May 11, 2018 / 1:08 PM / 15 days ago

US STOCKS-Futures tick higher; auto, health stocks in focus

* Symantec slides on probe after ex-employee raises concern

* Nvidia drops after results on crypto worries

* Trump to discuss fuel efficiency standards with automakers

* Dow up 0.15 pct, S&P up 0.16 pct, Nasdaq off 0.05 pct

By Sruthi Shankar

May 11 (Reuters) - Wall Street was set to open slightly higher on Friday, with auto and healthcare stocks to be in focus as President Donald Trump is set to address issues related to the two sectors.

Trump will meet 10 major automakers, including the heads of General Motors, Ford and Fiat Chrysler, at the White House to discuss the fate of landmark fuel efficiency standards and a looming confrontation with California and other major states.

The president is also expected to renew his focus on controlling prescription drug prices in a highly anticipated speech at 2:00 p.m. ET that could lead to volatility in healthcare stocks.

“It’s relatively quiet in terms of drivers today. Trump’s speech really hasn’t had much of an impact on pharma or biotech thus far,” said Art Hogan, chief market strategist at B. Riley FBR in Boston.

“Three of the four drivers that we had yesterday are still with us, benign 10-year (Treasury yields), oil and dollar, and technically breaking above the 100-day and 50-day on S&P was significant.”

The S&P 500 reclaimed its 100-day moving average on Thursday, suggesting to some traders that the market may move higher. A day earlier it had topped its 50-day moving average, an indicator of short-term momentum.

“When you have a breakout, it tends to have a follow through, but early indications look like we maybe a little bit behind on yesterday’s rally.”

At 8:46 a.m. ET, Dow e-minis were up 37 points, or 0.15 percent. S&P 500 e-minis were up 4.25 points, or 0.16 percent and Nasdaq 100 e-minis were down 3.25 points, or 0.05 percent.

The tech sector could be under pressure from a set of disappointing results, though Apple could give it some boost.

The stock was marginally up in premarket trading, putting it on course to extend a nine-day rally that has sent it to a record high.

Nvidia, the best performing chipmaker this year, fell 2.1 percent after revenue from its closely-watched data center business missed analysts’ estimates.

The results could pressure shares of other chipmakers. Advanced Micro Devices was down 1.3 percent.

Symantec Corp slumped 29.7 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee and reported full-year results below analysts’ estimates. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below