Seeking Alpha

Stock futures turn higher on U.S. Markit PMI

  • Stock futures swing positive shortly before the open, erasing early weakness after the stronger Markit flash PMI reading, which is in contrast to disappointing overseas PMI readings out overnight; S&P and Dow are now +0.1%, with the Nasdaq flat.
  • European and Asian markets were broadly lower after data showed Chinese manufacturing activity contracted further in February, and economic activity slowed in the euro zone.
  • Also, U.S. data showed jobless claims declined and retail inflation rose in line with expectations.
  • Facebook -1.4% premarket after announcing a $19B purchase of smartphone messaging company WhatsApp, Wal-Mart -1.8% after saying current quarter earnings would come in below analyst forecasts, and Tesla +11% after its Q4 beat estimates and providing an upbeat 2014 outlook.
  • Treasury are little changed, with the 10-year yield hovering at 2.74%.
  • Still ahead: Philly Fed, leading indicators, EIA natural gas and petroleum inventories.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)