By Chris Matthews and Mark DeCambre, MarketWatch
Rite Aid shares rally following planned CEO departure
Futures for the Dow were facing pressure for a third straight
session amid Boeing's 737 Max 8 problems, but S&P 500 and
Nasdaq futures edged marginally higher, despite persistent global
growth concerns tied to the U.K.'s exit from the European Union and
proliferating signs of slowing global growth.
How did major indexes fare?
Dow Jones Industrial Average futures fell 56 points, or 0.3%, to
25,634, while those for the S&P 500 index added 7.9 points, or
about 0.3%, to 2,800. Nasdaq-100 futures advanced 29.50 points, or
0.4%, at 7,263.75.
On Tuesday, the Dow lost 96.22 points, or 0.4%, to end at
25,554.66. The S&P 500 rose 8.22 points, or 0.3%, to finish at
2,791.52 as health care and utilities stocks led gains, while the
Nasdaq Composite Index rose 32.97 points, or 0.4%, to finish at
7,591.03.
Read:Why a bout of small-cap carnage could be a red flag for
stock-market bulls
(http://www.marketwatch.com/story/why-a-bout-of-small-cap-carnage-could-be-a-red-flag-for-stock-market-bulls-2019-03-11)
What drove the market?
British lawmakers on Tuesday rejected Prime Minister Theresa
May's revised Brexit deal in a 242-391 vote and now are looking at
a second vote to on whether an exit without a pact with Europe's
trade bloc can be taken off the table before a March 29
deadline.
A so-called hard-Brexit scenario has stoked volatility in
Britain's currency and has the potential to unsettle domestic
markets, experts say.
Meanwhile, concerns around growth in the U.S. continued after
new inflation data published on Tuesday came in weaker than
expected, adding to a disappointing jobs report on Friday.
Despite those worries, and no fresh news on Sino-America trade
developments, stocks have mostly climbed on the back of strong
gains in the technology sector.
However, the persistent headwinds from Boeing Co. (BA),
embattled by a pair of crashes involving its 737 Max 8 jets, have
weighed on the Dow, where the aviation and defense firm is a
component.
Meanwhile, concerns around growth in the U.S. continued after
new inflation data published on Tuesday came in weaker than
expected, adding to disappointing payroll data last week.
What are strategists saying?
David Madden market analyst at CMC Markets UK, said the
investment climate is "gloomy this morning as Brexit still hangs
over the markets. Theresa May's withdrawal agreement was voted down
yesterday, which wasn't a huge surprise."
Which stocks are in focus?
Boeing shares were down about 1% in premarket trade as the
world-wide groundings of its 737 Max 8 jets buffeted the company's
shares for a third straight day.
Shares of Rite Aid Corp.(RAD) were in focus after the drugstore
chain's CEO John Standley said he would step down. Shares were up
17.2% in premarket trading.
Shares of Express Inc. (EXPR) fell 14.5% in premarket action
after the fashion apparel retailer
(http://www.marketwatch.com/story/expresss-stock-plunges-after-sales-miss-downbeat-outlook-offsets-adjusted-profit-beat-2019-03-13)
beat fourth-quarter profit expectations but missed on net sales and
provided first-quarter outlook that was worse than forecasts.
What data are traders watching?
Investors will learn the pace of growth in orders for durable in
the U.S. during January, when the Census Department releases its
report at 8:30 a.m. Easter Time. The release will also include an
estimate of core capital goods orders, an important measure of
business investment.
Also at 8:30 a.m., the Labor Department will issue its
producer-price index for February.
At 10 a.m., the Commerce Department will issue its estimate of
the level of construction spending in January.
How are other markets trading?
Asian markets closed lower on Wednesday
(http://www.marketwatch.com/story/asian-markets-lower-amid-weight-of-global-uncertainties-2019-03-12),
with Japan's Nikkei 225 losing 1%, Hong Kong's Hang Seng Index
shedding 0.4% and China's Shanghai Composite Index retreating
1.1%.
European stocks were edging higher Wednesday, with the Stoxx
Europe 600 rising 0.2%.
The price of oil continued to rise Wednesday, while gold also
rose. The U.S. dollar , meanwhile, edged lower.
(END) Dow Jones Newswires
March 13, 2019 08:12 ET (12:12 GMT)
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