Russell to open flat to slightly higher after first run of data
Small-cap stocks are expected to open flat to slightly higher this morning following a mild pullback from overnight gains on the personal income and weekly claims reports. The Russell 2000 (NYSE:IWM) was last up 0.2% in after-hours trading, which would translate to a cash opening near 717.50.
The personal income data came in at 0.3%, which was slightly below the forecast of 0.4%; meanwhile, the weekly claims figure was at 380,000 versus the forecast of 360,000. Normally, the weekly claims report wouldn’t be of great interest, but we are just one day removed from the employment report tomorrow, so any jobs data gets cranked up a notch. From a data standpoint, the biggest number for today comes in at 10:00 a.m. ET, with the ISM Manufacturing Survey. In addition, vehicle sales data will come out during the session, which could have an impact on automaker and supplier shares.
In overnight trading, Japan’s Nikkei was down 0.6%, European markets were closed for the Labor Day holiday, and England’s FTSE was up slightly ahead of the U.S. open.
Also, the dollar was firm heading toward the U.S. open, recapturing lost ground in the immediate wake of Wednesday’s post-FOMC slide. The dollar was up against the yen overnight, and rose to the highest point versus the euro since late March. Crude oil futures were choppy after taking a big hit yesterday on a jump in inventory.
On the large-cap earnings front, Exxon Mobil Corp. (NYSE:XOM) was called lower after releasing quarterly results that missed Street expectations. Las Vegas Sands (NYSE:LVS) tumbled nearly 10% in after-hours trading after posting a surprising loss to fund new casino operations in Macau.
