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Pre-Market: Apple Kicks Off Its Worldwide Developers Conference; Consumer Spending Hits Six-Year High

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Chinese manufacturing expands at fastest rate in five years.

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Stock futures pointed toward a higher open on Monday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.11% to 16,722. Futures on the S&P 500 (INDEXSP:.INX) were up 0.07% to 1,922.80. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.05% to 3,737.25.

Stocks

The annual Apple (NASDAQ:AAPL) Worldwide Developers Conference kicks off today. Apple is expected to launch drastically revamped versions of its OS X Mac operating system. Apple is also expected to reveal more iBeacon technology at the WWDC. The iBeacon technology is a low-cost, low-frequency transmitter that alerts other iOS 7 devices of its presence, making it a potential boon for mobile advertising. LabWerk, a Dutch start-up, has created an app using iBeacon that alerts drivers of open parking spaces; Virgin Atlantic Airways is using the technology to automatically display a customer's boarding pass when he or she approaches security or the gate. Shares of Apple were up 0.37% in pre-market trading.

Google (NASDAQ:GOOG) is dropping $1 billion on a fleet of satellites that will extend Internet access to the world's unwired regions. Google will start by launching 180 low-orbit satellites, with plans to expand, sources told the Wall Street Journal. Satellites aren't the only way Google plans to expand Internet access across the globe. Its Project Loon is designing high-altitude balloons to deliver broadband Internet services to the world's most remote corners. Shares of Google were down 0.10% ahead of the opening bell.

Samsung (OTCMKTS:SSNLF) announced its first smartphone, the Samsung Z, using its own Tizen operating system, which is set to launch in Russia in the third quarter. Tizen is being positioned as an alternative to Android, and it has been developed with help from companies including Intel (NASDAQ:INTC) and Vodafone (NASDAQ:VOD). Samsung is the largest maker of devices using Google's Android OS.

Boeing (NYSE:BA) is updating its 777 and 737 models to its new 777X and 737 MAX models, promoting fuel efficiency as a major selling point. However, Boeing is still trying to keep up with rolling out its existing 777-300ER model, which is sold out until 2017. Competitor Airbus (OTCMKTS:EADSY), meanwhile, is finalizing details of a re-engined A330, which is expected by Airbus's CEO to sell over 1,000 units through 2030. Boeing rose 0.06% in pre-market trading.

Economy

US consumer spending jumped in May, rising to a six-year high of $98. That's a $10 increase from April and an $8 increase from a year ago. Memorial Day is believed to have been a big driver of the past month's spending. At 9:45 a.m., the Markit PMI manufacturing index will be released, follow shortly by the ISM manufacturing index and the construction spending numbers at 10:00 am.

Global Markets

Chinese manufacturing expanded at its fastest pace in five months, with the official purchasing managers index ringing in at 50.4 in April. The reading, which beat analysts estimates, sent Asian stocks to a six-month high overnight. It's good news for China, whose economy is expected to grow at its weakest pace since 1990. In the eurozone, factory manufacturing fell to a six-month low of 52.2 in May, dragged down by the French economy. In England, however, manufacturing activity expanded rapidly, providing evidence of a strong, prolonged recovery. Stocks moved higher across Europe earlier this morning.

Twitter: @brokawbrokaw
No positions in stocks mentioned.
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