO decision in BMRN patent interference case

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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