Pre-open movers
U.S. stock futures traded higher in early pre-market trade. The National Association of Home Builders’ housing market index for
September will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average surged 82 points to 18,133.00, while the Standard & Poor’s 500 index futures gained
8.30 points to 2,140.80. Futures for the Nasdaq 100 index rose 15.75 points to 4,830.00.
Oil prices traded higher as Brent crude futures gained 1.25 percent to trade at $46.34 per barrel, while US WTI crude futures
also rose 1.33 percent to trade at $44.20 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 1.09 percent, STOXX Europe 600 Index gaining 0.99 percent
and German DAX 30 index gaining 0.73 percent. The UK's FTSE index was trading higher by 1.42 percent, while French CAC 40 Index
rose 1.44 percent.
In Asian markets, Japan’s Nikkei Stock Average rose 0.70 percent, Hong Kong’s Hang Seng Index rose 0.92 percent, China’s
Shanghai Composite Index gained 0.77 percent and India’s BSE Sensex rose 0.12 percent.
Broker Recommendation
Analysts at Morgan Stanley upgraded General Motors Company (NYSE: GM) from Equal-weight to Overweight and raised the price target from $29.00 to
$37.00.
General Motors shares rose 2.49 percent to $31.74 in pre-market trading.
Breaking news
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Tech Data Corporation (NASDAQ: TECD) reached a
deal with Avnet, Inc. (NYSE: AVT) enabling it to buy
the latter's Technology Solutions business. The transaction comprises cash component of $2.4 billion and 2.785 million shares
of Tech Data resulting in a total value of about $2.6 billion. To read the full news, click
here.
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Eldorado Resorts, Inc. (NYSE: ERI) and Isle of
Capri Casinos, Inc. (NASDAQ: ISLE) struck a merger
deal through which the former would buy the latter for $23 a share in cash or 1.638 shares. To read the full news, click here.
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Community Health Systems (NYSE: CYH) confirmed that
it is in preliminary discussions with potential acquirers.
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