Stocks

Wall Street Tips Lower as Traders Eye Fresh Catalysts Ahead of Earnings Season

US stocks were set for a cautiously lower open Monday, reversing from last week's rally, as market participants refrained from making big bets ahead of the looming earnings season with major US banks set to get the ball rolling later in the week.

Oil prices nudged higher with global benchmark Brent crude up 0.40%, and US crude West Texas Intermediate up 0.44% recently, boosted by continuing production cuts by major producers and US sanctions on Iran and Venezuela.

At 10 am, data are expected to show factory orders easing 0.6% for February following a slight 0.1% gain in the previous month.

In equities, shares of Histogenics (HSGX) were 174% higher pre-bell after the biopharmaceutical company agreed to be acquired by privately-held Ocugen Inc.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.30%

-S&P 500 futures down 0.12%

-Nasdaq 100 futures down 0.17%

-Nasdaq 100 pre-market indicator down 0.19%

GLOBAL SENTIMENT

Nikkei down 0.21%

Hang Seng up 0.47%

Shanghai Composite down 0.05%

FTSE-100 up 0.03%

DAX-30 down 0.24%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: unchanged to lower

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(-) Internet stocks: unchanged to lower

(+) Oil stocks: unchanged to higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+/-) Airlines: mixed

(+/-) Autos: mixed

UPSIDE MOVERS

(+) NBEV (+13.1%) Expands Marley brand partnership with Walmart

(+) VSM (+2%) Gets 'superior' $53/share offer from Merck KGaA

(+) SFET (+10%) Secures Israeli patent covering reverse access technology

DOWNSIDE MOVERS

(-) GE (-5.5%) Fined $59 million by European Commission for 'incorrect' information in LM Wind takeover

(-) SRAX (-13.5%) To restate financial statements dating back to Q1 2017

(-) HUYA (-5%) Starts follow-on public offering of ADSs

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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