U.S. stock futures are pointing higher in pre-market trading for Tuesday, May 10. The Dow Futures are up 102.00 points to 17,748.0. The S&P 500 Futures are up 12.25 points to 2,066.5. The Nasdaq Futures are up 23.75 points to 4,359.5. The Russell Futures are also up 8.40 points to 1,123.6.
The positive direction follows a positive overnight trend in stocks in the Eastern Hemisphere. In Europe the FTSE 100 is up 44.62 points or 0.73 percent to 6,159.43 after mining stocks and lower oil prices significantly weighed on the Index Monday. Germany’s DAX is up 113.42 points or 1.14 percent to 10,093.91, continuing gains after stocks were boosted Monday from the Eurozone’s agreement to provide further aid for a Greek bailout. France’s CAC 40 is also higher, up 47.26 points or 1.09 percent to 4,370.07 and the Stoxx Europe 600 is up 4.34 points or 1.30 percent to 337.56.
In Asia, markets are also trending higher. China’s Shanghai Composite is up 1.07 points or 0.04 percent to 2,833.18. Japan’s Nikkei is up 349.16 points to 2.15 percent at 16,565.19. India’s NSE Nifty is also up 21.75 points or 0.28 percent to 7,887.80.
Tuesday’s Factors and Events
In pre-market trading HCP Inc., Tyson Foods and Allergan are the most active. HCP is up 36.01 points or 4.23 percent after the real estate company reported positive earnings on Monday. Tyson Foods is up 69.50 points or 3.35 percent after strong second quarter results. Allergan is up 208.18 points or 3.24 percent ahead of its earnings report on Tuesday.
Source: May 9 Trading for HCP, Allergan and Tyson Foods. Google Finance.
Other stocks trading actively pre-market include Mallinckrodt Plc, Juniper Networks Inc., Newmont Mining Corp., FMC Technologies, LyondellBasell, Mosaic Co. and Murphy Oil Corp.
Economic indicators on the calendar for today include the labor market JOLTS report, the NFIB Small Business Optimism Index and wholesale trade. Stocks appear to be trading higher despite some weakness in the economy’s direction and uncertainty around the Federal Reserve’s next move on interest rates.
In the U.S. market on Monday, the Dow Jones Industrial Average was lower, finishing the day at 17,705.91 for a loss of 34.72 points or 0.20 percent. The S&P 500 was higher, closing at 2,058.69 for a gain of 1.55 points or 0.08 percent. The Nasdaq Composite traded higher closing at 4,750.21 for a gain of 14.05 points or 0.30 percent. Market trading in the U.S. was mainly flat on Monday as U.S. stock valuations considered weakening economic data and a possible delay in the Federal Reserve’s plans for a rate increase. On Friday the U.S. will report its retail sales for April. The April report shows a consensus gain of 0.9 percent which would be an improvement over the previous month’s report of -0.3 percent.
Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1,453.12 for a gain of 0.41 points or 0.03 percent; the Russell 3000 which closed at 1,211.62 for a gain of 1.07 points or 0.09 percent; and the Dow Jones U.S. Select Dividend Index which closed at 584.60 for a loss of -0.50 points or -0.09 percent.