Stock futures rise as tech stocks make recovery
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[November 30, 2017]
By Sruthi Shankar
(Reuters) - U.S. stock futures rose on
Thursday, setting up the market to end the month with gains, as
investors looked past brief weakness in the technology sector and
focused on developments surrounding a U.S. tax bill and a key OPEC
The Republicans struggled to secure enough votes to pass a tax-cut bill
in the Senate, as the measure moved toward a final vote late on Thursday
or early on Friday.
Brent crude <LCOc1> prices gained 1.7 percent amid an OPEC meeting in
Vienna in which producers are expected to extend a supply-cut deal with
the goal of tightening supplies and propping up oil prices. [O/R]
In merger news, Juniper Networks <JNPR.N> shares fell about 8 percent in
heavy premarket trading after Nokia <NOKIA.HE> denied takeover talks.
Juniper shares shot up 22 percent on Wednesday after CNBC reported that
Nokia had offered to buy Juniper for about $16 billion.
Sears Holding <SHLD.O> jumped about 30 percent after the retailer
narrowed its quarterly losses mainly due to store closures.
U.S.-listed shares of Credit Suisse <CS.N> rose about 3 percent after
the company announced plans to cut costs and laid out its profitability
targets for 2019 and 2020.
The Nasdaq recorded its biggest one-day drop in more than three months
on Wednesday, as investors dumped technology stocks for bank stocks that
could benefit from improving economic conditions and lower regulations.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York, U.S., November 28, 2017. REUTERS/Brendan McDermid
Economic data includes a report on U.S. consumer spending, accounting
for more than two-thirds of economic activity, which is seen as rising
0.3 percent in October after a 1 percent increase in the previous month.
The Federal Reserve's preferred inflation measure, the personal
consumption expenditures price index excluding food and energy, is
forecast to show a 0.2 percent rise for October, up from 0.1 percent
Separately, the weekly initial claims for state unemployment benefits
are likely to have increased to 240,000 from 239,000 from the week
All the reports are due at 8:30 a.m. ET (1330 GMT).
Futures snapshot at 6:53 a.m. ET:
* Dow e-minis were up 90 points, or 0.38 percent, with 23,892 contracts
* S&P 500 e-minis were up 8.5 points, or 0.32 percent, with 144,765
* Nasdaq 100 e-minis were up 20.75 points, or 0.33 percent, on volume of
(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)
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