US stocks were set to open in an upbeat mood Wednesday as traders shook off concerns from the political fallout in Italy and evaluated a raft readings for the US economy.
Oil prices rebounded with global benchmark Brent Crude up 0.67%, and US West Texas Intermediate crude up 0.92% recently as investors turned their attention to fresh data on US commercial crude inventories.
Data released at 8:15 am showed the ADP private payroll estimate of 178,000 in May vs estimates for 187,000 and April's 204,000, according to data compiled by Econoday.
At 8:30 am, the second estimate for Q1 GDP came in line with expectations at 2.2% annualized rate vs 2.3% in the first estimate. Goods deficit firmed at $68.2 billion in April from March's $68.6 billion and came in narrower than expectations for $71 billion deficit. Wholesale inventories were steady in April following a 0.3% build in the previous month and compared to consensus estimate for a 0.3% build.
The Federal Reserve Board of Governors will hold an open meeting in the afternoon to discuss proposals to modify the "Volcker rule."
In equities, shares of Dick's Sporting Goods ( DKS ) were 19% higher pre-bell after the company reported Q1 financial results that topped analysts' estimates.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.47%
-S&P 500 futures up 0.35%
-Nasdaq 100 futures up 0.22%
-Nasdaq 100 pre-market indicator up 0.26%
Nikkei down 1.52%
Hang Seng down 1.37%
Shanghai Composite down 2.53%
FTSE-100 up 0.24%
DAX-30 up 0.61%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+) Chip stocks: unchanged to higher
(+) Software stocks: unchanged to higher
(+/-) Hardware stocks: mixed
(+) Internet stocks: higher
(+) Oil stocks: higher
(+) Biotech stocks: unchanged to higher
(+) Drug stocks: unchanged to higher
(+) Financial stocks: unchanged to higher
(+) Retail stocks: unchanged to higher
(+) Industrial stocks: unchanged to higher
(+) Airlines: unchanged to higher
(+/-) Autos: mixed
(+) ABBV (+4.5%) Expects to buy back approximately 71.4 million shares of common stock pursuant to modified Dutch auction tender offer
(+) CTRV (+19.7%) Says CRV431 reduces development and progression of liver tumors in pre-clinical hepatocellular carcinoma study
(+) CRM (+5.2%) Tops Q1 revenue expectations
(-) KORS (-2.5%) Tops Q4 estimates, projects flat 2019 comparable sales
(-) CHS (-17.4%) Q1 profit misses Street mark, beats on revenue
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