Market Hustle: Stock Futures Eye Rebound After Budget Vote
NEW YORK (TheStreet) -- Stock futures were suggesting a U.S. market rebound Friday after a successful budget vote appeared to alleviate some political uncertainties out of Washington.
- S&P 500 futures were rising 4 points, or 4.25 points above fair value, to 1,772.5, Dow Jones Industrial Average futures were advancing 13 points, or 22.57 points above fair value, to 15,695, Nasdaq futures were gaining 10.5 points, or 11.91 points above fair value, to 3,465.5.
- The House approved a two-year spending plan by a 332-94 bipartisan vote Thursday evening. Key negotiators Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) expressed optimism about preventing another budget shutdown like the one in October. Murray: "We are now one step closer to a bipartisan budget that would prevent another crisis." Ryan: The agreement "will stop Washington's lurch from crisis to crisis."
- Producer prices were stable in November. The Producer Price Index arrived less than expected at negative 0.1%. The core level rose 0.1% as expected.
- Adobe (ADBE) was surging 6.46% to $57.48 in premarket trading after the Photoshop software maker reported that subscription-based revenue rose 85% to $359.7 million. Paid Creative Cloud subscriptions rose to 1.4 million. That's up 402,000 from the end of the fiscal third quarter.
- Shares of Restoration Hardware (RH) were plunging 8.3% to $59.85 in premarket trading after the high-end home furnishings retailer announced the surprise departure of co-CEO Carlos Alberini as third-quarter comparable-store sales missed expectations.
- U.S. markets closed lower Thursday as retail sales beat expectations in November while jobless claims rose. Markets have been fluctuating near historic highs in anticipation of the Federal Reserve's two-day policy meeting starting on Dec. 17.
-- Written by Andrea Tse in New York.
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