Russell 2000 futures higher
The Russell 2000 (NYSE:IWM) futures are higher and the small-cap index will likely open in the green.
Producer prices, the selling prices received by domestic producers for their output, rose 1.1% in March, the U.S. Labor Department reported this morning. Economists were expecting a more modest increase of 0.6%.
In other bullish economic news, the New York Federal Reserve announced this morning that its manufacturing survey showed an increase in April, defying expectations of a decline.
The Russell 2000 edged lower Monday, stalling in the morning just below the 20-day moving average, and by the close losing 2.09, or 0.30%, to 686.07. The market is fast approaching important support along the 681 zone. Below there, the next support comes in at 672 and 666. On the upside, resistance is pegged today at 695, then at 704.
The economic calendar is quiet the rest of the day, allowing traders to focus on earnings news and other events.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Orion Energy Systems, Inc. (Nasdaq:OESX), up 7%.
• Cleveland BioLabs, Inc. (Nasdaq:CBLI), up 6%.
• Ascent Solar Technologies, Inc. (Nasdaq:ASTI), up 5% on news of an agreement with French building products maker to make solar roofing products for the European market.
Biggest percentage losers:
• Novatel Wireless, Inc. (Nasdaq:NVTL), down 19% on news of a lowered first-quarter revenue outlook.
• VCG Holding Corp. (Nasdaq:VCGH), down 11% despite news that it swung to a fourth-quarter profit.
• Medivation, Inc. (Nasdaq:MDVN), down 10%.
Kevin Pendley contributed to this report.
