Stock futures higher as beaten down tech stocks rebound
19 Jun, 2017
EngageNewswire.com is a high ranking blog, press release and news publishing website. We publish content from trusted sources.
U.S. stock index futures were higher on Monday with investors snapping up beaten down technology and retail stocks.
The S&P technology sector .SPLRCT is coming off its second straight week of declines, triggered mainly due to stretched valuations and investors moving money to other sectors. Tech stocks have led the S&P 500’s 8.7 percent rally this year.
Leading the rebound, Apple (AAPL.O), Microsoft (MSFT.O) and Alphabet GOOGLO were all up between 0.8 percent and 1 percent in premarket trading.
Retail stocks were battered on Friday after Amazon.com’s (AMZN.O) $13.7 billion deal to buy upscale grocer Whole Foods WFM.N.
The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector.
Amazon was up 0.94 percent, while Wal-Mart (WMT.N), Target (TGT.N) and Kroger (KR.N) gained between 0.4 percent and 1.1 percent on Monday.
The market is awaiting comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, when he speaks at a business roundtable at 7:45 a.m. ET (1145 GMT).
Yellen’s confidence as her team raised interest rates for the third time in six months last week surprised investors who had expected more caution about the economy following a batch of weak U.S. economic data.
Last month, the U.S. economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed’s target of 2 percent.
European stocks were headed for their biggest rise in two months, helped by a meaty parliamentary majority for pro-business French President Emmanuel Macron.
Oil prices edged higher, after coming under pressure over the past month from rising production. [O/R]
Clovis Oncology (CLVS.O) soared 41.8 percent to $85 after the biotechnology company’s ovarian cancer drug was set for a label expansion.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
EngageNewswire.com EngageNewswire.com is a high ranking blog, press release and news publishing website. We publish content from trusted sources.