Markets

Wall Street Sees Solid Open as European Markets Bounce Back

US stocks were poised for another round of gains on Monday, in a light day on both earnings and economic data fronts, echoing similar gains in the European markets.

Oil markets rebounded after a week of volatility and selling with global benchmark Brent crude up 1.47% and US West Texas Intermediate crude up 1.79% recently as the commodity found support on a weaker greenback and rising tension in the Middle East.

At 2 pm, data are expected to show a sizable deficit in the Treasury budget for January of $51 billion as compared with the previous level of $23.2 billion, according to data compiled by Econoday.

In equities, shares of ContraVir ( CTRV ) were 36% higher pre-bell after the company agreed with the US Food and Drug Administration on faster path to approval for TXL for chronic hepatitis B.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 1.22%

-S&P 500 futures up 1.16%

-Nasdaq 100 futures up 1.08%

-Nasdaq 100 pre-market indicator up 1.06%

GLOBAL SENTIMENT

Nikkei closed for holiday

Hang Seng down 0.03%

Shanghai Composite up 0.78%

FTSE-100 up 1.26%

DAX-30 up 1.49%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+) Internet stocks: higher

(+) Oil stocks: unchanged to higher

(+) Biotech stocks: unchanged to higher

(+) Drug stocks: unchanged to higher

(+) Financial stocks: unchanged to higher

(+) Retail stocks: unchanged to higher

(+/-) Industrial stocks: mixed

(+) Airlines: unchanged to higher

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) TEVA (+1.6%) Launches QVAR RediHaler inflation aerosol in US

(+) QCOM (+2.2%) Sees antitrust issues, potential customer losses in Broadcom deal

(+) SDRL (+12.7%) Report says co. may conclude talks on restructuring plan with creditors this week

DOWNSIDE MOVERS

(-) AXON (-21.5%) CEO, COO and several directors resign

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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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