Markets

Wall Street Set for Higher Open Ahead of U.S. Manufacturing Indicators

U.S. stocks were set for a higher open on Monday ahead of the release of key indicators from the U.S. manufacturing sector.

Oil prices were set for another round of gains, after rising seven sessions in a row, on Monday with global benchmark Brent Crude down 0.08%, while U.S. benchmark West Texas Intermediate up 0.02% recently despite rising production from OPEC members.

At 9:45 a.m. ET, data are expected to show the PMI manufacturing index to slide to the 52.2 level in June versus prior level of 52.7, according to data compiled by Econoday.

At 10:00 a.m., the ISM manufacturing index is expected to come in at 55.1 in June vs May's 54.9. Forecasters are calling for a 0.5% gain in construction spending in May.

Federal Reserve President James Bullard is scheduled to give a speech.

In equities, shares of Tesla ( TSLA ) were 2% higher pre-bell after CEO Elon Musk said in a tweet that production of its Model 3 vehicle is scheduled to start on July 7 after securing all regulatory requirements.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.54%

-S&P 500 futures up 0.34%

-Nasdaq 100 futures up 0.21%

-Nasdaq 100 pre-market indicator up 0.21%

GLOBAL SENTIMENT

Nikkei up 0.11%

Hang Seng up 0.08%

Shanghai Composite up 0.11%

FTSE-100 up 0.29%

DAX-30 up 0.58%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: higher

(+) Software stocks: unchanged to higher

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+/-) Oil stocks: unchanged

(+/-) Biotech stocks: unchanged

(+/-) Drug stocks: unchanged

(+) Financial stocks: unchanged to higher

(+/-) Retail stocks: unchanged

(+/-) Industrial stocks: unchanged

(+/-) Airlines: unchanged

(+/-) Autos: unchanged

UPSIDE MOVERS

(+) SPEX (+21.5%) Closes investment deal with Hoth Therapeutics

(+) EYES (+12.7%) Expands Medicare coverage for Argus II retinal prosthesis system to 11 additional states, and the District of Columbia

(+) RATE (+9%) Agrees to $1.4 billion buyout by Red Ventures

DOWNSIDE MOVERS

(-) AKS (-0.2%) Agrees to acquire Precision Partners for $360 million

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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