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Aug 11, 2016

U.S. Stock Market Future Indications Update, by MarketWatch - August 11, 2016: U.S. Stock Futures Point to Higher Open

marketwatch.com

Anora Mahmudova, Sara Sjolin


U.S. stock futures inched higher Thursday, but with investors keeping a cautious eye on oil prices as they fell closer to $40 a barrel after a lackluster forecast for energy demand.

Futures for the Dow Jones Industrial Average YMU6, +0.28%  rose 60 points, or 0.3%, to 18,513, while those for the S&P 500 index ESU6, +0.21%  gained 5.55 points, or 0.3%, to 2,178. Futures for the Nasdaq-100 index NQU6, +0.25%  added 14 points, or 0.3%, to 4,795.
The small gains come after U.S. stocks closed lower on Wednesday, dragged down by a slump in oil prices. The S&P 500 index SPX, -0.29%  Nasdaq Composite Index COMP, -0.40%  retreated from record levels, both down 0.4%, while the Dow average DJIA, -0.20%  slipped 0.2%.
Oil blues: “There is not much news that markets can react at the moment, so investors are responding to volatility in oil prices, especially in light of the earnings season that showed energy companies still struggling,” said Wouter Sturkenboom, senior investment strategist at Russell Investments.
Time (EDT)Crude Oil - Electronic Sep 20165 Aug8 Aug9 Aug10 Aug11 Aug
$41.0$41.5$42.0$42.5$43.0$43.5
Crude-oil prices CLU6, -0.22%  dropped 0.3% to $41.58 a barrel on Thursday after the International Energy Agency cut its forecast for global oil demand next year, citing a dimmer economic outlook. The agency also warned in its monthly report that a “massive” stock overhang is keeping a lid on oil prices.
Economic news: Weekly jobless claims ticked down to 266,000, staying below the 300,000 layoff level for 75 weeks in a row.
The import-price index for July rose 0.1%, while export prices ticked up 0.2%.
There are no Federal Reserve speakers this week. The next big event for the central bank will be Chairwoman Janet Yellen’s appearance at the Jackson Hole conference on Aug. 26.
See: MarketWatch’s economic calendar
Movers and shakers: Kohl’s Corp. KSS, +0.90%  rallied 9.4% and while Alibaba Group Holding Ltd. BABA, +2.45% after both companies reported earnings that topped estimates.
Shares of Valeant Pharmaceuticals International Inc. VRX, -2.98%  tumbled 9.9% ahead of the bell after news of a federal investigation into whether the drugmaker defrauded insurers.
Shares of Kura Oncology Inc. KURA, +1.87%  surged 40% in thin premarket trade after the biotech company late Wednesday said a phase 2 trial for one of its cancer drugs was showing “promising” results.
Shake Shack Inc. SHAK, -1.71%  tanked 7.8% ahead of the open after the burger chain late Wednesday posted weak sales growth in the second quarter.
Blue Buffalo Pet Products Inc. BUFF, +1.17%  rose 1.2% after the company late Wednesday raised its outlook for the year as second-quarter results beat expectations.

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Ahead of the bell, Macy’s Inc. M, +0.65%  shares spiked 13% after it reported better-than-expected earnings and announced the planned closure of 100 retail sites.
Retailers reporting after Thursday’s close include, Nordstrom Inc. JWN, +1.63%  and Planet Fitness Inc. PLNT, -0.64%  will put out their own financial updates.
Allergan PLC AGN, +0.43%  plans on purchasing privately held eyecare-technology company ForSight VISIONS for $95 million.
A. Schulman Inc. SHLM, -0.43% shares plunged after the plastics marker issued a profit warning on Thursday, citing deteriorating market conditions.
Other markets: Asian markets closed mixed, with stocks in Shanghai SHCOMP, -0.53% ending lower, but the Hang Seng Index HSI, +0.39%  in Hong Kong closing higher.
European markets were also a mixed bag. The U.K.’s FTSE 100 index UKX, -0.25%  lost 0.2%, with the benchmark’s commodity majors dragging it lower. Sentiment was also hit by concerns over the Bank of England’s failed bond purchases, which sent shorter-dated gilt yields into negative on Wednesday.
The dollar DXY, +0.18%  rose against most other major currencies, adding pressure on gold GCZ6, +0.07%