US pre-open: Futures point to flat open ahead of PMI data and Eurozone meeting on Greece

US pre-open: Futures point to flat open ahead of PMI data and Eurozone meeting on Greece

Price: 91.35

Chg: -0.36

Chg %: -0.39%

Date: 11:10

Price: 2,094.24 Chg: -3.21 Chg %: -0.15% Date: 11:14

US stock futures pointed to a flat open as investors remained wary ahead of US Purchasing Managers’ Index (PMI) data and what could be Greece’s last chance to resolve its financial impasse.
The Dow Jones Industrial Average and the S&P 500 are expected to open approximately two points lower than Thursday’s close, while the Nasdaq is expected to begin the final session of the week unchanged.

On Thursday, Germany rebuffed Greece’s demand to extend its bailout and Eurozone finance ministers are scheduled to meet in Brussels at 15:00 GMT to discuss the proposal.

“More dovish tones from the Federal Reserve has clearly added renewed vigour to the US markets but a massive rally in major indices will be difficult while Greece still poses an immediate threat to the stability of the Eurozone, a major trading partner,” said CMC Markets analyst Jasper Lawler.

Friday is a quiet day in terms of economic data, with only one major point to monitor, the flash PMI for February is released at 14:45 GMT and will be closely watched by investors.

Eurozone PMIs showed business activity in the area grew at its fastest pace in the last seven months.

“With the ECB’s quantitative easing ‘bazooka’ due to start in March, business optimism has been boosted to its highest for three-and-a-half years,” said Markit chief economist Chris Williamson.

“Growth is looking lop-sided, however, and very much dependent on the services economy where lower prices are fuelling growth, especially in consumer-facing sectors.

“The weakness of the manufacturing economy remains a major concern.”

Noodles & Co tanked over 26% ahead of the bell after the reporting late on Thursday that its fourth quarter earnings had fallen short of estimates,

Retailer group Nordstrom and technology group Marvell Technology both slipped over 1% in pre-market trading after disappointing earnings, while Cabot Oil & Gas was down 2.53% ahead of its fourth quarter earnings.

Deere & Co and Laboratory Corporation of America Holdings will both report ahead of the opening bell.

“Deere is another bellwether for US and world growth, much like Caterpillar,” said Lawler.

“Last quarter Deere’s earnings surprised to the upside but guided lower for the full year of 2015 which doesn’t bode well for the upcoming results.”

The dollar rose over 0.4% against the euro and 0.3% against the euro but fell 0.3% against the yen.

Dow Futures

You may also like...

Discussion on US pre-open: Futures point to flat open ahead of PMI data and Eurozone meeting on Greece