Translate

Search This Blog

Search Tool




Asian Markets at Close Report

European Markets at Close Report

Jun 22, 2016

U.S. Stock Market Future Indications, by MarketWatch - June 22, 2016: U.S. Stocks Futures in Holding Pattern With a Day to Go Before Brexit Vote

marketwatch.com

Victor Reklaitis
 
U.S. stock futures on Wednesday pointed to a muted open after a two-day advance, as many traders avoided big bets ahead of Thursday’s U.K. referendum on European Union membership.

S&P 500 futures ESU6, +0.10%  edged lower by 0.90 point, or less than 0.1%, to 2,079.50, while Dow Jones Industrial Average futures YMU6, +0.11%  inched down by 3 points to 17,734. Nasdaq-100 futures NQU6, +0.18%  dipped by 1 point to 4,399.25.
“Most investors are in the mood to take some profits off the table, and this could impact the volume in the market as we march towards the final hours of the referendum campaign,” said Naeem Aslam, ThinkForex’s chief market analyst, in a note on Wednesday.
On Tuesday, the S&P 500 SPX, +0.27%  closed 0.3% higher, while the Dow DJIA, +0.14%  tacked on 0.1%, or 25 points, leaving each gauge up 0.9% for the week as of Tuesday’s close.
Stocks worldwide have been lifted in the past two sessions after polls suggested U.K. voters will reject the push for a “Brexit,” meaning Britain exiting the EU. But more polls were expected Wednesday and could hit stocks and other assets perceived as risky.
The U.K.’s in/out referendum on EU membership is planned for Thursday. Results from the first counting areas are expected around 7:30 p.m. Eastern Time on Thursday, or 12:30 a.m. London time Friday.
Read more: When will we know the result of this week’s Brexit vote?
And see: Everything you need to know about the Brexit referendum
Fed: 'Brexit' may have economic repercussions
Federal Reserve Chairwoman Janet Yellen said considerable uncertainties remain for the economic outlook, including the so-called Brexit vote in the U.K. on Thursday. Photo: Getty
Other markets: West Texas Intermediate crude CLQ6, +1.28%  climbed above $50 a barrel, boosted by expectations of a drop in U.S. oil supplies ahead of government inventories data due at 10:30 a.m. Eastern Time.
European stocks SXXP, +0.04% showed little change, while Asian markets finished mixed. Gold futures GCQ6, -0.35%  and the ICE U.S. Dollar Index DXY, -0.30% pulled back.
Economic news: Federal Reserve Chairwoman Janet Yellen is due to speak at 10 a.m. Eastern Time, delivering her second day of testimony to Congress on the economy and monetary policy after saying Tuesday that a possible Brexit and other risks justify a cautious policy approach.
Also at 10 a.m., a May report on existing home sales is expected. Economists polled by MarketWatch forecast a reading of 5.55 million.
Check out: MarketWatch’s Economic Calendar
Individual movers: Shares in Tesla Motors Inc. TSLA, -0.04% fell 10% in premarket action after the maker of electric cars, helmed by Elon Musk, said late Tuesday it offered to buy SolarCity Corp. SCTY, -3.15%  — a solar company led by Musk.
See: Musk has huge conflict of interest in Tesla-SolarCity deal, but that won’t stop it
Bookseller Barnes & Noble Inc. BKS, -0.80%  was among the companies slated to post quarterly earnings before the opening bell.