U.S. stocks trimmed earlier losses but remained in the red closer to the open on Monday along with European bourses trading down as Britain's historic vote to leave the European Union continued to put a chilling effect on investors. The Dow Jones Industrial average future was 114 points lower recently.
In oil, the global benchmark, Brent Crude was nearly 1.5% lower, while its U.S. counterpart, West Texas Intermediate was also trading down 1.66% as investors drove to the safety of gold, U.S. dollar, and low-risk government debt.
Data released at 8:30 a.m. showed a trade deficit for May of $60.6 billion, up from $57.5 billion deficit in April and near the high end of the consensus range $55 billion to $60.7 billion in deficit, according to data compiled by Econoday.
In equities, banks continued to lead the Brexit fallout with Barclays ( BCS ) down 23.2%, Credit Suisse ( CS ) was 8.8% lower, Bank of America ( BAC ) was down 1.9%, and Royal Bank of Scotland ( RBS ) was down 19.5%. At the other end of the spectrum, GW Pharmaceuticals ( GWPH ) was up 14%% as phase 3 trial of Epidiolex cannabidiol in epilepsy showed a reduction in seizures. Heartware International (HTWR) skyrocketed 92.3% on $1.1 billion buyout offer from Medtronic (MDT).
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 0.63%
-S&P 500 futures down 0.57%
-Nasdaq 100 futures down 0.73%
-Nasdaq 100 pre-market indicator down 0.77%
Nikkei up 2.39%%
Hang Seng Index down 0.16%
Shanghai up 1.45%
FTSE 100 down 2.11%
DAX 30 down 1.92%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: lower
(-) Chip stocks: unchanged to lower
(-) Software stocks: unchanged to lower
(-) Hardware stocks: lower
(-) Internet stocks: lower
(-) Oil stocks: unchanged to lower
(+/-) Biotech stocks: mixed
(+/-) Drug stocks: mixed
(-) Financial stocks: lower
(-) Retail stocks: unchanged to lower
(-) Industrial stocks: unchanged to lower
(-) Airlines: lower
(-) Autos: lower
(+) CYTX (+7.9%) Gets limited OK for cell therapy in Japan
(+) SNY (+0.9%) Swaps animal health unit with Boehringer Ingelheim's consumer healthcare businesses
(+) ETE (+6.3%) Court rules it can stop deal with WMB over lacking tax opinion
(+) SKUL (+5.2%) Gets $6.05/share rival acquisition proposal from Mill Road Capital, topping Incipio offer
(-) SCNB (-2.4%) PBCT to acquire company for $402 million
(-) BHP (-3.8%) To spend $900 million on exploration in next year
(-) HSBC (-5.2%) May relocate 1,000 jobs to Paris from UK after Brexit vote
(-) BMY (-0.3%) Gets FDA breakthrough therapy status for opdivo in advanced bladder cancer
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