By Carla Mozee, MarketWatch
Markets on track to finish week higher; U.S. markets will be
closed July 4th
U.S. stock futures struggled to maintain flight Friday, but were
on pace to book a fourth straight gain as Wall Street erased the
worst of its ugly losses in the aftermath of the U.K.'s surprising
vote to leave the 28-member European trade bloc.
Investors can expect lighter-than-usual volume ahead of the July
4th holiday, which will see markets closed Monday.
Read:Which markets are closed for July 4th?
(http://www.marketwatch.com/story/which-markets-are-closed-for-us-independence-day-2016-06-30)
Looking ahead, Federal Reserve officials Stanley Fischer and
Loretta Mester are expected to speak, and Wall Street will watch
for updates on manufacturing and construction spending data.
Futures for the Dow Jones Industrial Average were up 14 points,
or about 0.1%, at 17,837.00 and futures for the S&P 500 index
lost 3.50 points to 2,091.00. Nasdaq-100 futures were off 2.75
points at 4,409.50.
Over the past three trading sessions, the Dow Jones Industrial
Average
(http://www.marketwatch.com/story/us-stock-futures-nudge-up-as-oil-pulls-back-from-rally-2016-06-30)
has risen by 789.75 points, or 4.6%. That marks the biggest
three-day point and percentage gain since mid-February, according
to FactSet. The S&P 500 leapt 4.91% over the last three
sessions, also the largest three-day percentage increase since
February.
"Global stocks received a welcome boost during trading this
week, as the combination of easing Brexit fears and optimism over
central bank intervention renewed investor risk appetite," said
FXTM research analyst Lukman Otunuga in a note.
Markets got a boost Thursday, after Bank of England Governor
Mark Carney hinted at further easing
(http://www.marketwatch.com/story/bank-of-englands-mark-carney-hints-at-rate-cut-this-summer-2016-07-01),
meant to brace the economy after the U.K. voted to leave the
European Union. Brexit uncertainty slammed markets lower after the
vote.
"Although sentiment has displayed signs of improvement this
week...investors should be cautious of this rally as risk aversion
remains rife while fears over the global economy linger in the
background," Otunuga added.
For the week, the Dow industrials and the S&P 500 are in for
a potential gain of 3%. The Nasdaq Composite could book a weekly
rise of 2.9%. Each were on track to break a weekly string of
losses.
Fed speakers: Federal Reserve Vice Chairman Stanley Fischer was
slated to appear on CNBC Friday morning at 10 a.m. Eastern
Time.
In London, Federal Reserve Bank of Cleveland President Loretta
Mester will speak at 4 p.m. local time, or 11 a.m. Eastern Time, on
U.S. economic outlook and monetary policy at the European Economics
Financial Centre.
Economic docket: Markit will release its June reading on
manufacturing activity at 9:45 a.m. Eastern.
That is followed at 10 a.m. Eastern by a June manufacturing
activity report is due from the Institute for Supply Management. At
the same time, the Commerce Department's figures for construction
spending in May are expected.
Automobile makers including Ford Motor Co. (F) and General
Motors Co. (GM) will issue reports on June vehicle sales.
Corporates:Tesla Motors Inc. shares (TSLA) fell 3.9% premarket
after the electric car maker said late Thursday the National
Highway Traffic Safety Administration is investigating Tesla's
autopilot feature
(http://www.marketwatch.com/story/tesla-falls-as-feds-investigate-fatal-crash-of-model-s-in-self-driving-mode-2016-06-30).
That probe comes after a Model S using the autonomous-driving
feature was involved in a deadly crash
(http://www.marketwatch.com/story/driver-in-fatal-tesla-crash-previously-had-posted-video-of-autopilot-saving-him-2016-06-30)in
Florida.
Stock in Chipotle Mexican Grill Inc.(CMG) may move after the
restaurant chain put Mark Crumpacker, chief creative and
development officer, on administrative leave
(http://www.wsj.com/articles/chipotle-executive-involved-in-new-york-cocaine-bust-1467331439)
following his indictment in Manhattan over his alleged involvement
in cocaine drug ring.
Apple Inc.(AAPL) is in exploratory talks to buy Tidal
(http://www.marketwatch.com/story/apple-is-in-talks-to-acquire-tidal-jay-zs-streaming-music-service-2016-06-30),
the music-streaming service founded by rap mogul Jay Z, according
to The Wall Street Journal.
Hewlett-Packard Inc.(HPQ) late Thursday won a $3 billion
judgment
(http://www.marketwatch.com/story/hewlett-packard-wins-3-billion-judgment-from-oracle-2016-06-30)in
a court battle against Oracle Corp.(ORCL). Oracle plans to
appeal.
Micron Technology Inc. shares (MU) dropped 9.5% ahead of the
bell after the memory chip maker Thursday evening swung to a
quarterly loss
(http://www.marketwatch.com/story/micron-to-slash-jobs-after-quarterly-loss-2016-06-30)and
said it would cut jobs as part of a cost-cutting plan.
Shares of Herc Holdings Inc. will begin trading Friday on the
New York Stock Exchange. The equipment-rental business was
separated from car-rental provider Hertz Global Holdings Inc.
(HRI).
Williams Cos. shares (WMB) may be active after nearly half of
the energy company's board resigned
(http://www.marketwatch.com/story/nearly-half-of-williams-cos-directors-resign-in-leadership-battle-2016-06-30)
after they failed to oust Chief Executive Alan Armstrong, The Wall
Street Journal reported. The leadership battle came after the
company's collapsed merger with Energy Transfer Equity LP (ETE),
the report said.
(http://www.marketwatch.com/story/oil-gains-more-ground-after-eia-reports-41-million-barrel-fall-in-us-crude-supplies-2016-06-29)Other
markets:Asian stocks
(http://www.marketwatch.com/story/asian-markets-end-higher-after-boe-signals-more-easing-2016-07-01)
closed higher Friday, bolstered after the speech by the BOE's Mark
Carney.
Gold futures climbed more than 1% to $1,335.10 an ounce. Oil
prices pared their loss to 0.3%. The ICE U.S. Dollar Index fell
0.5% to 95.694.
(END) Dow Jones Newswires
July 01, 2016 08:01 ET (12:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.