Wall Street Set to Rebound from Italy-Triggered Selloff Amid Data

An image of a quarterly report on a screen Credit: Shutterstock photo

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.


-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%


(+/-) 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

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 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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