Wall Street Sees Cautiously Higher Open on Draft Brexit Deal

Thursday, October 17, 2019 9:13 AM | MT Newswires

US stocks were set for narrow gains Thursday after the European Union and the UK said they had reached a deal on Brexit, subject to final approval by the British Parliament.

Dow futures increased 0.3%, S&P futures gained 0.4% and Nasdaq futures rose 0.5%.

Oil prices fell, with global benchmark Brent crude down 0.5% and US West Texas Intermediate crude down 0.6% recently, after industry data showed a buildup in US crude stockpiles.

Data released at 8:30 am showed housing starts of 1.256 million in September, below estimates for 1.300 million and lower than previous month’s 1.386 million. Permits came in at 1.387 million against estimates for 1.335 million and August’s 1.425 million. New unemployment claims rose 4,000 to 214,000 for the Oct. 12 week. The Philadelphia Fed general business conditions index came in at 5.6 for October vs 7.1 expected and September’s 12.0, according to Econoday.

At 9:15, forecasters see a 0.2% decline in the Federal Reserve’s industrial production index, while manufacturing is seen posting a 0.3% down-tick.

In equities, shares of Hepion Pharmaceuticals (HEPA) were 59% higher pre-bell after the company reported clinical data showing potential of the drug CRV431 to treat chronic liver disease.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.3%

-S&P 500 futures up 0.3%

-Nasdaq 100 futures up 0.4%

GLOBAL SENTIMENT

Nikkei down 0.1%

Hang Seng up 0.7%

Shanghai Composite down 0.1%

FTSE-100 up 0.9%

DAX-30 up 0.3%

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: mixed

(+) Drug stocks: unchanged to higher

(+) Financial stocks: higher

(+) Retail stocks: unchanged to higher

(+) Industrial stocks: unchanged to higher

(+) Airlines: higher

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) NFLX (+7.4%) Q3 profit tops expectations

(+) ERIC (+7%) Raises 2020 sales target

(+) REKR (+13.5%) Selected by the US

DOWNSIDE MOVERS

(-) IBM (-6.4%) Collaborates with Raw Seafoods to use blockchain to help improve seafood traceability and sustainability

(-) UNP (-2.6%) Q3 profit rises, revenue declines

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