Markets

Wall Street Sees Weak Open as Trade Worries Linger

US stock futures drifted lower on Wednesday amid the lingering trade friction between the US and its major trading partners.

Oil prices nudged lower with global benchmark Brent crude down 0.76%, while US crude West Texas Intermediate was down 1.30% recently as the tropical storm hitting the US Gulf coast weakened, reducing its threat to producers on the western side of the Gulf.

Data released at 8:30 am showed the US trade deficit widened to $50.1 billion in July vs the $50.2 billion estimate and the prior month's $46.3 billion, according to data compiled by Econoday.

In equities, shares of Histogenics ( HSGX ) were 74.4.% lower pre-bell after the drug maker said its phase 3 trial of NeoCart failed to meet its primary endpoint.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.40%

-S&P 500 futures down 0.32%

-Nasdaq 100 futures down 0.39%

-Nasdaq 100 pre-market indicator down 0.19%

GLOBAL SENTIMENT

Nikkei down 0.51%

Hang Seng down 2.61%

Shanghai Composite down 1.68%

FTSE-100 down 0.50%

DAX-30 down 0.92%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(-) Software stocks: unchanged to lower

(-) Hardware stocks: unchanged to lower

(-) Internet stocks: lower

(-) Oil stocks: lower

(-) Biotech stocks: unchanged to lower

(-) Drug stocks: unchanged to lower

(+/-) Financial stocks: mixed

(-) Retail stocks: unchanged to lower

(-) Industrial stocks: unchanged to lower

(+/-) Airlines: mixed

(-) Autos: unchanged to lower

UPSIDE MOVERS

(+) CGC (+6.1%) Enters into strategic partnership with Centric Health

(+) PRQR (+63.5%) Obtains positive interim results from phase 1/2 trial of eye disease treatment

(+) WATT (+11.5%) Secures regulatory approval for wireless charging technology in 100 countries

DOWNSIDE MOVERS

(-) JD (-4.4%) CEO arrested in Minneapolis for suspected rape

(-) SGMO (-10%) Achieves reductions in glycosaminoglycans in phase 1/2 trial of SB-913 in Hunter Syndrome

(-) SUI (-3%) Prices public offering of 4.4 million shares

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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