Markets

Wall Street in Upbeat Mood as Oil Shoots Higher on Trump's Pullout from Iran Deal

US stock futures were pointing north on Wednesday as oil once again took the spotlight following President Donald Trump's announcement of the country's withdrawal from a 2015 nuclear deal with Iran.

Oil prices climbed with global benchmark Brent crude up 2.3%, and US West Texas Intermediate crude up 2.4% recently after Trump signed a memorandum that would begin reinstating sanctions on the Iranian regime.

Data released at 8:30 am showed the producer price index final demand headline for April at a 0.1% rise vs expectations for a 0.3% gain, according to data compiled by Econoday.

At 10 am, wholesale trade inventories are expected to rise a sizable 0.5% in March following a strong 1% build in the previous month.

Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak.

In equities, shares of TripAdvisor ( TRIP ) were 19.9% higher pre-bell after the company reported Q1 financial results that topped Street estimates.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.39%

-S&P 500 futures up 0.32%

-Nasdaq 100 futures up 0.23%

-Nasdaq 100 pre-market indicator up 0.18%

GLOBAL SENTIMENT

Nikkei down 0.44%

Hang Seng up 0.44%

Shanghai Composite down 0.07%

FTSE-100 up 0.47%

DAX-30 down 0.03%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+) Software stocks: unchanged to higher

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+) Oil stocks: higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(-) Retail stocks: unchanged to lower

(+) Industrial stocks: unchanged to higher

(-) Airlines: lower

(+/-) Autos: mixed

UPSIDE MOVERS

(+) PPL (+1.6%) Prices stock offering at $27 per share

(+) TRXC (+18.6%) Q1 results improve from year-ago levels

(+) BUD (+3.2%) Posts mixed Q1 results vs Street

DOWNSIDE MOVERS

(-) WMT (-4.5%) To invest in Flipkart Group

(-) WB (-3.8%) Q1 results top estimates

(-) MNST (-7.2%) Q1 earnings miss Street view, sales top views

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 MTNewswires.com. 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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