Wall Street Futures Struggle For Altitude as Markets Digest Econ Data, Face Looming Government Shutdown

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Stock futures were inching higher in early trade with the downside bias from the impending government shutdown offset by Friday morning's economic data, which showed the US economy continued to grow at a healthy pace. Dow futures were modestly higher into the cash open, matching gains in the S&P 500.

The showdown between Congress and US President Donald Trump continued to weigh on global financial markets, resulting in a sea of red across Asia and Europe that permeated early US futures trading. The defensive tone was amplified by lower oil futures as well as investors' lackluster response to Beijing's measures to bolster the Chinese economy. Despite a pledge for "significant" tax cuts and further monetary stimulus next year, China's Shanghai closed 0.80% lower.

Data released at 8:30 am ET provided a small ray of hope as durable goods orders increased 0.8% in November. Although this was below expectations, it was a healthy improvement from October's 4.3% slide. Excluding the transportation sector, however, orders were down 0.3%.

The US economy grew at an annual rate of 3.4% in the third quarter, a small revision to 3.5% growth that was reported previously.

Coming up later Friday morning is November personal income and spending (+0.3% for both) and the final December University of Michigan consumer sentiment index (unchanged at 97.5).

-Dow Jones Industrial up 0.02%

-S&P 500 futures down 0.06%

-Nasdaq 100 futures down 0.15%


Nikkei down 1.11%

Hang Seng up 0.51%

Shanghai Composite down 0.79%

FTSE-100 down 0.13%

DAX-30 up 0.03%


(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Oil stocks: Higher

(+) Biotech stocks: Higher

(-) Drug stocks: Lower

(-) Financial stocks: Lower

(+) Retail stocks: Higher

(+) Industrial stocks: Higher

(+/-) Airlines: Flat

(-) Autos: Lower


(+) IVAC (+20.88%) Won $28.6 million contract to supply camera modules to US Army

(+) CDXC (+12.46%) Announced global commercial partnership with Nestle for Tru Niagen

(+) NKE (+8.41%) Reported better-than-expected Q2 results


(-) CAMP (-9.93%) Beat Q3 EPS estimates but issued soft Q4 guidance

(-) PRGO (-8.71%) Received $1.87 billion Irish tax bill

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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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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