Wall Street Sees Another Round of Gains as Strong BP Earnings Kickstart Rally
US stocks were set for an upbeat session Tuesday after upbea t earnings from British oil and gas giant BP ( BP ) kickstarted a rally in European equities.
Oil prices nudged lower with global benchmark Brent crude down 0.91%, and US West Texas Intermediate crude down 0.6% recently amid reports that exports from Iran recovered in January despite US sanctions.
At 9:45 am, data are expected to show the final Markit Purchasing Managers’ Index coming in at 54.2 for January against December’s 54.4, according to data compiled by Econoday.
At 10 am, forecasters see the nonmanufacturing index based on the Institute for Supply Management survey coming in at 57.1 for January as compared with December’s 58.0 level.
In equities, shares of Moleculin ( MBRX ) were 15.6% higher pre-bell after the US Food and Drug Administration granted orphan drug status to the company’s brain tumor drug.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.40%
-S&P 500 futures up 0.22%
-Nasdaq 100 futures up 0.40%
Nikkei down 0.19%
Hang Seng Closed for Holiday
Shanghai Composite Closed for Holiday
FTSE-100 up 1.44%
DAX-30 up 1.08%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+/-) Chip stocks: mixed
(+) Software stocks: higher
(+) Hardware stocks: unchanged to higher
(+/-) Internet stocks: mixed
(+/-) Oil stocks: mixed
(+) Biotech stocks: unchanged to higher
(+/-) Drug stocks: mixed
(+) Financial stocks: unchanged to higher
(+) Retail stocks: unchanged to higher
(+) Industrial stocks: unchanged to higher
(+) Airlines: unchanged to higher
(+/-) Autos: mixed
(+) AMRS (+56.7%) Secures $255 million cannabinoid development deal
(+) EL (+10.5%) Fiscal Q2 results top Street estimates
(+) ALLT (+11%) Narrows Q4 loss, revenue rises YoY
(-) OPK (-16.5%) To raise $200 million in offering of convertible notes
(-) IVR (-3.5%) Plans public offering of 14 million shares
(-) BLRX (-33.3%) To raise funds via offering of ADS and warrants
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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