Media Quotes

Reuters: US STOCKS-Wall St set to open higher day after selloff

* Consumer confidence expected to dip in Sept
* Goldman expects 2015 sales growth for S&P 500 cos to shrink
* Futures up: Dow 36 pts, S&P 7.25 pts, Nasdaq 16.5 pts (Adds quote, updates prices)
By Abhiram Nandakumar and Sweta Singh
Sept 29 (Reuters) – U.S. stocks looked set to open higher on Tuesday following a sharp selloff the previous day, offering some hope that the market may be stabilizing.
Wall Street closed sharply lower on Monday as waning demand from China pressured raw material prices and a selloff in biotech stocks rattled investors.
Commodity prices edged up on Tuesday but held to their multi-year lows, sending global stocks to their lowest in more than two years.
“There is a bit of a relief rally and there appears to be an anaemic bounce after yesterday’s heavy selloff,” said Adam Sarhan, chief executive of Sarhan Capital in New York.
The S&P 500 and the Nasdaq composite index have closed down for the past five sessions. The Nasdaq Biotechnology Index and the S&P 500 health care index fell for the seventh straight day.
“I think a lot of traders are hoping that this is the end of the pullback,” said Gordon Charlop, a managing director at Rosenblatt Securities in New York.
“We’ll have to see if this represents a session where things start to turn around a little bit.”
Investors are keeping an eye on data scheduled to be released this week, culminating in nonfarm payrolls numbers on Friday.
“There are a lot of balls juggling at the moment. When you have uncertainty, investors become less confident and less likely to make a stand and commit in a big way,” Charlop said.
Data being released on Tuesday includes consumer confidence for September, which is expected to have fallen to 96.1 from 101.5 last month. The data is expected at 10:00 a.m. ET (1400 GMT).
With third-quarter earnings season looming, Goldman Sachs said on Tuesday it expects sales growth for S&P 500 companies to shrink this year for the first time in five years.
At 9:13 a.m. ET (1313 GMT), S&P 500 e-minis were up 7.25 points, or 0.39 percent, with 383,089 contracts traded, while Nasdaq 100 e-minis were up 16.5 points, or 0.4 percent, on volume of 67,562 contracts. Dow e-minis were up 36 points, or 0.23 percent, with 59,604 contracts changing hands.
U.S. companies reporting quarterly earnings on Tuesday include Costco and Diamond Foods.
Yahoo shares rose 3.4 percent to $27.60 premarket on Tuesday, a day after the Internet company’s board decided to proceed with spinning off Alibaba stake.
Republic Airways was up 6 percent at $5.29 premarket after Deutsche Bank raised the stock to “buy” and the airline reached agreement on new contract with its pilots.
Shares of Phoenix Cos soared 92 percent to $25.07 after the company agreed to be acquired by Nassau Reinsurance.
(Reporting by Abhiram Nandakumar and Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)

Related Posts