Wall Street Sees Higher Open as Fed Kicks Off Policy Meeting
U.S. stocks were set for a higher open Tuesday as technology stocks staged a rebound after two days of heavy losses, and as the Federal Reserve kicked off its two-day policy meeting to discuss interest rates.
Oil prices slipped with global benchmark Brent crude down 0.21% and U.S. benchmark West Texas Intermediate down 0.41% recently as the market appeared to be skeptical about the effect of Saudi Arabia's plan to make significant supply cuts to customers, and trades tilted toward the relentless increase in U.S. drilling activity.
Data released at 8:30 a.m. showed producer prices came in flat for May, as compared to a 0.1% gain seen by forecasters and April's 0.5% gain.
Federal Reserve President William Dudley is scheduled to give a speech.
In equities, shares of MagneGas ( MNGA ) surged 18.7% pre-bell after receiving a grant from U.S. Department of Agriculture to speed up the commercialization of its Venturi sterilization system.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.13%
-S&P 500 futures up 0.20%
-Nasdaq 100 futures up 0.39%
-Nasdaq 100 pre-market indicator up 0.40%
Nikkei down 0.05%
Hang Seng up 0.56%
Shanghai Composite up 0.44%
FTSE-100 up 0.09%
DAX-30 up 0.55%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+/-) Chip stocks: mixed
(+) Software stocks: unchanged to higher
(+) Hardware stocks: unchanged to higher
(+) Internet stocks: higher
(-) Oil stocks: unchanged to lower
(+) Biotech stocks: unchanged to higher
(+/-) Drug stocks: mixed
(+) Financial stocks: unchanged to higher
(-) Retail stocks: unchanged to lower
(-) Industrial stocks: unchanged to lower
(+) Airlines: unchanged to higher
(+/-) Autos: mixed
(+) TSLA (+1.9%) NHTSA awards Model X with 5-star rating
(+) NOK (+1.6%) Enables radio portfolio to support low and high 5G frequency bands
(+) BABA (+1.7%) Links Cloud platform with Equinix's Cloud Exchanges
(+) NURO (+13.6%) Gets patent for technology to manage chronic pain
(-) CVM (-17.5%) Implements 1-for-25 reverse stock split
(-) XLRN (-9.4%) Drops development of Dalantercept after renal cancer study misses primary endpoint
(-) CIE (-16.3%) Board OKs reverse stock split
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