Wall Street Set to Open Higher Ahead of Consumer Confidence, New Home Sales Reports

Last Updated: Tuesday, September 27, 2022 9:20 AM | MT Newswires

US stocks look set to open Tuesday trading higher ahead of the monthly consumer confidence and new home sales reports.

The consensus for consumer confidence for September is for continued improvement to 104.3. And no rebound is expected for new home sales in August with a consensus of 498,000, after it fell to an annualized rate of 511,000 in July - a nearly 30% decline from a year earler.

Dow Jones Industrial Average futures gained 1.12%, S&P 500 futures rose 1.44%, and Nasdaq futures climbed 1.71%.

Oil prices were sharply higher, with North Sea Brent crude and US West Texas Intermediate crude rising 1.71% and 1.64% respectively.

In other world markets, Japan's Nikkei rose 0.53%, Hong Kong's Hang Seng edged up 0.03%, and China's Shanghai Composite climbed 1.40% higher. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was up 0.33%, while Germany's DAX index and France's CAC 40 rose 0.53% and 0.52% respectively.

On the winning side, shares of Intelligent Living Application Group Inc. (ILAG) surged 23% in premarket trading Tuesday, after rising 11% on Monday. Equillium (EQ) shares rose 21% after it said itolizumab showed a "clinically meaningful" response in a phase 1b study. Missfresh (MF) shares climbed 22%, after declining on Monday, while 9 Meters Biopharma, Inc. (NMTR) rallied 21% after it reported positive results of its drug candidate vurolenatide in patients with short bowel syndrome on Monday. And shares of Aquestive Therapeutics, Inc. (AQST) rose 10% after it reported positive topline results from a trial of its AQST-109 epinephrine sublingual film to treat anaphylaxis.

On the losing side, shares shares of Aridis Pharmaceuticals, Inc. (ARDS) fell tumbled 2.4% after it said Monday that it plans to sell its common shares through a public offering. And Avidity Biosciences, Inc. (RNA) shares fell 18% after it said Tuesday that the US Food and Drug Administration placed a partial clinical hold on new participant enrollment for a phase 1/2 trial of its drug AOC 1001 following a serious adverse event in one participant. Hillenbrand (HI) shares dropped 10%, continuing its slide from Monday.

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