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Wall Street Sees Upbeat Session as Oil Surges on 2017's First Trading Day

U.S. stocks were pointing to a higher open on Tuesday, the first trading day of 2017, echoing similar gains in the oil market.

Oil prices rallied with global benchmark Brent Crude up 2.27% recently, and U.S. benchmark West Texas Intermediate up 2.36% as traders anticipate the effect of a deal between OPEC and other major oil products to curb production, which became effective on Sunday.

At 10:00 a.m., data are expected to show the ISM manufacturing index moving up to 53.8 level in December from November's 53.2. Construction spending is expected to gain 0.6% in November compared to October's increase of 0.5%, according to data compiled by Econoday.

In equities, Protalix BioTherapeutics ( PLX ) shares were 8.3% higher pre-bell after the company reported that interim results from its phase 2 clinical trial of alidornase alfa for the treatment of cystic fibrosis demonstrated improved lung function.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.63%

-S&P 500 futures up 0.65%

-Nasdaq 100 futures up 0.72%

-Nasdaq 100 pre-market indicator up 0.35%

GLOBAL SENTIMENT

Nikkei Tokyo stock market closed on holiday

Hang Seng up 0.68%

Shanghai Composite up 1.04%

FTSE-100 up 0.52%

DAX-30 up 0.04%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+/-) Software stocks: mixed

(+) Hardware stocks: unchanged to higher

(+) Internet stocks: unchanged to higher

(+) Oil stocks: higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+) Airlines: unchanged to higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) FCAU (+5.1%) Collaborates with Google on connected car platform

(+) DB (+1.2%) Former co-CEO hired by Cantor Fitzgerald as president

(+) BP (+2.1%) Company not among Iran's list of bidders on oil and gas projects

DOWNSIDE MOVERS

(-) STM (-2.4%) Launches new line of smart motion sensors

(-) ITEK (-63.9%) Trabdodenoson trial fails to meet endpoint

(-) CLVS (-1%) To raise $175 million in stock offering

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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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