U.S. Stocks Open Roughly Flat
July 15 2019 - 10:04AM
Dow Jones News
By Avantika Chilkoti and Shen Hong
-- U.S. shares open mixed, Europe stocks rise
-- Chinese stocks rise after weak GDP data
-- Galapagos shares rise more than 18%
U.S. shares opened near flat Monday morning after Chinese stocks
inched higher after new data showed economic growth slowed to its
weakest pace since 1992, raising expectations that Beijing would
introduce stimulus measures to support the economy.
In the U.S., the Dow Jones Industrial Average traded between
gains and losses of less than 3 points in the opening minutes of
trading. The S&P 500 rose less than 0.1% and the Nasdaq
Composite advanced 0.2%.
In China, data showed growth in the world's second-largest
economy decelerated to 6.2% in the second quarter. The Shanghai
Composite Index closed 0.4% higher after falling by as much as 1.5%
in the morning session.
"The numbers don't look good and there are expectations for
further credit loosening," said Deng Wenyuan, a Suzhou-based
analyst at Soochow Securities Co.
U.S. futures edged slightly higher. Shares in Carrizo Oil &
Gas were up 10.5% and shares in Callon Petroleum dropped 10.9% in
premarket trading. Callon Petroleum announced on Monday that it
would buy Carrizo Oil & Gas for $1.2 billion in stock.
Boeing's stock fell by 1.2% in premarket trading after some
Federal Aviation Administration officials and pilot-union leaders
suggested the company's 737 MAX planes are unlikely to be ready to
carry passengers again until 2020.
The Stoxx Europe 600 wavered in morning trade. Shares in
Galapagos, the Belgian biotech group, rallied 16.7% in morning
trading following the announcement of a large infusion of cash.
Gilead Sciences has said it would pay $5.1 billion to boost its
stake in the company and gain rights outside Europe to its
treatments in development.
Meanwhile, Anheuser-Busch InBev was among the biggest losers in
European equity markets after the group called off the nearly $10
billion listing of its Asian business. The initial public offering
would have been the largest this year. Shares in the brewer were
down 1.1% in Europe.
Investors will be watching closely as earnings season begins
this week. Shares in Citigroup were up 0.8% in premarket trading
after the bank posted its results Monday, reporting that
second-quarter income was up 7% from a year ago.
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com and Shen
Hong at hong.shen@wsj.com
(END) Dow Jones Newswires
July 15, 2019 09:49 ET (13:49 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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