As investors await key data on America's manufacturing, auto, and construction industries, stocks were poised to advance early on Tuesday. Netflix
(NASDAQ:NFLX) was a standout gainer after a positive analyst report.
After mostly ending Monday lower, futures for the major stock indices pointed to a higher open on Tuesday morning. Futures on the Dow
Jones Industrial Average (INDEXDJX:.DJI) advanced 0.24% to 16,781. S&P 500
(INDEXSP:.INX) futures rose 0.23% to 1,956.90. Nasdaq
(INDEXNASDAQ:.IXIC) futures were up 0.30% at 3,852.00.
At 9:45 a.m., Markit will release its final reading of US manufacturing PMI for June. The indicator is expected to come in at 57, up from 56.4. The preliminary reading was 57.5. A separate manufacturing index from the Institute for Supply Management, due out at 10 a.m., is likely to clock the health of the sector at 55.6, from 55.4 in May. The US Commerce Department will report on May construction spending at 10 a.m. Economists expect the release to show a 0.5% gain in outlays following a 0.2% rise in April.
Automakers could see some heavy trading today as major companies report car and truck sales. In all, domestic vehicle sales are expected to have sold at an annual rate of 13 million, down from 13.3 million in May. Total vehicle sales are likely to slow to a rate of 16.4 million from 16.8 million.
Shares of BNP Paribas SA
(EPA:BNP) surged 3.7% today in Paris trading after the French bank said that it had the capital to pay its $8.9 billion fine with the US Justice Department for doing business with blacklisted countries such as Sudan. The bank also said that it will be able to maintain its dividend and growth targets despite the record fine.
Netflix shares jumped 4.2% in pre-market trading today after Goldman Sachs
(NYSE:GS) upgraded the stock to buy from neutral. The analysts noted the company's growth potential in untapped markets. The streaming service is also reportedly culling 79 films from its menu, and adding another 45 today.
(NYSE:GM) shares continued their decline from yesterday, when the company recalled 8.5 million vehicles. Almost all of the recalls were due to ignition switches. The newly discovered flaw is known to have caused eight injuries and three deaths. So far this year, GM has recalled a total of 29 million vehicles, more than it has sold in the previous eight years. After a 0.87% decline yesterday, GM shares are 0.22% lower in pre-market trading today.
No positions in stocks mentioned.
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