Wall Street Points North as China Growth Tops Forecasts

US stocks were set to open in positive territory Wednesday after China reported better-than-expected economic growth for Q1, helping boost market sentiment, while traders evaluated a fresh batch of corporate earnings.

Oil prices rose, with global benchmark Brent crude up 0.43% and US West Texas Intermediate crude up 0.59% on signs of strong demand from Chinese refineries.

Data released at 8:30 am showed a surprise narrowing of the US trade deficit to $49.4 billion for February from January's $51.1 billion and against estimates for a $53.6 billion deficit, according to data compiled by Econoday.

At 10 am, forecasters see March wholesale inventories inching higher for a 0.3% gain vs. a 1.4% revised gain for February.

In equities, shares of DPW (DPW) soared 36% after the company's 2018 net loss narrowed on higher revenue compared with 2017.


-Dow Jones Industrial up 0.17%

-S&P 500 futures up 0.28%

-Nasdaq 100 futures up 0.52%

-Nasdaq 100 pre-market indicator up 0.60%


Nikkei up 0.25%

Hang Seng down 0.02%

Shanghai Composite up 0.29%

FTSE-100 down 0.09%

DAX-30 up 0.40%


(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+) Software stocks: higher

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+) Oil stocks: higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+) Retail stocks: unchanged to higher

(+) Industrial stocks: unchanged to higher

(+) Airlines: higher

(+) +unchanged to higher


(+) QCOM (+10.6%) Settles dispute with Apple

(+) SFS (+20.4%) Agrees to $6.50/share takeover offer

(+) NFLX (+3.5%) Tops Q1 estimates

(+) MBRX (+17.2%) Reports 'significant' discovery in lung cancer models


(-) BK (-4.6%) Misses Q1 expectations

(-) APHA (-1%) Prices $300 million notes offering

(-) S (-6%) WSJ reports merger with T-Mobile unlikely approved in current form

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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