MARKET SNAPSHOT: Stock Futures In Holding Pattern, Keeping Nasdaq On Pace For Weekly Drop
June 16 2017 - 5:23AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
U.S. stock futures indicated a small rise at the open, keeping a
key technology gauge on track for a weekly loss, as investors
looked ahead to housing-starts and consumer sentiment data.
Dow Jones Industrial Average futures rose 23 points to 21,344,
while S&P 500 futures added 2.4 points to 2,434.75. Nasdaq-100
futures gained 6.75 points to 5,715.75.
The market could see increased volatility during the session as
it's a quadruple witching day, which means the simultaneous expiry
of stock index futures, stock index options, stock options and
single stock futures.
Wall Street stocks slipped Thursday
(http://www.marketwatch.com/story/us-stocks-poised-to-slide-as-fed-signals-full-steam-ahead-on-ending-easy-money-2017-06-15),
driven by yet another decline for big-cap technology names such as
Amazon.com Inc. (AMZN), though indexes bounced off lows. The Dow
industrials and S&P 500 suffered modest declines, while the
Nasdaq Composite fell 0.5%.
Opinion:Equity-allocation indicator flashes bear-market warning
(http://www.marketwatch.com/story/equity-allocation-indicator-flashes-bear-market-warning-2017-06-16)
Data, Fed speaker on tap: Attention on Friday will turn to
economic data, with a reading on U.S. housing starts for May due at
8:30 a.m. Eastern Time, along with building permits for the same
month. At 10 a.m., the University of Michigan June consumer
sentiment survey will be released.
Dallas Federal Reserve President Rob Kaplan will appear in a
moderated question-and-answer session at the Park Cities Rotary
Club in Dallas at 12:45 p.m. Eastern.
Investors will likely be parsing those comments for clues about
the recent Fed meeting, which resulted in an interest-rate rise, a
pledge to start easing the throttle on its stimulus program and
indication that another rate hike is in the pipeline.
"Investors had already been digesting the fact that, despite
recent weak U.S. data, the U.S. Federal Reserve appeared
unconcerned about a slowdown in the U.S. economy," said Michael
Hewson, chief market analyst at CMC Markets UK, in a note.
"These two factors combined, along with further weakness in the
U.S. tech sector, played into the risk averse mood amongst equity
investors as they began to mull the possibility of tighter policy,
not only from the U.S. Federal Reserve, but also the Bank of
England, not to mention the prospect of a discussion on tapering
from the European Central Bank before the end of the year," he
said.
For the week, the Nasdaq is poised to drop 0.7%, with the
S&P 500 flat and the DJIA up 0.4%.
Opinion:The smart money is refusing to buy big tech stocks now
(http://www.marketwatch.com/story/the-smart-money-is-refusing-to-buy-big-tech-stocks-now-2017-06-15)
Stocks to watch: Google, owned by Alphabet Inc. (GOOGL), could
be fined more than 1 billion euros ($1.1 billion) by the European
Commission
(http://www.marketwatch.com/story/eu-poised-to-fine-google-more-than-1-billion-in-antitrust-case-ft-report-2017-06-16)
over allegations that it has abused its position in the search
engine market, the Financial Times reported.
Other markets: Gains for the dollar slowed some, with the ICE
U.S. Dollar Index , which tracks the buck against a basket of six
rivals, down to 97.386, compared with 97.484 in late North American
trade on Thursday.
However, it charged to Yen111.33 against the Japanese yen, from
Yen110.93 late Thursday in North America. Yen weakness
(http://www.marketwatch.com/story/yen-weakens-after-boj-rate-call-dollar-pulls-back-slightly-2017-06-16)came
after the Bank of Japan left key rates and its own stimulus policy
unchanged on Friday.
Asian stocks had a mixed session while European stocks were
trading higher.
Meanwhile, U.S. oil prices traded higher, but were still set for
a weekly loss of nearly 2.5%
(http://www.marketwatch.com/story/oil-set-to-add-to-streak-of-weekly-losses-2017-06-16).
Concerns over a global supply glut, chiefly from the U.S. has been
cutting into oil prices. Investors will get key U.S. oil-rig data
later from Baker Hughes Inc. (BHI)
(END) Dow Jones Newswires
June 16, 2017 06:08 ET (10:08 GMT)
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