Markets

Wall Street Sees Downbeat Session Amid Data

US stocks were set for a downbeat session Tuesday amid the release of a string of economic data.

Oil prices nudged higher with global benchmark Brent crude up 0.86%, and US West Texas Intermediate crude up 0.93% recently as tensions on the Israeli-Gaza border continued to feed oil-flow concerns in the region.

Data released at 8:30 am showed retail sales rose a moderate 0.3% as expected in April vs the prior month's revised reading of an 0.8% gain. The Empire State general business conditions index came in at 20.1 in May vs April's 15.8 and expectations for 15.5, according to data compiled by Econoday.

At 8:55 am, data showed Redbook store sales rose 4.9% for the May 12 week vs the prior week's increase of 4.2%.

At 10 am, forecasters see a modest 0.2% rise in business inventories for March vs the prior reading of a 0.6% increase. The consensus calls for no change in the housing market index at 69 for May.

In equities, shares of SORL Auto Parts ( SORL ) were trading 14.5% higher pre-bell after the company reported year-over-year increases in its Q1 financial results.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.52%

-S&P 500 futures down 0.42%

-Nasdaq 100 futures down 0.68%

-Nasdaq 100 pre-market indicator down 0.38%

GLOBAL SENTIMENT

Nikkei down 0.21%

Hang Seng down 1.23%

Shanghai Composite up 0.57%

FTSE-100 down 0.96%

DAX-30 up 0.34%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: unchanged to lower

(-) Chip stocks: unchanged to lower

(-) Software stocks: lower

(-) Hardware stocks: unchanged to lower

(-) Internet stocks: lower

(+/-) Oil stocks: mixed

(-) Biotech stocks: unchanged lower

(-) Drug stocks: unchanged to lower

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(-) Airlines: unchanged to lower

(+/-) Autos: mixed

UPSIDE MOVERS

(+) MSCC (+1.3%) Microchip gets antitrust clearance in China, Japan, Philippines, Germany and Austria for acquisition of Microsemi

(+) INO (+10.6%) HIV vaccine sustains durable memory responses one year after start of clinical trial

(+) CLWT (+47.8%) 2017 profit rises, revenue declines year-over-year

DOWNSIDE MOVERS

(-) VIPS (-15.2%) Q1 earnings shy of estimates

(-) HD (-2.3%) Q1 earnings top estimates, misses on revenue

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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