Futures rebound as Europe cuts losses
Evan McDaniel | email@example.com
As investors await housing start and industrial production data at 8:30 a.m. ET the S&P 500 June futures are up 3.50 points to 1331.75 after trading as low as 1320.75. The Nasdaq 100 June contracts are higher by 7.50 points to 2585.75 after finding buyers at the morning low of 2563.75.
If the S&P 500 can hold the 1325-1330 level in the pre-market, there is a good chance that gains could be extended into the open if housing data shows positive results.
The dollar's strength continues to pressure commodities this morning, with oil leading the pack to the downside. Crude is down 1.37 percent to 92.63 after trading as low as 91.81.
Gold futures continued their decline at 1537.50, losing 19.70 points, or 1.27 percent. Copper futures are also lower by a similar margin of 1.38 percent to 3.469 a contract.
Copper's weakness can be attributed to steep losses in Hong Kong as the Hang Seng index fell 3.19 percent, extending losses for a sixth day in row.
European indexes are off their lows, helping lift U.S. futures, with Germany's DAX now off 0.65 percent. The U.K. FTSE 100 is down 0.67 percent after falling as much as 2 percent at its open.
In stock-specific news, JP Morgan and Goldman Sachs are indicating a higher open after European banks rebounded. GS is back over the $100 level in early morning trading.
General Motors is trading higher after Berkshire Hathaway announced a fresh stake in the company. J.C. Penny is sharply lower after reporting a first-quarter loss after yesterday's close and ending its annual dividend.
Arena Pharmaceuticals is down after announcing a secondary share offering.