US stocks were set for an upbeat session Wednesday, after two rough trading sessions, amid a deluge of corporate earnings and economic data, culminating in the release of the latest monetary policy decision from the Federal Open Market Committee later in the session.
Oil prices were set up for a third day of losses with global benchmark Brent Crude down 0.54%, while US crude West Texas Intermediate was down 0.48% recently as traders looked ahead to the release of key industry data on US crude stockpiles.
At 8:15 am, the ADP national employment report showed private payrolls of 234,000 in January vs December’s 250,000 and estimates for 195,000, according to data compiled by Econoday.
Data released at 8:30 am showed a 0.6% increase in employment cost index for Q4, in-line with expectations. Q3’s gain was 0.7%.
At 9:45 am, Chicago PMI’s business barometer index is expected to come in at 64.0 in January vs prior level of 67.6. And at 10 am, pending home sales is expected to post a solid 0.5% gain in December vs prior month’s 0.2% increase.
In equities, shares of Cascadian Therapeutics ( CASC ) were trading 69.5% higher pre-bell after the company agreed to a $614 million takeover offer from Seattle Genetics ( SGEN ).
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.81%
-S&P 500 futures up 0.39%
-Nasdaq 100 futures up 0.49%
-Nasdaq 100 pre-market indicator up 0.63%
Nikkei down 0.83%
Hang Seng up 0.86%
Shanghai Composite down 0.21%
FTSE-100 down 0.15%
DAX-30 up 0.17%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+) Chip stocks: higher
(+) Software stocks: unchanged to higher
(+/-) Hardware stocks: mixed
(+) Internet stocks: higher
(+) Oil stocks: unchanged to higher
(+) Biotech stocks: higher
(+/-) Drug stocks: mixed
(+) Financial stocks: higher
(+) Retail stocks: unchanged to higher
(+) Industrial stocks: unchanged to higher
(+) Airlines: unchanged to higher
(+) Autos: unchanged to higher
(+) VALE (+3%) Reportedly pioneering Canadian cobalt stream deal
(+) SFLY (+18%) Agrees to Acquire School Photography Business Lifetouch for $825 million
(+) AVGO (+6%) Narrows fiscal Q1 revenue guidance
(-) RBS (-1.2%) Admits restructuring unit failed in turning around “vast majority” of struggling firms
(-) ERIC (-5.6%) Divests majority stake in Ericsson Media Solutions
(-) SYRS (-8%) Prices stock offering at 8.6% discount
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