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Stocks- U.S. Futures Rebound As Investors Look Ahead to Data

Stock MarketsMay 30, 2018 06:45AM ET
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© Reuters. U.S. futures pointed to a higher opening bell on Wednesday. – U.S. futures pointed to a higher opening bell on Wednesday, as investors shrugged off political uncertainty in Italy and looked ahead to economic data.

The S&P 500 futures was up 13 points 0.48% to 2,705.25 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 137 points or 0.56% to 24,514.0. Meanwhile tech heavy Nasdaq 100 futures rose 25 points or 0.36% to 6,969.50.

Global markets were rattled on Tuesday as Italy’s political crisis deepened. Last minute efforts to form a government seem unlikely, with the prospect of elections in July. Investors fear a snap election could become a de facto referendum on the euro.

Meanwhile trade tensions between the U.S. and China remained after U.S. President Donald Trump said Tuesday he would move ahead with $50 billion in tariffs on Chinese goods. Chinese officials responded overnight that while the news is surprising, it will protect its interests.

Brewing company Anheuser Busch Inbev (BR:ABI) NV ADR (NYSE:BUD) was among the biggest pre-market gainers, rising 1.69% while social media firm Momo Inc (NASDAQ:MOMO) increased 1.43% and Royal Dutch Shell (LON:RDSa) PLC ADR (NYSE:RDSa)(LON:RDSa) surged 2.08%.

Elsewhere Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) (HE:NOKIA) dipped 0.34% while semiconductor NXP Semiconductors NV (NASDAQ:NXPI) fell 3.67% amid news that chipmaker Qualcomm (NASDAQ:QCOM) was likely to get approval from China to acquire the Dutch firm.

Investors are also looking ahead to a flurry of economic data that could give insight into the strength of the U.S. economy. The second reading of the first quarter Gross Domestic Product data is expected at 8:30 AM ET (12:30 GMT) followed by ADP nonfarm employment data at 8:15 AM ET (12:15 GMT). The ADP data is often a precursor for the monthly nonfarm payrolls data scheduled for Friday.

In Europe stocks were mostly up. Germany’s DAX rose 66 points or 0.52% while in France the CAC 40 decreased 12 points or 0.24% and in London, the FTSE 100 was up 20 points or 0.27%. Meanwhile the pan-European Euro Stoxx 50 gained 10 points or 0.31% while Spain’s IBEX 35 rallied 66 points or 0.70%.

In commodities, gold futures inched down 0.17% to $1,296.80 a troy ounce while crude oil futures rose 0.22% to $66.88 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, fell 0.45% to 94.38.

Stocks- U.S. Futures Rebound As Investors Look Ahead to Data

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