U.S. Stock futures on Track on Monday as oil inched up
Mon Aug 15 2016
Mark Cooper (142 articles)
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U.S. Stock futures on Track on Monday as oil inched up

U.S. stock futures pointed to a better start on Monday as oil prices inched up. The market seems back on track to add to its previous losses. Positive news about possible OPEC talks to freeze production also helped the sentiment.

S&P 500 futures ESU6, +0.25% climbed 4.30 points, or 0.2%, to 2,184.50. The Dow Jones Industrial Average futures YMU6, +0.28% jumped 39 points, or 0.2%, to 18,562. Nasdaq-100 futures NQU6, +0.22% climbed 9.50 points, or 0.2%, to 4,813.75.

Craig Erlam, senior market analyst at Oanda, in a note said, “It’s looking a little quiet from an economic data standpoint, with [the] U.S. Empire State manufacturing index the only standout release.”

The S&P 500 SPX, -0.08%  and Dow DJIA, -0.20%  each closed slightly lower on Friday, but still finished with weekly gains for the second consecutive week, and just below their record hit Thursday. The Nasdaq Composite COMP, +0.09% climbed Friday, a record close. The Nasdaq has advanced for seven weeks in a row.

Oil futures CLU6, +0.85% traded slightly up on hopes of a production cut as Saudi Minister hinted about possible talks. European stocks SXXP, +0.14% jumped up, while Asian markets closed relatively higher. Chinese stocks were aided by renewed hopes for the launch of a Shenzhen-Hong Kong trading link. Gold futures GCQ6, +0.07% and a key dollar index DXY, -0.10% were slightly affected.

Shares in Apple Inc. AAPL, +0.24% could shake up things in the market on Monday after a Washington Post report over the weekend showed that Apple is not likely to oust overseas assets. CEO Tim Cook was also quoted suggesting at augmented-reality efforts and staying silent about a car project.

In other deals, real-estate investment trust Mid-America Apartment Communities Inc. MAA, -3.18% confirmed that it intends to purchase Post Properties Inc. PPS, +10.38% in a deal estimated at $4 billion. Shares in MAA declined 1% in premarket action.

Honeywell International Inc. HON, -0.23% is on the verge of completing talks to acquire JDA Software Group Inc., a maker of software to help businesses manage their supply chains.

Xylem Inc. said on Monday it has reached an agreement to purchase Sensus for about $1.7 billion. Xylem provides smart meters and analytics services.


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Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.