Wall Street is heading for a lower opening this morning as investors await key economic data releases.
Before the opening bell, Dow
(INDEXDJX:.DJI) futures were down 0.04% at 16,060.00 while futures on the S&P 500
(INDEXSP:.INX) fell 0.07% to 1,802.90. Nasdaq
(INDEXNASDAQ:.IXIC) futures were up 0.10% to 3,491.00.
Later this morning, we will get some data on the health of the US economy. At 10 a.m., the Institute for Supply Management’s Manufacturing PMI will come out. Economists predict that it will show that expansion of the sector slowed but remained strong in November as the index falls to 55.5 from 56.4. (PMI readings over 50 indicate growth.) Markit’s US manufacturing PMI is expected to rise 2.4 points to 54 over the same period, however.
Two months of construction-spending data delayed by the October government shutdown will also come out. Experts say that spending likely increased 0.5% month-over-month in both September and October.
Overseas shares were mostly lower this morning as well. China’s official manufacturing PMI fell 0.1 point to 50.8. The eurozone’s collective manufacturing PMI rose more than expected to 51.6, up form 51.3 in October. Germany rose a full point to 52.7, but France fell half a point to 48.4. Italy roes to a two-year high of 51.4. The UK’s PMI index jumped to an unexpectedly strong 58.4 from 56, far surpassing expectations.
Thanksgiving shoppers’ spending fell on a yearly basis this year, though the number of shoppers increased. Consumers spent $57.4 billion over the weekend, according to the National Retail Federation. That’s down 2.7% from the year before. Lower spending is attributed to retailers’ more aggressive discounts to lure in shoppers. Online sales rose 17% year-over-year.
(NASDAQ:AMZN) revealed last night on 60 Minutes
that it is working on using unmanned drones to deliver packages. The futuristic technology won’t be ready for four to five years, CEO Jeff Bezos says.
Today is “Cyber Monday,” when online retailers such as Amazon and eBay
(NASDAQ:EBAY) offer steep discounts for holiday shoppers. Both companies advanced in pre-market trading. Online sales today are projected to reach $1.8 billion.
Monster Beverage Corp
(NASDAQ:MNST), the largest US energy-drink company, advanced 3.1% in the pre-market after JPMorgan Chase
(NYSE:JPM) analysts raised their rating on the company’s shares to overweight form neutral.
No positions in stocks mentioned.
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