US stocks were set for a rebound on Wednesday as traders evaluated a raft of readings on the US economy before the Thanksgiving holiday. Markets are closed Thursday for the holiday.
Oil prices nudged higher with global benchmark Brent crude up 1.96%, while US crude West Texas Intermediate was up 2.26% recently after industry data showed a surprise decline in US commercial crude inventories.
Data released at 8:30 am showed new durable goods orders fell 4.4% in October, vs expectations for a 2.5% decline, following a revised 0.1% dip the previous month. New unemployment claims posted an 8,000 sequential increase to 224,000 in the Nov. 17 week vs a consensus decline of 1,000 to 215,000, according to data compiled by Econoday.
At 10 am, the consumer sentiment index is expected to come in at 98.3. The October consensus for existing home sales is at a 5.210 million annualized rate vs September's 5.150 million. The October consensus for the index of leading economic indicators is a slight gain of 0.1% vs 0.5% gain in September.
In equities, shares of Synthetic Biologics ( SYN ) were trading 25.5% higher pre-bell after the company completed an end of phase 2 meeting with the US Food and Drug Administration on its clostridium difficile preventive drug.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.68%
-S&P 500 futures up 0.84%
-Nasdaq 100 futures up 1.26%
-Nasdaq 100 pre-market indicator up 1.06%
GLOBAL SENTIMENT
Nikkei down 0.35%
Hang Seng up 0.51%
Shanghai Composite up 0.21%
FTSE-100 up 1.11%
DAX-30 up 1.04%
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: mixed
(-) Financial stocks: higher
(+) Retail stocks: higher
(+) Industrial stocks: unchanged to higher
(+) Airlines: unchanged to higher
(+) Autos: unchanged to higher
UPSIDE MOVERS
(+) AAPL (+1.3%) Report says iPhone assembler Foxconn to slash costs in 2019
(+) NVDA (+4.2%) Teams up with 3 Chinese startups to develop autonomous driving technology
(+) BZUN (+11.2%) Tops Q3 estimates
(+) FL (+14.9%) Posts better-than-expeted Q3 adjusted earnings
DOWNSIDE MOVERS
(-) BILI (-2.9%) Q3 loss narrows, revenue rises YoY
(-) HTBX (-25.4%) Starts public offering of common stock and warrants
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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.
