Russell 2000 futures inch up
The Russell 2000 (NYSE: IWM) futures are a hair higher and the small-cap index will probably open with a small rise.
Stocks small and large are poised for a moderately bullish opening on momentum following Tuesday’s move by the U.S. Federal Reserve to make up to $200 billion in expanded loans to financial institutions in an effort to ease the credit squeeze.
Small cap stocks took flight Tuesday, soaring 29.84, or 4.63% to 673.81, notching the largest one-day point gain of the year. The Russell 2000 climbed back above the 650-point level, and now needs to hold that zone to generate any bottoming patterns from here.
In today’s session, resistance should be seen at 680, 688 and 694. Meanwhile, support comes in at 668, 661 and then back down close to 650. There are no morning economic reports to navigate Wednesday, and the afternoon Treasury Budget report at 2:00 p.m. ET seldom has an impact on the stock market.
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:
• Third Wave Technologies, Inc. (TWTI), up 40% on news of a successful medical test.
• Cardiome Pharma Corp. (CRME), up 29%.
• China Fire & Security Group, Inc. (CFSG), up 10%.
Biggest percentage losers:
• Progenics Pharmaceuticals Inc. (PGNX), down 51% on news of a disappointing drug trial.
• DivX Inc. (DIVX), down 28% on news of a disappointing first-quarter guidance.
• Park-Ohio Holdings Corp. (SAIA), down 9% on news of a decline in fourth-quarter net income.
Kevin Pendley contributed to this report.
