Thu Jun 23 2016
Lucy Harlow (3651 articles)

U.S. Market Futures Higher as U.K. Likely to Remain in the European Union

U.S. stock futures are higher in pre-market trading for Thursday, June 23. The Dow Futures are up 174.00 points to 17862.0. The S&P 500 Futures are higher by 21.25 points at 2098.0. The Nasdaq Futures are higher at 4443.75 for a gain of 49.25 points. The Russell Futures are showing a gain of 15.80 points at 1158.9.

In overnight trading in the Eastern Hemisphere stocks are mostly higher. China’s Shanghai Composite Index is down slightly at 2891.96 for a loss of -13.59 points or -0.47 percent. Japan’s Nikkei 225 is higher at 16238.35 for a gain of 172.63 or 1.07 percent. Hong Kong’s Hang Seng Index is higher at 20868.34 for a gain of 73.22 points or 0.35 percent. In India, the S&P BSE Sensex is higher at 27002.22 for a gain of 236.57 points or 0.88 percent and the NSE Nifty is higher at 8,270.45 for a gain of 66.75 points or 0.81 percent. In Europe, stocks are higher. The FTSE 100 is higher at 6355.37 for a gain of 94.18 points or 1.50 percent. Germany’s DAX is higher at 10300.65 for a gain of 229.59 points or 2.28 percent. France’s CAC 40 is higher at 4481.16 for a gain of 101.13 points or 2.31 percent. The Stoxx Europe 600 is higher at 347.73 for a gain of 6.41 points or 1.88 percent.

Thursday’s Factors and Events

Stock futures are pointing higher as U.K. polls are showing greater sentiment towards remaining in the European Union.

On Thursday a number of economic reports are on the calendar. Jobless Claims will be reported at 8:30 AM EST. The PMI Manufacturing Index Flash will be reported at 9:45 AM EST. New Home Sales and the Leading Indicators report will follow at 10:00 AM EST. The Fed’s Robert Kaplan from the Dallas Federal Reserve Bank will give a speech in New York on Thursday evening. On Thursday, the Fed’s Balance Sheet and the Money Supply will also be reported.

In pre-market trading, stocks trading actively include Carnival Corp., Mosaic, Bank of America and Newmont Mining Corp.

Stocks with earnings reports on Thursday include American Software, Inc., BlackBerry Ltd., Methode Electronics, Inc., SYNNEX Corporation and Sonic Corp.

Investors will be closely watching the Brexit vote on Thursday with votes counted in the U.K. on Thursday evening. Currency markets in Europe have been especially volatile with the euro gaining.

Wednesday’s Activity

In the U.S., the leading market indexes were lower on Wednesday. The Dow Jones Industrial Average closed at 17780.83 for a loss of -48.90 points or -0.27 percent. The S&P 500 was also down, closing at 2085.45 for a loss of -3.45 points or -0.17 percent. The Nasdaq Composite closed lower at 4833.32 for a loss of -10.44 points or -0.22 percent.

Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.

Other notable index closes included the small-cap Russell 2000, closing lower at 1148.97 for a loss of -4.90 points or -0.42 percent; the S&P 600 closing at 705.11 for a loss of -3.17 points or -0.45 percent; the S&P 400 Mid-Cap Index closing at 1491.21 for a loss of -3.46 points or -0.23 percent; the Russell 3000 closing at 1229.64 for a loss of -2.43 points or -0.20 percent; and the Dow Jones U.S. Select Dividend Index closing at 599.45 for a loss of -1.34 points or -0.22 percent.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe