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Jun 8, 2016

U.S. Stock Market Future Indications, by marketWatch - June 8, 2016: U.S. Stocks Futures Tilt Higher as Oil Pushes Further Above $50

U.S. stocks futures tilt higher as oil pushes further above $50

Carla Mozee
U.S. stock futures pointed to modest gains on Wednesday, with updates from the labor and energy markets due as investors watch to see if Dow industrials can close above 18,000 and if oil prices can stay above $50 a barrel.
Futures for the Dow Jones Industrial Average YMM6, +0.08%  were up 14 points, or 0.1%, at 17,946, and futures for the S&P 500 ESM6, +0.11%  picked up 1.45 points, or 0.1%, at 2,111.75. Futures for the Nasdaq Composite NQM6, +0.06%  were higher by 1.5 points at 4,515.75.
On Wall Street Tuesday, the Dow industrials DJIA, +0.10% edged up 0.1% and briefly topped 18,000 for the first time since April. The S&P 500 index SPX, +0.13%  finished up 0.1%, enough to allow the index to mark its best close in nearly 10 months, at 2,112.13. That index is less than 1% off its record of 2,130.82, set May 21, 2015.
The Nasdaq Composite Index COMP, -0.14% on Tuesday shed 0.1%, weighed on by biotech shares.
“Stocks ... squeezed out a new high for the year yesterday, but it has been a slow crawl higher in the wake of last Friday’s U.S. Employment Report and the subsequent dovish tone to [Federal Reserve Chairwoman Janet] Yellen’s speech on Monday,” said Simon Smith, chief economist at FxPro, in a note.
“Once again, this demonstrates the waning impact that low rates and monetary policy in general is having on stocks and asset markets in general,” he added.
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Energy stocks, which helped nudge the S&P 500 higher, will be back in focus Wednesday as oil prices CLN6, +0.87% LCOQ6, +1.03%  continued to trade above $50 a barrel. West Texas Intermediate futures on Tuesday settled at their highest since July.
The Energy Information Administration is expected to release its weekly crude-supply report at 10:30 a.m. Eastern Time. Ahead of that report, data showed crude imports into China rose 39% in May from the year-ago period, in part on demand from privately owned refineries.
“This extra demand has boosted not only the price of oil, but also optimism that the world’s second- largest oil consumer may be arresting its economic downturn — something which would be supportive for oil and other commodities,” said Mihir Kapadia, chief executive at wealth-management firm Sun Global Investments, in a note.
Economic docket: The Labor Department is due to release data at 10 a.m. Eastern on the number of available jobs in April. The job openings report will include the quits rate — a measure of worker willingness to leave one job for another — and the hiring rate.
The Census Bureau is slated to release its first-quarter report on services-sector activity at 10 a.m. Eastern. See:MarketWatch’s economic calendar
Corporates: Lululemon Athletica Inc. LULU, -0.89%  shares are down 3.1% in premarket trade after the yoga wear retailer reported earnings and gave a second-quarter sales forecast below expectations.
Other markets: Asian stocks were mixed, with Japan’s Nikkei Average NIK, +0.93%  up 0.9%, but the Shanghai Composite SHCOMP, -0.30%  down 0.3%.
The dollar index DXY, -0.11%  was off 0.1% at 93.749, while gold futures GCQ6, +0.67%  were up nearly 1% at $1,255.40 an ounce.
European stocks SXXP, -0.48%  were moving lower. Attention was turning to the bond market as the European Central Bank began purchasing corporate bonds.