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Jun 21, 2016

U.S. Stock Market Future Indications, by MarketWatch on June 21, 2016: U.S. Stock Futures Rise Ahead of Yellen Speech

marketwatch.com
 
Victor Reklaitis
 
U.S. stock futures on Tuesday pointed to a rise at the open, as investors waited for comments from Federal Reserve chief Janet Yellen and stayed on edge for Brexit-related developments.

S&P 500 futures ESU6, +0.57%  advanced by 9.30 points, or 0.5%, to 2,083.50, while Dow Jones Industrial Average futures YMU6, +0.46%   moved up by 64 points, or 0.4%, to 17,776. Nasdaq-100 futures NQU6, +0.58%  tacked on 19 points, or 0.4%, to 4,409.
The gains come after the S&P 500 SPX, +0.58%  closed 0.6% higher on Monday, and the Dow DJIA, +0.73%  added 0.7%, or 129.71 points. The stock market was helped by polls showing support swinging back toward the U.K. remaining a member of the European Union, ahead of a referendum on Brexit set for Thursday.
See: Soros says Brexit aftermath will be worse than time he broke Bank of England
Yellen is due to speak at 10 a.m. Eastern Time, delivering her semi-annual testimony before the Senate Banking Committee. Some analysts have played down the Fed chief’s appearance before U.S. lawmakers.
It “has to be the most pointless speech from a Fed chairman in recent memory,” said Chris Weston, an IG market analyst based in Australia. “The markets have a myopic focus on one thing: the U.K. referendum vote.”
Read: ‘Could a Trump victory hurt the economy?’ and other questions for Yellen
Other markets: European stocks SXXP, +0.40% traded flat to lower after soaring Monday as Brexit fears abated, while Asian markets closed mostly higher.
July West Texas Intermediate crude CLN6, -0.85%  traded lower as market players turned their attention back to oversupply worries. The July contract expires at Tuesday’s settlement, and August CLQ6, -0.62%  will become the front month for WTI. Gold futures GCQ6, -0.75% and the ICE U.S. Dollar Index DXY, -0.22% both lost ground.
Richard Thaler: 'Brits are voting with their guts'
As Brits vote on EU membership, are they voting with their heads or hearts? MarketWatch asks Richard Thaler, a pioneer in behavioral economics.
Company news: Home builder Lennar Corp. LEN, +1.00%  and used-car seller CarMax Inc. KMX, +1.02%  are among the companies expected to report quarterly earnings before the open.
Sabre Corp. shares SABR, +0.15%  could move after the travel software company said CEO Tom Klein plans to resign.
Facebook Inc. FB, +0.31%  executives reiterated interest in entering China, while answering questions Monday at the company’s annual shareholder meeting.