U.S. stock futures little
changed ahead of economic data
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[June 05, 2017]
By Tanya Agrawal
stock index futures were little changed on Monday ahead of a string of
economic data, which could set the tone for the day.
The market seemed to have largely shrugged off the weekend attacks in
London, just days before Britain's general national election on
Opinion polls in the past week have put Prime Minister Theresa May's
Conservatives ahead, though with a narrowing lead over the Labour
U.S. stocks closed at record levels for a second consecutive session on
Friday, as gains in technology and industrial stocks more than offset a
lukewarm jobs report.
Nonfarm payrolls increased by 138,000 in May, well short of the 185,000
expected by economists.
Despite the disappointing data, market participants still largely
anticipate the Federal Reserve to raise rates at its June 13-14 meeting,
with traders expecting a 90.7-percent chance of a quarter-point hike,
according to Thomson Reuters data.
The modest increase, however, could raise concerns about the economy's
health after gross domestic product growth slowed in the first quarter
and a string of softening data this week, including reports on housing
and auto sales.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York, U.S., June 2, 2017. REUTERS/Brendan McDermid
The Commerce Department will report factory orders for April, which
likely dipped 0.2 percent, while the Institute for Supply Management's
non-manufacturing PMI data for May could show a marginal drop to 57.0
from 57.5 in April. The reports are expected at 10 a.m. ET.
Oil prices pared early gains to trade slightly lower, after top crude
exporter Saudi Arabia and other Arab states cut ties with Qatar, driving
up prices on concerns over increased tension in the Middle East. [O/R]
Shares of Apple were down 0.8 percent at $154.15 in premarket trading
ahead of the tech giant's five-day annual developer conference. There is
a possibility the company will take the unusual step of introducing a
Herbalife was down 5.5 percent at $69.85 after the nutritional
supplement maker lowered its sales outlook for the current quarter.
Forestar Group jumped 12 percent to $15.92 after U.S. homebuilder
D.R. Horton offered to buy 75 percent of the real estate development
company. D.R. Horton was unchanged at $33.79.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)
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