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A Peek Into The Markets: U.S. Stock Futures Rise Ahead Of Economic Data

AZO, AAPL, LEN | September 22, 2016

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. Data on initial jobless claims for the latest week and the Chicago Fed National Activity Index for August will be released at 8:30 a.m. ET. The Federal Housing Finance Agency House Price Index for July will be released at 9:00 a.m. ET. Data on existing home sales for August is schedule for release at 10:00 a.m. ET, while the index of leading economic indicators for August will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average surged 57 points to 18,274.00, while the Standard & Poor’s 500 index futures gained 6.25 points to 2,162.50. Futures for the Nasdaq 100 index rose 15.25 points to 4,865.00.

Oil prices traded higher as Brent crude futures gained 0.77 percent to trade at $47.19 per barrel, while US WTI crude futures also rose 0.99 percent to trade at $45.79 a barrel. The Energy Information Administration’s weekly report on natural gas stocks will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index gaining 1.95 percent, STOXX Europe 600 Index gaining 1.39 percent and German DAX 30 index gaining 1.90 percent. The UK's FTSE index was trading higher by 1.24 percent, while French CAC 40 Index rose 2 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.91 percent, Hong Kong’s Hang Seng Index gained 0.38 percent, China’s Shanghai Composite Index gained 0.54 percent and India’s BSE Sensex climbed 0.93 percent.

Broker Recommendation

Analysts at Nomura maintained a Buy rating on Apple Inc. (NASDAQ: AAPL), while raising the price target from $120 to $135.

Apple shares rose 0.40 percent to $114.00 in pre-market trading.

Breaking news

AutoZone Inc. (NYSE: AZO) reported better-than-expected earnings for its fiscal fourth quarter, but sales fell short of estimates.
Rite Aid Corporation (NYSE: RAD) reported Q2 adjusted earnings of $0.03 per share on revenue of $8 billion.
Lennar Corporation (NYSE: LEN) announced plans to buy WCI Communities Inc (NYSE: WCIC) for $23.50 per share in cash and stock.
Bed Bath and Beyond Inc. (NASDAQ: BBBY) reported weaker-than-expected earnings for its second quarter on Wednesday. To read the full news, click here.